Further, the critique of #globalisation fails if it is merely a critique of speculative capital and that is, a critique for productive accumulation. It was the crisis of productive accumulation that sustained the divorce of monetary accumulation from productive accumulation (Bonefeld and Holloway, 1995). The critique of #speculation has to be a critique of the #capitalist form of social reproduction. Without such a critique of capital, the critique of speculation is reactionary. It summons the idea of #finance and #banks and #speculators as merchants of #greed. In the past, such views underpinned modern anti-semitism and its idea of a community of blood and soil (Bonefeld, 1997). The fact that #Nazism espoused ‘industry’ and rejected what it saw as vampire like finance, should be sufficient to highlight the rotten character of such a critique of globalisation.

[Werner #Bonefeld on Globalisation](http://www.thehobgoblin.co.uk/journal/h52003_Bonefeld.htm)