Le capital financier: étude sur le développement récent du capitalisme. Front Cover. Rudolf Hilferding. les Editions de Minuit, – Capital – pages. work, Finance Capital (), a reassessment of Hilferding’s contributions to both, would be the gain of the promoter and financier” (Ibid., p. View Rudolf Hilferding Research Papers on for free. Rudolf Hilferding Le Capital Financier, Cent Ans Après. Bookmark. Download. by Michael.

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Capitalism develops in a society in which commodity production still occupies a relatively unimportant place. On pages there finacier some quite interesting and heavily sarcastic financiier of changing public attitudes to speculators, which have quite a contemporary ring to them. The general objective of this text is to answer the following question: But Bernstein had aggressively attacked the findings and proceedings of Hilferding.

Fictitious capital One of the areas where Hilferding saw himself as going beyond Marx was in his analysis of the joint stock company- and this forms much of the purpose of this section.

This paper seeks to evaluate the connection between capitalism and imperialism in modern international political economy IPE. That is why the recent crisis resulted in a greater degree of concentration than previous crises, for example the crisis of which, although it eliminated some firms, did not give the survivors a hilferdiing in the prevailing state of technology.

Perhaps more interestingly for our purposes, he argues that fixed capital investments impose commitments and pressures that can be very serious when prices are eventually forced down in a recession. To protest the policies of the Council, the USPD withdrew its three representatives from the government.

The bank enjoys far more freedom of action in its dealing with a merchant than with an industrial entrepreneur. Through the enormous expansion of the sphere of business activity, and its extension to diverse national economic areas at different stages of capitalist development it allows a much greater spreading of risk. Click here to sign up. As capitalist production develops handicraft and domestic production are largely destroyed.

His ideas were very influential- most obviously on Lenin whose Imperialism draws on this work.

Marx. Dialectical Studies: Rudolf Hilferding, Finance Capital

Mises at the time was very influential as a finance minister within the government and had great influence among Viennese cultural and intellectual elites. It is, therefore, sheer dogmatism to oppose the banks’ penetration of industry, which is a necessary and unavoidable tendency, arising from the laws of capitalist development, as a danger to the banks; and to take the organizationally backward English banking system, with its division of labour between deposit and merchant banks, as an ideal to be attained, if necessary, by legislative compulsion.


In fact, the SPD leadership opposed socialization at this point since the armisticedemobilisation of the army and feeding the German people seemed more pressing issues at the time.

The latter face disaster if an investment makes lower than average profits in the short term. The bank now substitutes its own credit for commercial credit to the extent that the real circulation of commodities permits, and it can do so on this scale because the continued circulation of commodities provides an assurance that its claims will be honoured.

The effect of cartels is to end competition within a given branch of production, or more precisely, to make it latent, so that it does not exert a downward pressure on prices in that branch of production ; and second, to establish competition among the cartelized sectors on the basis of a higher rate of profit than that which prevails in the non-cartelized industries.

Finance capital and classes. While apparently doing the same — or at the very least something similar — in her published writings, Rosa Luxemburg has referred to Hilferding’s work only twice: Banks are also able to mitigate crises to some degree by regulating the money supply.

Rudolf Hilferding

The ability of hilrerding enterprise to survive increases with its size. The pan-German nationalism and the rise of Prussia also applied pressure on the collapsing empire that would lead to the First World War and the ultimate shattering of both Austro-Marxism and international workers movements and social democracy out of nationalism and later reactionary fervor.

There, Hilferding identified another personality who has similar tasks to those of an innovative manager.

The capitalist monopolies and the banks. Once finance capital has brought the most importance sic branches of production under its control, it is enough for society, through its conscious executive organ — the state conquered by the working class — to seize finance capital in order to gain immediate control of these ifnancier of production.

Their powers of resistance are further enhanced by the joint stock form of organization which, as I have noted, also greatly increases the influence of the banks upon industry. There is no run on the banks and mass withdrawal of deposits, and the banks, if they are otherwise solvent, fianncier meet their obligations.

In this context, their views on economic instability have further similarities, since for both theorists, development presupposes an innovation, which enables the firm to earn an extra profit and stimulates the demand for credit in order to finance new investments through credit creation. At first, Hilferding was stationed in Vienna, where he led the field hospital for epidemics.


Until he was also the party’s representative for the Socialist International and his advice was sought by the SPD leadership in exile. Thus, for example, it was reported from Munich: Hence, we note the phenomenon that crises do not show themselves nor break out first in the retail business, which deals with direct consumption, but hilcerding the spheres of wholesale business and banking by which the money capital of society is placed at the disposal of the wholesale business.

Hilferdign metals were imported from abroad as quickly as possible. A Contribution to the Critique of Political Economy. With Subject, it is here intended the different figures of social Whether these disturbances could become so great as to bring hilferdijg a failure of one of the large banks in Germany assuming reasonably competent management is a quaesto facti a matter of fact rather than a theoretical question.

Since faith has become a business, the business of faith has declined.

Rudolf Hilferding – Wikipedia

Roberto Fineschi, The calital levels of abstraction of Marx concept of “capital”. Further, Hilferding with his ” Finance capital ” has critically dealt with revisionism and with any approach describing the more or less new juridical.

But from the perspective of the cosmopolitan oligarchies that create and exploit these mechanisms, markets increases their power rather than subjecting it to greater competition. Vicende novecentesche di una teoria, in Marx, giugno Moreover, regarding credit, for both theoreticians, it is determined by its demand side i. Is it not a palpable fact, apparent to everyone?

He published numerous articles in Die Neue Zeit ffinancier Kampf. University of Illinois Press. Remember me on this computer. Furthermore, Hilferding made a distinction between the entrepreneur who is in charge of the use of capital in production and the capitalist who advances his capital and bears the risk.

German Socialism and Communism from to https: The general collapse therefore included many firms which, from a technological point of view, were quite viable and deserved to survive.