Finance and productive capital - Aleksandr Finn-Enotaevsky

Rudolf Hilferding Aleksandr Finn-Enotaevsky finance capital

pp. 160, 1926, Moscow: Finansovoe izdatel'stvo NKF. Finn-Enotaevsky (1872–1941) was one of the best Marxist economists. This book provides a critique of Hilferding's theory of finance capital. Финансовый капитал и производительный. Александр Финн-Енотаевский.

Table of contents:

I. Introduction 5
II. Capital, interest-bearing capital, and productive capital according to the theory of Marx 10
III. Commentary and addenda by Engels to Marx 21
IV. Monopoly capitalism and later political economy 31
V. The theory of the Hilferding. (Criticism of it) 50
VI. Finance- and industrial capital during the time of inflation in Germany 76
VII. Finance- and industrial capital in the United States 91
VIII. Bank capital on the external market. (The role of foreign bank capital) 109
IX. Finance capital in Russia 120
X. Conclusion 144
XI. Appendix (statistical material) 151

For some other works of Finn-Enotaevsky (eg his 1913 article criticising Hilferding) see here.

A recent Marxist critique of the notion of finance-dominated capitalism is found in Guenther Sandleben's article 'Die Lehre vom finanzmarktgetriebenen Kapitalismus – eine bürgerliche Legende' (2017).

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[Of interest: La société générale, 1822-1992. Jo Cottenier, Patrick De Boosere et Thomas Gounet. It is a particular case study on the Société Générale, which Mandel described as:
Belgium’s most important capitalist grouping since its independence in 1830. Originally organized in the form of a merchant bank, the Société Générale was a forerunner of “finance capital”, which became general in other capitalist countries only in the last quarter of the nineteenth century. This resulted from the Société’s early possession of controlling interests in many joint stock companies, especially in coal and steel. Later it controlled the famous Union Minière du Haut Katanga, as well as other companies in the Congo.]

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