State capitalism (Venice) versus cosmopolitan capitalism (Genoa)

From Giovanni Arrighi, The Long Twentieth Century:

In sum, in the course of the secular competitive struggle that set the one against the other, the Venetian and the Genoese regimes of accumulation
developed along divergent trajectories, which in the fifteenth century crystallized into two opposite elementary forms of capitalist organization. Venice came to constitute the prototype of all future forms of “state (monopoly) capitalism,” whereas Genoa came to constitute the prototype of all future forms of “cosmopolitan (finance) capitalism.” The everchanging combination and opposition of these two organizational forms and, above all, their ever-increasing scale and complexity associated with the internalizadon” of one social function after another, constitute the central aspect of the evolution of historical capitalism as a world system.
A comparison of the two systemic cycles of accumulation sketched thus far reveals that, right from the start, the evolution of historical capitalism as a world system did not proceed in linear fashion, that is, through a series of simple forward movements in the course of which old organizational forms were superseded once and for all by new ones.  Rather, each forward movement has been based on a revival of previously superseded organizational forms. Thus, whereas the Genoese cycle of accumulation was based on the supersession of Venetian state (monopoly) capitalism by an alliance of Genoese cosmopolitan (finance) capitalism with Iberian territorialism, this alliance was itself superseded at a later time by the Dutch revival of state (monopoly) capitalism in a new, enlarged, and more complex form.

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