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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And, like Marx, he also enjoys taking a hilfefding and patronising tone with bourgeois political economists. In particular, what bothered me reading this was his discussion of finance, monopolies and marketization. Thus, because a narrow class dominated the economy, socialist revolution could gain wider support by directly expropriating only from that narrow class.

Notes on Rudolf Hilferding’s “Finance Capital” | Charles Umney –

Because Britain had the most developed industry and the best access to markets, the reduction of tariffs was entirely in the material interest of British capitalists. As we know, cartels can effect changes in the level of prices, which produce a different level of profit as between cartelized and non-cartelized branches of production.

Banking and industrial capital develop a shared phobia of the proletariat.

Socialism portal Communism portal Karl Marx portal Philosophy portal. Enter the email address you signed up with and we’ll email you a reset link. But the cartels are in a position to restrict the output of an entire branch of industry. To me, it is not clear how convinced Hilferding is that the anti-market situation outlined above is an inevitable destination of capitalism.

The project collapsed in If monopolistic combinations abolish competition, they eliminate at the same time the only means through which an objective law of price can actually prevail. It seems, instead, that the dominance of the US model of finance- which is an extremely marketised system based on speculation rather than commitment- has prevailed in the neoliberal decades. Wikimedia Commons has media related to Rudolf Hilferding. So in both theory and practice, everybody becomes reactionary except the proletariat.

Enter the email address you signed up with and we’ll email you a reset link. It went down well with the congress and a resolution was passed, but the government largely ignored it.


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.

The products are not simply commodities, but products of capital, and overproduction during a crisis is not just overproduction of commodities, but overproduction of capital. This is shown by the fact that the impact of a crisis is less severe in those branches of production which serve the needs of consumption, and all the less severe the more essential the consumer goods they produce and hence the greater the stability of consumption.

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 monopoly in the prevailing state of technology. The proletariat and imperialism.


The government’s lack of support was the reason why this committee was disbanded in April The underdevelopment of joint stock companies in Germany meant bank capital took a more directive role from the start. As for socialism, Hilferding regarded it as the organization of production not by and for the benefit of capitalist capitap but by and for society as a whole, whereas for Schumpeter socialism is an institutional arrangement that vests the management of the productive forces with some public authority.

At this time Mises was also involved with Neurath, Polanyi, and others in the socialist calculation debate, wherein his insistence on private property and the market as the only true determiners of economic prices demonstrated the impossibility of a fully planned economy.

In summary, cartels may exacerbate disproportionality and hence they are unable to fend off crises- but, they are able to shift the burden of crises onto smaller capitals, ensuring that the process of monopolisation continues.

Rudolf Hilferding

But cartels are powerless to alter the competition among capitals for spheres of investment, or the effects of accumulation on the price structure, and they cannot, therefore, prevent the emergence of disproportional relations. With Subject, it is here intended the different figures of social subjectivity, that may well be also expressed by the different possible figures assumed by an enterprise e.


Changes in the character of crises are also bound to follow the advance of capitalist concentration. At the end of the Eighties, some of the former reformers emphasized the victory of market relations over planning. Hilferding was a proponent of the “economic” reading of Karl Marx identifying with the ” Austro-Marxian ” group. The accumulation of unsaleable products hilferdding distant markets while at the point of production output continues on the same, or an increased, scale, becomes more difficult.

A fairly detailed description of Rudolf Hilferding’s book “Finance Capital”, originally published inalong with some discussion of how it stands up today. The institutional, ideological and geopolitical underpinnings of hegemony are elaborated on, followed by some thoughts on the future of hegemony and the prospects for counter-hegemony.

One of them, the end of the exchange of This would be too good to be true. In a short time, Hilferding took a leading role in the paper and was soon appointed editor-in-chief.

The rate of interest. Pur condividendo la critica di Furthermore, Hilferding made a distinction between capial entrepreneur who capitsl in charge of the use of capital in production and the capitalist who advances his capital and bears the risk.

Cartels, then, do not eliminate the effects of crises. The real purpose of the stock exchange is speculation, and its participants have a particular set of interests largely disconnected from the productive economy. To some extent hilefrding prevents speculation by merchants from driving prices far above the levels fixed by producers during a boom, and creating the illusion of a lively market when in reality effective demand has already begun to slacken.

By the end of July, the banking and import houses of Bremen had acquired considerable sums in sovereigns. Money capital and productive capital during the depression. Having graduated with a doctorate inhe began working in Vienna as a pediatrist[14] however not with much enthusiasm.