Theory of Financial Capital by Hilferding

Author: Han Jinhua
Publisher:
Publish Date: 2006-12-01
Features: Helfert's analysis of the new phenomena of capitalist development is also based on the inheritance and development of Marxist economics. Unlike other Marxists in the Second International at the time, Helfert's critique of Bernstein was not merely situational but fully took into account the changes in the era. Although some errors occurred in his research on the issue of financial capital, Helfert's original intention was to analyze the new phenomena of capitalist development using Marxist methodology. His goal was to develop Marxism, and in fact, he achieved this. For example, his analysis of the roots of financial capital (i.e., his analysis of credit theory, particularly its analysis of credit for fixed capital, his analysis of joint-stock companies and the theory of fictitious capital, his analysis of the relationship between banks and enterprises, his analysis of the emergence of monopolies and monopoly organizations, and the mechanism of monopoly pricing, etc.), his analysis of the characteristics of financial capital, his analysis of the position and development trends of financial capital, etc., all to some extent developed Marx's analysis of the fundamental economic features, basic economic laws, mechanisms of operation, and development trends of capitalism, thereby developing Marxism. Moreover, what is even more important is that through his analysis of financial capital, he concluded that "the era dominated by financial capital is a new stage of capitalist development," which laid the foundation for the formation of Lenin's scientific theory of imperialism.