Rudolf Hilferding was a prominent Marxist economist and political theorist of the early 20th century. Born on August 10, 1877, in Austria-Hungary (now known as the Czech Republic), Hilferding became renowned for his contributions to economic theory, particularly in the field of finance capitalism.
Hilferding's most influential work, "Finance Capital: A Study of the Latest Phase of Capitalist Development," published in 1910, analyzed the transformation of capitalism from a competitive model to one dominated by large financial institutions. He argued that finance capital, a concept he defined as the merger of banking and industrial capital, played a vital role in shaping the economic structure of societies during the era of imperialism.
His theories highlighted the growing control of banks over industrial enterprises, the concentration of wealth in the hands of a few capitalists, and the exploitation of working-class labor. Hilferding identified monopolistic tendencies within finance capitalism and analyzed the structural contradictions that could lead to economic crises and class struggle.
In addition to his economic analysis, Hilferding was active in politics. He was a member of the Social Democratic Workers' Party of Austria and held various positions in the German Workers' Party during his time in Germany. Despite initial support for the Bolshevik Revolution, Hilferding later became critical of the Soviet model and advocated for a more democratic and decentralized socialism.
Hilferding's ideas have had a lasting impact on Marxist theory and continue to be studied by economists and political scientists around the world. His work provided key insights into the nature of capitalist development and the dynamics of class struggle that remain highly relevant in contemporary discussions of capitalism and socialism.
