 In a 1998 article, Michael Hudson discussed previous economists who saw the problems that result from financialization.Problems were identified by John A. Hobson (financialization enabled Britain's imperialism), Thorstein Veblen (it acts in opposition to rational engineers), Herbert Somerton Foxwell (Britain was not using finance for industry as well as Europe), and Rudolf Hilferding (Germany was surpassing Britain and the United States in banking that supports industry).At the same 1998 conference in Oslo, Erik S. Reinert and Arno Mong Daastøl in "Production Capitalism vs. Financial Capitalism" provided an extensive bibliography on past writings, and prophetically asked
In the United States, probably more money has been made through the appreciation of real estate than in any other way.