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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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. Newer Post Older Post Home. After the attack on France he and Breitscheid fled to unoccupied Marseille.

The crisis thus leads to a massive collapse of small capitalist enterprises, suspension of credit, wholesale bankruptcies, insolvencies, bank failures, and finqncier to a panic.

From an essentially Marxist perspective, between Marx and Simmel an attempt will be made in the determination of the emergence of money as such, after which the following observation will be developed: When it invests its capital in capittal 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.

Did Hilferding influence Schumpeter? He spent months with this project, which was, in spite of support among the workers, not a priority for the government.

As capitalist production develops handicraft and domestic production are largely hilfedding.

The accumulation of unsaleable products in distant markets while at the point of production output continues on the same, or an increased, scale, becomes more difficult. The transformation of capital into finance capital.


This puts the banks of issue in a position to meet the increased demands upon them during a crisis. The banks and industrial credit. The decisive factor however is that there is no longer any shortage of means of payment because the development of credit has reduced the need for cash money, even during a crisis, since the use of cheques and clearing transactions continues; and the latter means of payment can be supplied by the banks of issue, whose credit remains unimpaired even in a crisis.

It rather is motivated by the overarching and central aim of our series: He has shown how the further development of banks and joint 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.


Finance Capital – Chapter 20 – Changes in the character of crises. Cartels and crises

Giant firms have expanded not just within, but across industries, and they have used mechanisms such as intellectual property rights to create new frontiers of monopoly. A second area on which Lapavitsas criticises Hilferding is his reading of monopoly.

The concentration of banking plays an important part here. Each successive period of prosperity breaks the record set by its predecessor, even though the increase in market capacity cannot be explained either by population growth or by the growth of income available for consumption.

Compare with this the following description of the condition of the German stock exchanges on the outbreak of war in And even more worryingly from his perspective as a Marxist, this cross border expansion- because it bolsters national capitals and could therefore raise standards for their employees- obscures antagonisms between proletariat and bourgeoisie.

He begins with a critical discussion of liberal thought on free trade. On pagehe suggests that during depressions cartels become harder to organise, and may break apart as members turn on each other. Here I shall only try to reveal the general in the particular, which is all the more difficult since the development of capitalism has created an ever closer international interdependence of economic processes, such that when a crisis occurs in one country, all the features specific to the stage of technical and organizational development which it has reached have repercussions on the crises in other countries.

The government’s lack of support was the reason why this committee was disbanded in April Second, it is easier for the joint-stock company to accumulate reserves in good years in preparation for bad years.

Las antinomias de la conciencia de clase de cuello blanco.

Rudolf Hilferding – Wikipedia

Together with Karl Kautsky he formulated the Heidelberg Program in Their profits will fall more sharply, or their losses will be greater, than is the case in the cartelized industries, and in consequence they will be obliged to make larger cuts in production. Furthermore, the decline in the relative share of consumer goods means that speculation in colonial products, which often had a fateful importance in the earlier crises in England, now plays a lesser role; a situation to which the certainty and regularity of imports and the precision and speed of market reports also contribute.


Interestingly, this seems very much like what is happening today with the elite supermarket chains. However, Lapavitsas sees Hilferding as being closer to the truth than this might suggest. Inhe acquired German citizenship [14] and inhe was appointed to the Reich Economic Council. It reduced its production to a minimum in in order to maintain prices.

Here he reiterates this. On pages there are some quite interesting and heavily sarcastic descriptions of changing public attitudes to speculators, which have quite a contemporary ring to them. At the end of the Eighties, some of the former reformers emphasized the victory of market relations over planning. Artificial interventions are corrected, and the price structure follows ifnancier laws which the cartels vainly tried to bypass in their own case.

Remember me on this computer. It went down well with the congress and a resolution was passed, but the government largely ignored it.

Rudolf Hilferding

Nonetheless, in some ways he was quite prescient, and he raises some important ideas that the TEMS team need to think about. We start from the conviction that a critique of Hilferding’s theoretical achievements will be of crucial importance for a deeper understanding of the present societal, economic and political situation — especially of the global financial crisis, its root causes, and its connections to other problems and crises.

Hilferding and the Austro-Marxists split with the revolutionary bolshevists and feared that a revolution would actually be a set back for the gradual evolution of capitalism into socialism. Hilferding then proceeds to look at the stock exchange, where shares and securities circulate see p for a concise definition of securities. Finance Ministers of Germany.