John A. Hobson on Imperialism

If the special interest of the investor is liable to clash with the public interest and to induce a wrecking policy, still more dangerous is the special interest of the financier, the general dealer in investments. In large measure the rank and file of the investors are, both for business and for politics, the cat's-paws of the great financial houses, who use stocks and shares not so much as investments to yield them interest, but as material for speculation in the money market.

In handling large masses of stocks and shares, in floating companies, in manipulating fluctuations of values, the magnates of the Bourse find their gain. These great businesses—banking, broking, bill discounting, loan floating, company promoting—form the central ganglion of international capitalism.

United by the strongest bonds of organisation, always in closest and quickest touch with one another, situated in the very heart of the business capital of every State, controlled, so far as Europe is concerned, chiefly by men of a single and peculiar race, who have behind them many centuries of financial experience, they are in a unique position to control the policy of nations. 

No great quick direction of capital is possible save by their consent and through their agency. 

Does any one seriously suppose that a great war could be undertaken by any European State, or a great State loan subscribed, if the house of Rothschild and its connections set their face against it?

-- John A. Hobson, 'Imperialism: A Study'. Pg.45. [1902]