Marxs capital contained, in his view, a classical, comprehensive analysis of traditional capitalism, which should be complemented with the analysis of new. In the struggle against economic mercantilism and political absolutism, the bourgeoisie was the champion of opposition to the state. Price determination by the capitalist monopolies and the historical tendency of finance capital. Rudolf hilferding le capital financier, cent ans apres. This conclusion is in accordance with hilferdings general view of finance capital.
Hilferdings finance capital, capital and class, vol. A study in the latest phase of capitalist development by rudolf hilferding. Hilferding highlights the fact that industrial capitalism has been replaced by financial capitalism. Just some notes and comments based on my reading of rudolf hilferdings finance capital. Rudolf hilferding and the total state smaldone 1994. Rudolf hilferding 10 august 1877 11 february 1941 was an austrianborn marxist economist, leading socialist theorist, politician and chief theoretician for the social democratic party of germany spd during the weimar republic, almost universally recognized as the spds foremost theoretician of his century, and a physician. Jul 22, 2019 murat ucoglu rated it really liked it jun 08, portal forum, 10 march. Rudolf hilferding was the first marxist scholar to draw attention to the emergence of finance capital as the dominant form of capital in the era of monopolies. Abstract the aim of this paper is to show how the relationship defined by hilferding between the finance capital and the export of capital settles the imperialist nexus that gives meaning to the genesis of modern capitalism and its future easy, you simply klick finance capital. The transformation of capital into finance capital. On hilferdings rise into the spd hierarchy and his career as a party theorist see william smaldone, rudolf hilferding and the theoretical foundations of german social democracy, 19021933, central european history 21 september 1988. A fairly detailed description of rudolf hilferding s book finance capital, originally published in 1910, along with some discussion of how it stands up today. Complementary nonquantity theory approaches to money.
A prominent marxist theoretician and socialist politician in austria and germany, with his finance capital first published in 1910, hilferding changed the dominant theoretical paradigm in. Hilferdings finance capital and freebanking theory steven horwitz it is not that unusual in the history of economic thought to find a the orist whose work parallels the analysis of modern authors. Following this transformation, the industrial liberal bourgeoisie. The theory of finance capitalism developed by rudolf hilferding 1981, originally published in 1910 provides a unique approach for interpreting and evaluating the evolution of world financial markets and the world economy since the collapse of the bretton woods system of fixed exchange rates in. Rudolf hilferding, austrianborn german politician who was a leading representative of the viennese development of marxism and who served as finance minister in 1923 and 1928 in two german social democratic party spdled governments.
Rudolf hilferding was the first marxist scholar to draw attention to the emergence of finance capital as the dominant form of capital in the era of monopolies, considered to be a new stage of capitalism. Rudolf hilferding finance capital a study of the latest phase. It needs also a strong state which will ensure respect for the interests of finance capital abroad, and use its political power to extort advantageous supply contracts and trade agreements from smaller states. In this paper, the origins of some of joseph alois schumpeters views are traced back to rudolf hilferdings finance capital, regarding the schumpeterian hypothesis and the separation of roles between capitalists. Thus the ideology of imperialism arises on the ruins of the old liberal ideals, whose naivety it derides. Murat ucoglu rated it really liked it jun 08, portal forum, 10 march.
Liberalism was in reality a destructive force involving the. A study of the latest phase of capitalist development 27 august 1910. A study of the latest phase of capitalist development 1910. Finance capital rudolf hilferding commodity exchange value. Hilferding saw finance capital engaged in vigorous expansion, constantly searching for. State political power and finance economic power become eventually the two faces of the same coin. This early competitive capitalism is analyzed and explained by marx.
In this, hilferding saw an opportunity for a path to socialism that was distinct from the one foreseen by marx. In rudolf hilferding the way marx expected, hilferdings finance capital 1910 pointed to the role of banking and finance, arguing that the banks increasing influence over industry led to monopoly and cartels and through them to economic imperialism and war. Popularizer and propounder of the economic reading of karl marx, hilferding was one of the leading marxian theorists of his day, identified with the austromarxian group. Abstract the aim of this paper is to show how the relationship defined by hilferding between the finance capital and the export of capital settles the imperialist nexus that gives meaning to the genesis of modern capitalism and its future. He thought that flows of investment capital served to integrate the nascent global economy, which was operating predominantly under the control of the city of london, then the leading power center. Rudolf hilferding 10 august 1877 11 february 1941 was an austrianborn marxist economist, leading socialist theorist, politician and chief theoretician for the social democratic party of germany spd during the weimar republic, almost universally recognized as the spds foremost theoretician of his century, and a physician he was born in vienna, where he received a doctorate having. In the following pages an attempt will be made to arrive at a scientific understanding of the economic characteristics of the latest phase of capitalist development. This work foreshadowed his role as the partys chief theorist and financial expert. Rudolf hilferding german finance minister britannica. Rudolf hilferding finance capital a study of the latest phase of. A study of the latest phase of capitalist development. This book was extremely influential in its time, and established a number of concepts regarding monopoly capitalism and finance capital that lenin would later rely upon. Rudolf hilferding finance capital a study of the latest. In the capitalist system of production, every sum of money is able to function as capital, that is, to produce a profit, so long as it is made available to productive capitalists.
In this period finance was kept under regulation and international movements of. Rudolf hilferdings theory of finance capitalism and todays. A study in the latest phase of capitalist development book by rudolf hilferding. Rudolf hilferding 10 august 1877 11 february 1941 was an austrianborn marxist. Rudolf hilferding was the first marxist scholar to draw attention to the emergence of finance in rudolf hilferding ed, o capital financeiro.
Credit is the only way to make use of this idle money. However, it is somewhat noteworthy to find such a similarity between theorists from. Rudolf hilferdings theory of finance capital springerlink. Credit conditions in the course of the business cycle. A study of the latest phase of capitalist development paperback draw code on this. Marxian and nonmarxian foundations of rudolf hilferding. The oscar meyer collection has a bit on hilferding. Hilferding also participated in the crises debate disputing marx.
A fairly detailed description of rudolf hilferdings book finance capital, originally published in 1910, along with some discussion of how it stands up today. On the other hand, in finance capital 1910, the great marxist theoretician rudolf hilferding introduced the notion of a latest phase of capitalism, characterized by. Rudolf hilferding finance capital cartels can use their extra profits used through pricefixing to undermine competitors abroad through underselling. Rudolf hilferding, born august 10, 1877, vienna, austriadied february 1941, paris, france, austrianborn german politician who was a leading representative of the viennese development of marxism and who served as finance minister in 1923 and 1928 in two. Edited by tom bottomore from translations made by professor morris watnick and mr sam gordon. Rudolf hilferding finance capital a study of the latest phase of capitalist development. Finance capital, written in 1910 by rudolf hilferding, is normally understood to be a marxian work about financial systems, and banks in particular. A study of the latest phase of capitalist development 27 august 1910 published on 01 jan 2012 by brill. The theory of finance capitalism developed by rudolf hilferding 1981, originally published in 1910 provides a unique approach for interpreting and evaluating the evolution of world financial markets and the world economy since the collapse of the bretton woods system of fixed exchange rates in the early 1970s. Pdf notes on rudolf hilferdings finance capital charles. In brief, finance capital is the fictitious form of the ownership over capital the pure form of. Rudolf hilferdings theory of finance capitalism and today.