Finance Capital: Rudolf Hilferding: the way Marx expected, Hilferding’s Finance Capital () pointed to the role of banking and finance, arguing that the. Marxian and Non-Marxian Foundations of Rudolf Hilferdings Finance Capital*. Jan Greitens. Abstract: Finance Capital, written in by Rudolf Hilferding. Lenin’s concept of finance capital is essentially a derivative from. Hilferding’s, which is a more complex concept. This is not objectionable in itself but critics of.

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Like Marx, he likes to include extended passages of quite dry analytical language, and then suddenly accelerate into angry rhetoric fijance the injustices of capitalism. In this sense, the stock exchange is a mechanism of totalizing marketization.

Hilferding also participated in the “Crises Debate” — disputing Marx’s theory of the instability and eventual breakdown of capitalism on the basis that fibance concentration of capital is actually stabilizing. It went down well with the congress and a resolution was passed, but the government largely ignored it.

Rudolf Hilferding

He criticises the assumption that the interpenetration of banking and industrial capital is capktal driver of monopolisation, but he argues that monopolisation actually increased during the last quarter of the 20th century- as Hilferding presumably would have expected. He was seeking to expand the ideas opened up by Capital to encompass important phenomena such as the banking sector, cartels, and imperialism. Thus, they too begin to hate the proletariat and reading between the lines we can see the start of the Marxist explanation for the finahce roots of fascism.

On the continent, however, it was a matter of land power, not sea power.

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

If I am exporting goods, I want free trade assuming I am in a dominant position, as were the British liberals. Remember me on this computer.


It means fundamentally that those who control the army have the state power in their hands without restraint. Views Read Edit View history.

Finance Capital

Even before his school leaving examinations, in he joined a group of Vienna students that weekly discussed socialist literature and later formed with young university teachers the student-organization Freie Vereinigung Sozialistischer Studentenwhose chairman was Max Adler.

The format and style of the book also strongly channel Marx. And ultimately, it produces a change in the attitude of the capitalist class towards state power.

The modern state arose as a realization of the aspiration of nations for unity. Lutz Graf Schwerin von Krosigk. When it invests its capital in a capitalist enterprise the bank becomes a participant in the fortunes of the enterprise; and this participation is all the more intimate the more bank capital is used as fixed capital.

In this sense, the extreme marketization of the stock exchange becomes subservient, over time, to the monopolist banks.

The proportion of income financial companies receive from fees as opposed to interest has expanded greatly in the last thirty years, which may be taken as evidence of a growing rentier logic on their part Guillen, The former is a cartel which does restrict competition. Once the bank has control of the marketing, the mutual fjnance between the bank and industry become closer.


Inhe gave up his job as a doctor and, following August Bebel ‘s call, hulferding started teaching Economics and Economic history at the training center of the Hilfeeding in Berlin. Part of a series on. These efforts become an economic necessity, because every failure to advance reduces the profit and the competitiveness of finance capital, and may finally turn the smaller economic territory into a mere tributary of a larger one. If liberalism finannce thus unable to carry out its political programme in countries such as Germany, Italy and Austria, its efforts were also circumscribed in France, where the French bourgeoisie could not dispense with the help of the state in matters of commercial policy.


As Marx suggested, in the C-M-C process it is inevitable that there will be periods where certain amounts of capital lie idle- i. The ideal now is to secure for one’s own nation the domination of the world, an aspiration which is as unbounded as the capitalist lust for profit from which it springs.

hilfreding He observes with a cold and steady eye the medley of peoples and sees his own nation standing over all of them. Philosophy Economic determinism Historical materialism Marx’s method Philosophy of nature. Credit is the only way to make use of this idle money.

It leads to competition between finance capitals to lend to developing countries, pushing down the rate of interest and forming credit bubbles perhaps exemplified in more recent history by the Asian financial crisis.

One contemporary Marxist who has looked quite closely at Hilferding is Costas Lapavitsas. Hence, its industrial backwardness led to organisational superiority. A history of child psychoanalysis. On the one hand, Hilferding is suggesting that joint stock companies pursue a more economically rational logic, distinct from the personal caprice of the entrepreneur-capitalist.