Finance Capital: A study in the latest phase of capitalist development, 1st Edition (Hardback) book cover

Finance Capital

A study in the latest phase of capitalist development, 1st Edition

By Rudolph Hilferding

Routledge

480 pages

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Description

This is the first English translation of one of the classical works of Marxist economic theory. When Rudolf Hilferding’s Finance Capital was first published in 1919 it was acclaimed by reviewers as a continuation of Marx’s Capital, and it has a major influence upon subsequent Marxist thought, especially in the analysis of imperialism where it provided some of the fundamental ideas for the theories of Bukharin and Lenin.

But Hilferding’s work was much more than a study of imperialism, which was presented only in the last section of the book. It set out to examine the main tendencies in the development of the capitalist mode of production as a whole at the beginning of the twentieth century, beginning with an exposition of the theory of money (in which particular attention was paid to the growth of credit money), then analysing the increasingly important role of the banks in the mobilization of capital, along with the development of large corporations, cartels and trusts, and finally outlining a theory of economic crises.

Hilferding’s book has, however, more than an historical interest. It is a model for any renewed attempt to understand the ‘latest phase of capitalist development’ in the closing decades of the twentieth century, and Hilferdin’s ideas still provide essential elements for the elaboration of theoretically enlightened and realistic policies in the socialist movement.

Table of Contents

Acknowledgements vii

Note on the translation ix

Introduction to the translation 1

FINANCE CAPITAL

Preface 21

Part 1{emsp}Money and credit

{ensp}1 The necessity of money 27

{ensp}2 Money in the circulation process 37

{ensp}3 Money as a means of payment. Credit money. 60

{ensp}4 Money in the circulation of industrial capital 67

{ensp}5 The banks and industrial credit 82

{ensp}6 The rate of interest 99

Part II{emsp}The mobilization of capital. Fictitious capital

{ensp}7 The joint-stock company 107

{ensp}8 The stock exchange 130

{ensp}9 The commodity exchange 151

10 Bank capital and bank profit 170

Part III{emsp}Finance capital and the restriction of free competition

11 Surmounting the obstacles to the equalization of rates of profit 183

12 Cartels and trusts 204

13 The capitalist monopolies and commerce 208

14 The capitalist monopolies and the banks. The transformation of capital into finance capital 223

15 Price determination by the capitalist monopolies and the historical tendency of finance capital 227

Part IV{emsp}Finance capital and crises

16 The general conditions of crises 239

17 The causes of crises 257

18 Credit conditions in the course of the business cycle 267

19 Money capital and productive capital during the depression 282

20 Changes in the character of crises. Cartels and crises 288

Part V{emsp}The economic policy of finance capital

21 The reorientation of commercial policy 301

22 The export of capital and the struggle for economic territory 311

23 Finance capital and classes 337

24 The conflict over the labour contract 351

25 The proletariat and imperialism 364

Notes 371

Bibliography I The principal writings of Rudolf Hilferding 438

II Works on Hilferding 439

III Other works mentioned in the Introduction and in the text 440

Index 445

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BUSINESS & ECONOMICS / General
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BUSINESS & ECONOMICS / Economic History