Rudolf Hilferding

Finance Capital

A Study of the Latest Phase of Capitalist Development

Written: 1910
First Published: Rudolf Hilferding, Das Finanzkapital. Eine Studie über die jüngste Entwicklung des Kapitalismus, Vienna, Wiener Volksbuchhandlung, 1910 (Marx-Studien, vol. III)
Source: Rudolf Hilferding, Finance Capital. A Study of the Latest Phase of Capitalist Development. Ed. Tom Bottomore (Routledge & Kegan Paul, London, 1981) courtesy of  Routledge.
Translated: Edited by Tom Bottomore from translations made by Professor Morris Watnick and Mr Sam Gordon.
Transcription/Markup: Steve Palmer
Copyright: Rudolf Hilferding © 1910; Morris Watnick © 1981; Sam Gordon  © 1981; Tom Bottomore © 1981



Part I Money and credit

 1. The necessity of money

 2. Money in the circulation process

 3. Money as a means of payment. Credit money

 4. Money in the circulation of industrial capital

 5. The banks and industrial credit

 6. The rate of interest

Part II The mobilization of capital. Fictitious capital

 7. The joint-stock company

 8. The stock exchange

 9. The commodity exchange

10. Bank capital and bank profit

Part III Finance capital and the restriction of free competition

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

12. Cartels and trusts

13. The capitalist monopolies and commerce

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

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

Part IV Finance capital and crises

16. The general conditions of crises

17. The causes of crises

18. Credit conditions in the course of the business cycle

19. Money capital and productive capital during the depression

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

Part V The economic policy of finance capital

21. The reorientation of commercial policy

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

23. Finance capital and classes

24. The conflict over the labour contract

25. The proletariat and imperialism