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Marxian and Non-Marxian Foundations of Rudolf Hilferdings

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Marxian and Non-Marxian Foundations of Rudolf Hilferdings Marxian and Non-Marxian Foundations of Rudolf Hilferding’s Finance Capital＊ Jan Greitens Abstract: Finance Capital, written in 1910 by Rudolf Hilferding, is normally understood to be a Marxian work about financial systems, and banks in particular. Because Hilferding was a close friend of his mentor, Karl Kautsky, it is seen as a contribution to the Re- visionist Debate within the German Social Democratic Party at the beginning of the 20th century. But this view does not do justice to Hilferding’s approach to and objec- tives for Finance Capital. Hilferding took up many ideas from Marxian and Non- Marxian authors like Parvus, Otto Bauer, John A. Hobson, Ferdinand Tönnies, and authors of the emerging corporate finance literature. It is this broad influence that dif- ferentiates Hilferding’s work from other socialist writings at that time. JEL Classifications: B 14, B 19, B 31. as shown in his money, credit, and bank the- I The Theory of Finance Capital ories. The second tendency is the increased In 1910, Rudolf Hilferding published his ma- concentration taking place in the economy, jor work, Finance Capital. With this text, for which Hilferding’s cartel theory offers an Hilferding succeeded in creating an inspiring explanation. He completes his theoretical book that initiated much debate about the foundation by bringing together these move- power of banks. Hilferding sought to analyze ments in his theory of “finance capital”; he capitalism’s development during his time and then applies the results to the business cycle, to integrate his findings into Marxist theory. imperialism, and contemporary political Finance Capital presents a cohesive the- questions. ory in which the topics covered are built up The text is framed by Hilferding’s idea of one upon another. He begins by describing society’s transformation from capitalist anar- the trend of an increased importance being chy to socialism with an organized economy. put on the financial sphere, especially banks, Hilferding’s idea of Finance Capital is based ＊ Most of the findings presented here have also been published in the German language in: Greitens, J. 2012. Finanzkapital und Finanzsysteme. Marburg: Metropolis. The History of Economic Thought, Vol. 55, No. 1, 2013. Ⓒ The Japanese Society for the History of Eco- nomic Thought. GREITENS: MARXIAN AND NON-MARXIAN FOUNDATIONS OF RUDOLF HILFERDING’S FINANCE CAPITAL 19 on a stage model in which capitalism first ticle Karl Marx and the Close of His System, supersedes the previous economic order. in which he criticized the theories of Marx This early competitive capitalism is analyzed and pointed out the transformation problem, and explained by Marx. But before the so- since the solution proposed in the third vol- cialism phase can begin, capitalism must ex- ume of Capital（ 1894） did not provide a perience a second phase in which it modifies sufficient explanation. No later than 1902, itself. Hilferding wrote his anti-critique, Böhm- Bawerk’s Marx Criticism, and sent it to Karl II The Creation of Finance Capital Kautsky on April 23, 1902, asking for it to be Rudolf Hilferding was born on August 11, published; however the request was denied. 1877, in Vienna. In 1893 he joined the Kautsky said this was due to the essay’s “Sozialistischer Studentenbund” （Socialist length. Nevertheless, Kautsky encouraged Student Organization）, where he became ac- Hilferding to continue his Marxist studies quainted with Karl Renner, Max Adler and （IISG, Karl Kautsky Papers, K D XII 580）. Otto Bauer. Here Hilferding was exposed to From this time on, a long and close rela- the theories of Karl Marx and Immanuel tionship developed between Hilferding and Kant. In 1899 he was enrolled at the Univer- his mentor, Kautsky. Kautsky encouraged sity of Vienna to study medicine. This gave him to write regularly for Die Neue Zeit（ The him the opportunity to learn about Carl New Times）, of which he was the publisher. Menger’s new teachings on marginal utility, In 1903, Hilferding wrote his first articles for to learn from Eugen von Philippovich about this journal on the subject of Marx’s theory the Deutsche Historische Schule （German of value and-in the same year-on the Historical School）, and to study Marx’s doc- change in function of the protective duty. trines of labor value（ Kurata 1978, 26）. This was a contribution to the current discus- In the winter semester of 1894/95, Hilfer- sions between revisionists and orthodox ding attended Professor Isidor Singer’s “so- members of the German Social Democratic cialstatistische Übung” （social statistics Party（ SPD）. course） and, the following summer semester, The rejection of his essay in Die Neue the economics course led by Professor Zeit encouraged Hilferding to create the Philippovich. He also attended lectures by Marx-Studien（ Marx Studies） series, togeth- Carl Grünberg and Friedrich von Wieser, al- er with Max Adler, in 1904. These were de- beit without being officially enrolled（ Kura- signed to provide space for medium-length ta 1978, 27ff）. essays with the goal of developing Marxism. In 1903 Hilferding wrote his first article Hilferding’s article Böhm-Bawerk’s Marx about protective duties and cartels using the Criticism was the first to appear in Marx- example of the sugar industry. He criticized Studien. the positive attitude of the revisionist posi- Böhm-Bawerk’s private seminar in the tion toward colonialist expansion（ Hilferd- summer semester of 1905 attracted many ing 1903）. prominent participants, including Hilferding, In 1896, Böhm-Bawerk published his ar- whose names are still remembered today: 20 経済学史研究 55 巻 1 号 Joseph Schumpeter, Otto Bauer, Emil Leder- We only have to point to the evidence for er, Ludwig von Mises, Felix Somary, Karl the historical necessity of capitalism, to Pribram, and Otto Neurath. The seminar al- envisage the final goal automatically lowed for an open and intensive exchange of emerging unaided from the rapid develop- views on economics at that time, Hilferding ment of late capitalism, and to show that being one of those representing the Marxist the deliberate waging of class warfare view（ Haberler 1950）. would be a disruptive factor.（ quoted in In October or November 1906, Hilferd- Kurata 1981, 68f-translated from German ing started as one of the two permanent original） teachers at the newly founded party school of the SPD in Berlin. Hilferding was head of In 1902, Hilferding used the term “state capi- the “Wirtschaftsgeschichte und National- talism” instead of “finance capital” to de- ökonomie”（ economic history and national scribe the overall development he diagnosed. economics） section, where, apart from study- By 1905, Hilferding had at last finished ing Marx’s Capital, he focused on teaching his preparations and started work on Finance economic socialism. Even though the Prus- Capital, having already decided on the name. sian police tried to expel Hilferding from Thus, he wrote to Kautsky on May 27, 1905: Berlin because of his teaching activities, Hilferding did not go back to Vienna. Instead I am finally going to make a start on my he continued to work for Die Neue Zeit and, Finance Capital, although as yet all I have in addition, worked as an editor for the for- is the title.（ IISG, Karl Kautsky Papers, K eign policy section of Vorwärts, the party D XII 590-translated from German origi- newspaper of the SPD. Hilferding rose rap- nal） idly within the office and was later promoted to chief editor（ Smaldone 1998, 39f）. Then, on December 18, 1905: After 1907, Hilferding published various articles in Die Neue Zeit about foreign af- I also have my Finance Capital, which is fairs. In them, he denied the existence of im- growing at a slow enough pace, far more perialism in Germany in 1907, but in 1909 slowly than it ought.（ IISG, Karl Kautsky he realized that there was an increasing dan- Papers, K D XII 598-translated from ger of war due to imperialism （Stephan German original） 1982, 25f）. The arguments he employed could later be found in Finance Capital. Afterwards, on March 10, 1906, he wrote: Finance Capital was published in 1910. Hilferding had worked on it for a considera- In essence I have now completed Chapter ble time-the initial work can be dated back I, on money, and will now move on to to 1902. In a letter to Kautsky in 1902, Chapter II, the role of money in the cycli- Hilferding wrote about what he hoped to cal process of capital; from this I must achieve with Finance Capital: then develop the rise and necessity of credit. The tedious thing is that much of GREITENS: MARXIAN AND NON-MARXIAN FOUNDATIONS OF RUDOLF HILFERDING’S FINANCE CAPITAL 21 the chapter has to be devoted to restating Social Democracy）, which was published in the contents of the second and third vol- 1899（ English translation: Evolutionary So- umes of Das Kapital and such repetitive cialism: A Criticism and Affirmation, 1911）. work I find wearisome and uninteresting. Finance Capital is a contribution to the （quoted in Kurata 2009, 12-translated dispute over revisionism, putting Kautsky’s from German original） side of the argument against his opponents within the party. Accordingly, Kautsky’s ar- During his time at the party school and as an gumentation in the Revisionist Debate pro- editor in Berlin, Hilferding’s access to litera- vides the “guidelines” for Hilferding’s Fi- ture-combined with what he learned from nance Capital: The cartels are not allowed to his editorial work-allowed him to continue prevent crises; the joint stock companies as his studies. In the foreword to Finance Capi- well as banks are institutions to collect small tal, Hilferding wrote that its main features sums of capital; finance tycoons rule every- had already been finished by 1906（ Hilferd- thing; protective duties lead to cheap ex- ing 1910, 24）.
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