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50 even further on, for it was only the crisis of 1900 which enormously accelerated the process of concentration of industry and banking, consolidated that process and for the first time gave to the great banks a monopoly of the connection with industry, which had become much closer and more active."

Thus, the beginning of the twentieth century marks the turning point at which the old capitalism gives place to the new, at which control by capital in general gives place to control by finance-capital.