The Key Feature of Contemporary Capitalism

"This is why the key feature of contemporary capitalism is not only the hegemony, but also the (relative) autonomy of financial capital:  it may seem like the banks are just engaging in speculation, shuffling numbers here and there, and nobody is exploited, since exploitation happens in "real" production. But why did we have to give billions of dollars to the banks in 2008 and 2009?  Because, without a functioning banking system, the entire (capitalist) economy collapses.  Banks should thus also count as privatized commons:  insofar as private banks control the flow of investments and thus represent, for individual companies, the universal dimension of social capital, their profit is really a rent we pay for their role as universal mediator.  This is why state or other forms of social control over banks and collective capital in general (like pension funds) are crucial in taking a first step towards the social control of commons.  Apropos the reproach that such control is economically inefficient, we should recall not only those cases in which social control was very effective (this was, for example, how Malaysia avoided crisis in the late 1990s), but also the obvious fact that the 2008 financial crisis was triggered precisely by the failure of the banking system."
--Less Than Nothing, p. 247