This is the first English translation of one of the classical works of Marxist economic theory. When Rudolf Hilferding’s Finance Capital was first published in 1919 it was acclaimed by reviewers as a continuation of Marx’s Capital, and it has a major influence upon subsequent Marxist thought, especially in the analysis of imperialism where it provided some of the fundamental ideas for the theories of Bukharin and Lenin. But Hilferding’s work was much more than a study of imperialism, which was presented only in the last section of the book. It set out to examine the main tendencies in the development of the capitalist mode of production as a whole at the beginning of the twentieth century, beginning with an exposition of the theory of money (in which particular attention was paid to the growth of credit money), then analysing the increasingly important role of the banks in the mobilization of capital, along with the development of large corporations, cartels and trusts, and finally outlining a theory of economic crises. Hilferding’s book has, however, more than an historical interest. It is a model for any renewed attempt to understand the ‘latest phase of capitalist development’ in the closing decades of the twentieth century, and Hilferdin’s ideas still provide essential elements for the elaboration of theoretically enlightened and realistic policies in the socialist movement.

This edited volume is focused on Hilferding's major work, Finance Capital. In revisiting this influential book from a methodological point of view, both historical and intellectual, this book affirms Hilferding's place in the Marxist tradition. Hilferding's ideas are used to criticise incumbent approaches in economics and enrich existing discussions and debates about the nature of modern capitalism. In doing so, this book highlights the importance of Hilferding's work in analysing and understanding modern capitalism and corporate developments. The volume has contributions from a range of expert scholars addressing various aspects of Hilferding’s arguments. It elaborates on Hilferding’s central idea on the political economy, as well as its historical context, and its relation to Marx. Contributors move on to criticize Hilferding’s views on the political economy and politics in general. This book is relevant to those interested in the political economy, the history of economic thought, and European politics.

Until his death in a Gestapo prison cell, Rudolf Hilferding was one of Europe's most prominent socialist theorists and politicians. A leading economic thinker in the European socialist movement and an important politician in the German Social Democratic Party, he served as Weimar finance minister at the height of the inflation of 1923 and again at the onset of the depression in 1928. At a time when Germany faced one economic and political crisis after another, he led social democracy's efforts to strengthen the republic and to achieve its socialist objectives. This finely crafted intellectual biography illustrates how Hilferding's personal and intellectual journey reflected the failures of social democracy in its confrontation with nazism and communism. After Hitler came to power in 1933, Hilferding in exile continued the struggle against the Nazis. Caught in the maelstrom of the French defeat, in 1940 he was arrested by Vichy authorities and treacherously handed over to the Gestapo. Throughout his eventful life Hilferding analyzed the central issues facing modern socialism, including the development of finance capitalism, the nature of imperialism, the path to socialism, and the organization of socialist parties. For Hilferding, democratic freedom was at the heart of the socialist project, and in rejecting the tyranny of both communism and fascism, he made important contributions to the debate on the nature of totalitarianism. His insights into Marxist theory adn practice are still vital for understanding the development of socialism in the twentieth century.

Until his death in a Gestapo prison cell, Rudolf Hilferding was one of Europe's most prominent socialist theorists and politicians. A leading economic thinker in the European socialist movement and an important politician in the German Social Democratic Party, he served as Weimar finance minister at the height of the inflation of 1923 and again at the onset of the depression in 1928. At a time when Germany faced one economic and political crisis after another, he led social democracy's efforts to strengthen the republic and to achieve its socialist objectives. This finely crafted intellectual biography illustrates how Hilferding's personal and intellectual journey reflected the failures of social democracy in its confrontation with nazism and communism. After Hitler came to power in 1933, Hilferding in exile continued the struggle against the Nazis. Caught in the maelstrom of the French defeat, in 1940 he was arrested by Vichy authorities and treacherously handed over to the Gestapo. Throughout his eventful life Hilferding analyzed the central issues facing modern socialism, including the development of finance capitalism, the nature of imperialism, the path to socialism, and the organization of socialist parties. For Hilferding, democratic freedom was at the heart of the socialist project, and in rejecting the tyranny of both communism and fascism, he made important contributions to the debate on the nature of totalitarianism. His insights into Marxist theory adn practice are still vital for understanding the development of socialism in the twentieth century.

This volume offers the essential theoretical thought of the Austro-Marxist thinkers Otto Bauer, Max Adler, Karl Renner, Friedrich Adler, Rudolf Hilferding, and Otto Neurath over the span of their Austrian Social-Democratic careers, from the decades before World War I until the mid-1930s. Austro-Marxist theoretical perspectives were conceived as social scientific tools for the issues that faced the development of socialism in their time. The relevance of their thought for the contemporary world inheres in this understanding.

Working from archival materials and a wide range of primary and secondary sources, F. Peter Wagner interprets both Hilferding's life and work, particularly his generational position as an activist for European labor movements and his theoretical position as founding member of the school of Austro-Marxism. Key aspects are traced and developed, from Hilferding's debate with the Austrian economist Bohm-Bawerk on the Marxian labor theory of value, to his leading role as social democratic intellectual and politician in the Weimar Republic and his return to his earliest the theoretical concerns after the fascist triumph in Europe.