HILFERDING, Rudolf. (). El capital financeiro. Madrid: Tecnos, c p. (Semilla y Surco. Coleccion de Ciencias Sociales, n. 29). [ Links ]. TAVARES. Rudolf Hilferding was the first Marxist scholar to draw attention to the emergence of finance In Rudolf Hilferding (ed), O Capital Financeiro. La financiarisation contre l’industrialisation: une approche rĂ©gulationniste d’un paradoxe brĂ©silien Hilferding Rudolf, [], El capital financeiro. Madrid.

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Finance Capital: A Study in the Latest Phase of Capitalist Development

We should not confuse globalization with financialization. The MFR to high monetary restriction as a capitaal of financialization by interest income: This criticism is aimed at Lenin, and specifically his work Imperialism, the Highest Stage of Capitalism.

In turn, Robinsonargues that the contemporary capitalist system has four new features: There is no reason to repeat mistakes indefinitely.

Yet the bold fiscal policies adopted almost everywhere led the state organizations to become highly indebted. The overvaluation originates principally in the Dutch disease and the policy of growth with foreign savings.

The process of trade hilfereing financial liberalization has fundamental consequences on the development of Brazilian industry.

Financialization against Industrialization: a regulationnist approach of the Brazilian Paradox

In this second period, the sensitivity of industrial AV in relation to the exchange is no longer significant, which confirms the hypothesis that the bilferding kept under the process of exchange appreciation is no longer sensitive to exchange rate changes.

Adolfogurrieri marked it as to-read Jul 26, According to these authors, to understand this new stage of imperialism one needs to understand the role of US imperialism after World War Two. Rinanceiro the contrary, monopoly which is created in certain branches of industry increases and intensifies the anarchy inherent in the system of capitalist production as a whole Lenin [] They do not understand why Keynesians as well as classical and old institutionalist economists use mathematics sparingly because their models are deduced from the observation of how economic systems do work and from the identification of regularities and tendencies.


Despite the intense debate that followed about the reforms needed to prevent a crisis of such magnitude from happening again, few proposals have been implemented, mainly because of the contradictory interests inside the imperialist chain.

They evaluate the scientific character of an economic theory by reference not to its approximation to reality or its ability to explain the behavior of economic systems, but to its mathematical consistency. According to Panitch and Gindin Compensation and benefits in the major investment banks are huge.

Finance Capital: A Study in the Latest Phase of Capitalist Development by Rudolf Hilferding

After the mids, however, by which time neoliberal doctrine had become finanfeiro, world financial instability broke out, triggered by the deregulation of national financial markets. In fact, in the pre-liberalization period of the s, the fiscal crisis of the Brazilian government was already articulated with the main macroeconomic regularities that allowed the financial accumulation to develop based on inflationary gains and trends to stagnation of the product.

US intervention facilitates a shift in power from locally and regionally oriented elites to new groups more favourable to the transnational project.

The turn of the century was the stage for new economic turmoil, as in Turkey and Argentina in Hilferding predicted the emergence of a world cartel aimed at the efficient control of production, thereby stabilising the capitalist system.

Inthe configuration of manufacturing industry still reflected the structures of production consolidated during the process of import substitution and, therefore, of the economic model and the correspondent industrial development policies. Financial and real wealth Caption Source: Reydon and Vitor B.


The duality came precisely from the coexistence of two currencies: Even so, the state plays an essential role in the functioning of capitalism. The value of the long-run elasticity is 0, In other words, the Bretton Woods fixed exchange rate was a foundation for economic stability that disappeared in Or, in other words, the political coalition between rentiers and financists will cease to be dominant. Hilferding was a propounder for the “economic” reading of Karl Marx identifying with the “Austro-Marxian” group.

Hence, the crisis would only be overcome if the capacity of these companies to accumulate capital, as well as the degree of confidence in expectations to induce investment in capital assets, were recuperated.

In this it will certainly be followed by many countries, but meanwhile we will have an aggravated problem of insufficient demand.

Zoom Original png, 25k. There are no discussion topics on this book yet. After a long period of strong growth between andthe next two decades were characterized by a tendency to stagnation and a sharp loss of hi,ferding in economic policy.

The IEDI points out that the sub-sectors of food, beverages and tobacco, alone accounted for Capitalism had reached a degree of organisation that was preventing conflicts among states.