By Jonas Zoninsein
In his pioneering paintings Finance Capital, initially released in 1910, Rudolf Hilferding built and tested the concept that and financial coverage of finance capital, constructing Marx's research of the tactics of focus and centralization of capital and the jobs of festival and credits inside of those methods. This publication presents a serious exam of the idea of finance capital by way of targeting the innovations of festival, credits, and monetary crises. Jonas Zoninsein concentrates at the idea of monopoly capital, which has its roots in Hilferding's paintings, offering a critique of this fiscal precept that performs a very good function in present reasons of the way the capitalist mode of construction operates within the 20th century. even though finance capital and monopoly capital are the underlying innovations that specify capitalism this present day, Hilferding's assets in detailing his thought have been primarily the features of Germany's past due industrialization. His analytical attempt was once mainly orientated towards formulating basic theoretical rules concerning the operating of capitalism. during this serious research, Zoninsein analyzes Hilferding's imperative elements--competition, credits, capital accumulation, and crises--and seeks to refine and reinterpret the suggestions and methods in gentle of the present adjustments in financial notion and social existence. specific cognizance is paid to the pointy contrasts which are exhibited among Hilferding's paintings and the commercial theories of Marx. the amount additionally incorporates a chosen bibliography of appropriate works. For classes in political economic system, Marxist concept, and monopoly capitalism, this learn can be a first-class source, and either public and educational libraries will locate it to be a helpful addition to their collections.
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Extra info for Monopoly Capital Theory: Hilferding and Twentieth-Century Capitalism (Contributions in Economics and Economic History)
P. 261), which we have quoted earlier and presented as part of his first conception about the causes of crisis. We thus see that there is a double conception in Finance Capital about the causes of periodic overproduction crises. At a certain point in the argument, those crises appear to be provoked within a certain field of contradictory forces (technical progress, increase in the organic composition of capital, increase in productivity, increase in the mass of surplus value, and fall in the rate of profit).
Commensurately with the development of capitalist production and accumulation there develop the two most powerful levers of centralization--competition and credit. 16 These functions are, on the other hand, the major focus of Hilferding's analysis of credit, on the basis of which he develops his own theory of finance capital. The third function of credit is, according to Marx, the promotion of corporations. Three aspects must be highlighted in this regard. First, corporations entail an enormous expansion in production scales and company size, an expansion that is quite impossible for individual capitalists.
On the other hand, the widely acknowledged existence of scale economies that are typical of the banking activity--whether they are economies associated to technical factors involving the use of inputs or associated to a reduction of risks in asset and liability operations--is not enough to evidence a higher progress of banking concentration as compared to concentration in industrial activity, where scale economies are also found. Moreover, the very liquidity of interest-bearing capital, as well as its divisibility, implies that its sphere of activity must always be subject to the strong pressure exercised by the entry of new capitals and the (actual or potential) formation of new banks, which compete with the existing banks and thereby restrict the process of centralization.
Monopoly Capital Theory: Hilferding and Twentieth-Century Capitalism (Contributions in Economics and Economic History) by Jonas Zoninsein