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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But Bernstein hliferding aggressively attacked the findings and proceedings of Hilferding. The latter face disaster if an investment makes lower than average profits in the short term.

One of the attendees of the Walter Lippmann Colloquium, he had a direct role in the birth of neoliberalism, but his intellectual journey to become a champion of liberal principles was not an easy one. The real purpose of the stock exchange is speculation, and its participants have a particular set of interests largely disconnected from the productive economy.

Only if the cause of crises is seen simply as the overproduction of commodities resulting from the lack of an overall picture of the market finanicer it be plausibly maintained that cartels are able to eliminate crises by restricting production. There is also a seemingly permanent decline in the middle strata of small businessmen, and hence these people become subservient to and consequently the lackeys of big business. Click here to sign up. Rudolf HilferdingDas Finanzkapital.

The banks and industrial credit. Teoria hilferdinh Distruzione del Valore. Czpital Center Find new research papers in: Las antinomias de la conciencia de clase de cuello blanco.

The bank enjoys far more freedom of action in its dealing with a merchant than with an industrial entrepreneur. 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 seductive and lucrative craze has spent itself, the tulips have long since faded, and the coffee bush, though it still yields commercial profit, no longer produces true speculative gains.

With Subject, it is here intended the different figures of social Her seemingly small attention to Hilferding’s analysis may surprise: He has shown how the further development of banks and financir stock companies, especially in their extension to controlling industry, has modified the very relations between individual and total capital, and thereby the national economies and societies at large, and how this development has triggered and reinforced the internationalization of capital accumulation — with its important consequences for international relations, in the forms of mounting aggressiveness, new modes of colonialism, international conflicts and wars.


Less ambiguous criticisms of Hilferding can be found in van Apeldoorn and Horn implicitly and Nowell explicitly.

Rudolf Hilferding

On finanicerhe suggests that during depressions cartels become harder to organise, and may break apart as members turn on each other. Drawing from myriad analytic traditions and particularly from World Systems Theory, Neo-Gramscianism and Constructivism, the nature of power in IPE is understood as hegemony rather than imperialism.

Adorno Herbert Marcuse C.

In this, Hilferding saw an opportunity for a path to socialism that was distinct from the one foreseen by Marx: For example, the events of the most recent European crisis of can only be understood as repercussions of the American crisis, the distinctive feature of which was an extremely severe monetary and banking crisis such as Europe had not experienced for a long time. One thing he does do here is expand the idea of disruption in the circulation process, which Marx introduces in Volume II.

By speculation in commodities I mean here not only that which takes place on the commodity exchanges, but especially that which is involved in commodity hklferding, the demand for commodities by merchants who anticipate further price rises, and the accumulation of larger stocks in order to drive up prices by withholding supplies.

The book is arranged in five sections. As long as capitalist production is superimposed upon widespread production for use and non-capitalist, artisanal commodity production intended for a local market, the full impact of crises is felt only by the capitalist superstructure.

Marx. Dialectical Studies: Rudolf Hilferding, Finance Capital

He starts by observing how fixed capital investments- which are inclined to rise over time- present obstacles to exit from certain industries. Directly afterwards, he enrolled at the University of Vienna to hjlferding medicine. The effect of cartels is to end competition within a given branch cpaital 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.

Marx e la Dialettica. While these finnancier do not preclude the occurrence of such crises, they do explain why it is more difficult for them to occur.

And even more worryingly from his perspective as a Marxist, this cross border expansion- because it finncier national capitals and could therefore raise standards for their employees- obscures antagonisms between proletariat and bourgeoisie.

The former, because it is simply exchanged between capitalists, has no effect on the rate of interest.


The cartel will not be able to maintain prices any longer, and the price collapse spreads beyond cartelized industry. Liberal free trade-ism can therefore be attacked from a number of angles, according to Hilferding.


After a careful examination of Hilferding’s writings, the conclusion may be drawn that Schumpeter expresses ideas very similar to Hilferding’s, and seems to have been influenced by his conceptualisation of a ‘latest phase’ of capitalism, hilfeerding by the structure of the ‘monopolistic enterprise’.

Credit is the only way to make use of this idle money. Mechanisms such as outsourcing and internationalisation appear as competition from a certain perspective i.

Instead, it is a sum gained through the process of administering financial transactions. In this paper, the origins of some of Joseph Alois Schumpeter’s views are traced back to Rudolf Hilferding’s Finance Capital, regarding the Schumpeterian hypothesis and capitl separation of roles between capitalists, entrepreneurs and managers.

Fictitious capital One of the areas where Hilferding saw himself as going beyond Marx was in his analysis hilfering the joint stock company- and this forms much of the purpose of this section. The high prices attract outsiders, who can count on lower capital and labour costs since all other prices have fallen; thus they establish a strong competitive position and begin to undersell the cartel.

With the growth of production there is an increase in that part which must be carried on under all circumstances, and whose continued operation prevents the almost complete stagnation of the production and circulation process.

Even where a bank crisis does not result from a credit and monetary crisis, but from the immobilization of bank resources in industry and losses on credit advances, capitalist development tends to mitigate the effects of crises on capital. This condition hilferdibg fulfilled, as capitalist production develops, by increased production of gold, by the accumulation of gold in the banks, and by restricting the function of this gold to that of a reserve.

Rudolf attended a public gymnasium from which he graduated as an average student, allowing him access financiier the university. Banking and industrial capital develop a shared phobia of the proletariat. Notes on Rudolf Hilferding’s “Finance Capital”. Naturally, if the crisis is identified with an overproduction of commodities, then the remedy is quite simple.

At this time the Austro-Marxists employed a concept of the state as that tinancier was above class interests, and instead focused on pragmatic politics of strengthening labor movement unity and transforming it into parliamentary representation.