In his work capital, karl marx confronts the question of what characterizes the economic relations in the capitalist mode of production. Born into a liberal jewish family in vienna, hilferding became. Rudolf hilferdings theory of finance capital springerlink. Hilferding was the first woman admitted into the vienna psychoanalytic society. Lenins concept of finance capital is essentially a derivative from. Rudolf hilferding finance capital cartels can use their extra profits used through pricefixing to undermine competitors abroad through underselling. 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. Fictitious capital could also be defined as tradeable paper claims to wealth, although tangible assets may themselves under certain conditions also be vastly inflated in price. He addresses this question with a discussion of the value of products and the labor that produces them, followed by an analysis of the consequences of this mode of production for the workers whose labor fuels it. Marxist theories of imperialism a critical survey this seminal account of marxist theories of imperialism is now appearing in a revised and expanded edition. The global economic crisis and recession that began in 2008 had at least one unexpected outcome. Rudolf hilferding entered the history of economic thought in the first place as the author of finance capital. Covering figures as diverse as hobson, luxembourg, hilferding, bukharin, lenin, frank, wallerstein, emmanuel and warren, as well as marx himself, it analyses how marxists have accounted for. The long pause between the first part and the continuation is due to an illness.
O motivo do odio era a sua demente incapacidade em lidar com dinheiro. A study in the latest phase of capitalist development 1 by hilferding, rudolph isbn. 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. In principle the human productive community may be constituted in either of two ways.
In terms of mainstream financial economics, fictitious capital is the net present value of expected future cash flows. Rudolf hilferding finance capital a study of the latest phase of capitalist development. Hilferding highlights the fact that industrial capitalism has been replaced by financial capitalism. A classic of early modernism, capital combines vivid historical detail with economic analysis to produce a bitter denunciation of midvictorian capitalist society. This is not objectionable in itself but critics of. From hilferdings pen came the first marxist anticritique directed at bohmbawerk cf. Deutsche bank capital finance trust i notes to consolidated financial statements december 31, 2015 7 continued 1 organization deutsche bank capital finance trust i the trust is a statutory business trust created on june 7, 2005 under the laws of the state of delaware. A study of the latest phase of capitalist development. Hilferding saw finance capital engaged in vigorous expansion, constantly searching for new spheres of investment and markets. 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. Her husband was the austromarxist economist rudolf hilferding. The contemporary relevance of hilferdings finance capital is suggested, for instance, by sweezy 1994 who argues that the final triumph as well as the political and economic dominance of finance capitalismonly briefly identified a hundred years agois a key feature of the contemporary world economy.
Rudolf hilferding german finance minister britannica. Although mainstream economists and commentators once dismissed marxs work as outmoded and flawed, some are begrudgingly acknowledging an analysis that sees capitalism as inherently unstable. Following this transformation, the industrial liberal bourgeoisie. Chapter 1 defines the commodity, a good or service thats bought and sold. The transformation of capital into finance capital. We learn that usevalue is what you can use a commodity for. Marxian and nonmarxian foundations of rudolf hilferding. This file contains additional information such as exif metadata which may have been added by the digital camera, scanner, or software program used to create or digitize it. Feb 05, 2004 a groundbreaking work of economic analysis. Credit conditions in the course of the business cycle. For him knowledge is an analyzed mental construct made up of fundamental abstractions or determinations.
In it he comments on the role of banks and their symbiosis with the state, seemingly anticipating the monetary and businesscycle. A study of the latest phase of capitalist development 1910. In his work capital, karl marx confronts the question of what. Rudolf hilferding 10 august 1877 11 february 1941 was an austrianborn marxist. Following this transformation, the industrial liberal bourgeoisie, favourable, at least initially, to the free market and to the suppression of feudal restrictions, has become, in the course of time. Marx did for social science what darwin had done for biology. Capital a critique of political economy by karl marx i ii iii. Margarete hilferding, born honigsberg june 20, 1871 in hernals september 23, 1942 in maly trostenets was an austrian physician and psychoanalyst. Finance capital, written in 1910 by rudolf hilferding, is normally understood to be a marxian work about financial systems, and banks in particular.
This is the only abridged edition to take into account the whole of capital. It is also a literary masterpice francis wheen, guardianone of the most notorious and influential works of modern times, capital is an incisive critique of private property and the social relations it generates. 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. Recently the globalization theorists have begun to target finance capital as the root of all evils. Pages 9731,158 notebooks xvixviii deal with capital and profit, rate of profit, merchants capital and moneycapital, that is to say with subjects which later were developed in the manuscript for book iii. Rudolf hilferding finance capital a study of the latest phase of. Authority and upheaval in leipzig, 19101920 this page intentionally left blank authority and upheaval in leipzig, 19101920 the story of a.
Just some notes and comments based on my reading of rudolf hilferdings finance capital. Price determination by the capitalist monopolies and the historical tendency of finance capital. This is why monopolyfinance capital and financialization are distinct, though. Marxist theories of imperialism cankaya universitesi. 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.
These abstractions are developed and stated in a particular order. A study in the latest phase of capitalist development. Thus the ideology of imperialism arises on the ruins of the old liberal ideals, whose naivety it derides. Report nepall20160604 this is the archive for nepall, a report on new working papers in the area of all new papers. The programme of the leaders of the labour movement is one of regulating the excesses of the financial system.
If capital activities by means of financial assets are called finance capital in accordance with hilferdings definition, finance capital is different from industrial capital. This early competitive capitalism is analyzed and explained by marx. This is the first english translation of one of the classical works of marxist economic theory. This work foreshadowed his role as the partys chief theorist and financial. Hilferdings most wellknown definition of the category of finance capital is. Capital, from the transformation of money into capital to the end, and is the first extant draft there of. Pdf notes on rudolf hilferdings finance capital charles. It has proved to be the most influential work in twentiethcentury social science. The trust was incorporated for the sole purpose of issuing. Embed embed for hosted blogs and item capital volume 1 that assists readers in making sense of karl. Everyday low prices and free delivery on eligible orders. Report nepall20160604 economics and finance research. Amid these arguments, hilferding conceptualized new capital activities by means of financial assets as finance capital.
The austrian schools critique of marxism mises institute. Rudolf hilferdings theory of finance capitalism and todays. Whether its scale is that of a selfsufficient patriarchal family, a communistic tribe, or a socialist society, it creates the organs which, acting as the. In the glossy newsletter that i received recently from the forum on globalization, david korten, the groups executive director and author of when corporations ruled the world, makes the case that finance capital has to be resisted. Marxian and nonmarxian foundations of rudolf hilferdings finance capital. 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. 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. But, as we have seen, finance capital is an integral part of capitalism as a whole without access to credit, the development of the productive forces would be impossible on a capitalist basis.
1578 933 337 1348 942 170 615 1310 1129 1507 823 1145 768 1345 749 370 1323 1136 612 623 640 482 1392 661 431 1388 349 236 802 1307 1398 1332 260 65 349 141 402 1418 492 1168 677 604