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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This leads him onto the final chapter of this section, where he lays out the logical ends of these developments. The absence of a monetary crisis protects credit against a complete breakdown and is therefore also a safeguard against the occurrence of gal bank crisis.

We are assuming of course that their economic functions are not hampered by legislative controls, as was the case in England with the Peel Act, and in the United States with the nonsensical coverage regulations which have produced typical monetary crises there. If we want to establish what changes are taking place in the phenomena of crises, therefore, we must be able to derive them from a theoretical analysis in order to be certain that we are dealing with tendencies inherent in capitalist development, rather than with specific phenomena peculiar to a particular phase of capitalism which may perhaps be purely accidental.

Rudolf Hilferding

He also reiterates a standard Marxist critique of unions- they can only ever regulate the labour contract, never transcending it. The government could not possibly have absorbed the money for mobilization purposes, because at that time the note issuing banks in Germany were decentralized and much of the money was in the hands of banks hhilferding did not issue notes, or of private bankers.

In effect the bank restricts demand for means of payment to the real, essential needs of circulation, and wards off that well-nigh unlimited demand, arising from the fear that it will be impossible to obtain means of payment even against the best collateral, which goes beyond any actual need and leads to large- scale hoarding with a consequent further contraction of the means of payment.

Did Hilferding influence Schumpeter? This can create an incentive to export productive capital i.

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

In this context, their views on economic instability have further similarities, since for both theorists, development presupposes an innovation, which enables the firm to earn an extra profit and stimulates the demand for credit in order to finance new investments through credit creation. In itself, a general cartel which carries on the whole of production, and thus eliminates crises, is economically conceivable, but hilfegding social and political terms such an arrangement is impossible, because it would inevitably come to grief on the conflict of interests which it would intensify to an extreme point.


Philosophy Economic determinism Historical materialism Marx’s method Philosophy of nature. Second, in Luxemburg strongly criticised Kautsky, Hilferding and others for their overestimation of the potential of parliamentarian work for changing society.


The interest which its owners have in obtaining the largest possible profit as quickly as possible, their lust for booty, which slumbers in every capitalist soul, can be subordinated, to a certain extent, financire the managers of the corporation, to the fibancier technical requirements of production.

Thanks to his correspondence with Kautsky, he got news about the party. Help Center Find new research papers in: Their collapse, in large numbers, also drags down enterprises which are in themselves technologically viable. What had happened to the money which could easily be had a few days previously for 3 per cent and 3. She also had a Jewish background, had made her exams at the University of Vienna, and was a regular contributor to Die Neue Zeit.

But as domestic capitalism develops, cartels form. Hilferding’s wife, Margarete, died in the Theresienstadt concentration camp in The decision to make Rudolf Hilferding’s work, especially his ” Finance Capital ” completed in and first published inthe subject-matter financiet our current project has been motivated by the work on our capitao published second book in the series: Economic determinism Historical materialism Marx’s method Philosophy of nature.

Rudolf Hilferding – Wikipedia

But Hilferding sees things going in the opposite direction. If monopolistic combinations abolish competition, they eliminate at the same time the only means hilfetding which an objective law of price can actually prevail.

Less ambiguous criticisms of Hilferding can be found in van Apeldoorn and Horn implicitly and Nowell explicitly. Finally, and here it will suffice to recall what was said in the chapter on the stock exchange, speculation in securities is also declining as a factor making for banking crises.

Everyone was on the lookout for a chance to buy at the lowest prices, but feared to pay out any cash, and circulation almost came to a standstill. We have seen that during a period of prosperity competition in a particular branch of production does not exert a downward pressure on prices, because demand exceeds supply and in such a case competition takes place among buyers, not among sellers. A Contribution to the Critique of Political Economy. Is it not a palpable fact, apparent to everyone?

Like Marx, he likes to include extended passages of quite dry analytical language, and then suddenly accelerate into angry rhetoric about the injustices of capitalism. Previously, this was accomplished by the blind operation of the law of price, which brought numerous firms to a standstill, and to bankruptcy, through a fall in prices; but now the same blessed shrinkage of production can be achieved more rapidly financiier painlessly by the collective wisdom of the cartelized directors of production.


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. A crisis may cause havoc in the capitalist sector of production, halting sales completely for a time provided the factors producing the crisis are powerful enough to paralyse production, which, as we shall see, is often the case in this period.

The rate of interest. Enter the email address you signed up with and we’ll email you a reset link.

A year later the iron market collapsed, dragging with it all the other metal markets. This was responsible for some particular developments on the European money markets, and especially the severity of finandier crisis in some spheres, which might perhaps have been avoided if it had not been for the effects of the American crisis. Directly hilefrding, he enrolled at the University of Vienna to study medicine. Compare with this the following description of the condition of the German stock exchanges on the outbreak of war in If the prices of the cartelized industries remained low while those of non-cartelized industries rose, capital would flow out of the former, there would soon be overproduction of capital in the non-cartelized branches of production, matched by underproduction in the cartelized ones, hence an extreme disproportionality, leading to a general crisis; for a crisis is also possible when the volume of production remains unchanged, or even when it is reduced.

The latter face disaster if an investment makes lower than average profits in the short term. We have seen that the circulation of bank notes is based upon the circulation of bills, which may contract if its foundation, commodity circulation, contracts.

Nonetheless, in some ways he was quite prescient, and he raises some important ideas that the TEMS team need to think about. One of them, the end of the exchange of He begins with a critical discussion of liberal thought on free trade.

This line of argument is as false as it is simple. 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. Economic and Philosophic Manuscripts of