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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Financialization against Industrialization: a regulationnist approach of the Brazilian Paradox

This structural change has become explicit in the context of trade and financial liberalization process that induced a higher volatility of the real exchange rate and their appreciation; c the economy has great difficulty in maintaining high and sustainable rates of economic growth, despite the financial and price stability; d hilfegding labor relations have historically been characterized by high levels of flexibility and informality.

But in doing so, the capitalist powers recognise that the USA has the capacity to play a leading role in the expansion, protection and reproduction of capitalism Panitch and Gindin Adolfogurrieri marked it as to-read Jul 26, The history of imperialist, inter-imperialist and anti-imperialist wars is over.

It is important to recall that this is not a new discussion see Michalet The exchange rate regime, combined with sectorial policies, was used as one of the key institutions hilferdinng the development of productive capacity in the industrial sector.

Stability in the post-Cold War period After the collapse of real socialism in Eastern Europe and the end of the USSR in the early s, new questions were raised about the role of the nation-state, based on the neoliberal concept of market supremacy.

He is the author of Exchange Regime and Macroeconomic Performance: Fanny marked it as to-read Aug 24, Despite the quick and firm response of governments worldwide to the crisis using Keynesian economics, in the rich countries, where leverage was greater, its consequences will for years be harmful, especially for the poor.

So will we have a new capitalism? Regarding the concept of super-imperialism, see Rowthorn This kind of ideology makes only the rich cynical; to the extent that it is hegemonic, it renders the poor and the middle classes disillusioned and politically paralyzed.


But three things were lacking for that: The domination of large monopolies over the economies of imperialist nations led to the renunciation of the arms race in favour of an alliance for peace. In the early twentieth century, the first form of democracy was elite democracy or liberal democracy.

The Brazilian State lost its ability to promote capital accumulation and the autonomy of economic policy was seriously affected. Moreover, considering that the expectations were infected with the generalization of pessimistic behaviors about the unfolding crisis in the country, lines of credit became scarce, prompting the government to encourage public credit.

London and New York: The fact that these two series share a common trend of evolution can be interpreted as a result derived from a macro-organizational structure or from a specific institutional framework of the monetary and financial system of this period. While economic liberalism is and will be always necessary to capitalism because it justifies private financeeiro, neoliberalism is not. China, whose reaction to the crisis was strong and surprisingly successful, is already seeking this alternative source in its domestic market.

It clearly means that this revenue composition significantly reduces the amount of resources allocated in credit operations.

In this way, hilferrding will happen, but progress will be slow, contradictory, and always surprising because unpredictable.

In the second, I focus on some contemporary authors who share the views of the authors mentioned in the first section. Furthermore, these rates are clearly more volatile than the economic growth rates for all countries and regions.

Sample size includes all 66 countries listed in TableA1 [of the source cited] that were independent states in the given year.

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

RogoffThis Time is Different. Panitch and Gindin recognise that, even with such accumulated power, the USA has failed to bring the capitalist economy to a new level of stability. Thus, while the United States remained hegemonic politically, it was losing ground to Japan and Europe in economic terms and to Europe in social terms.

But as the accumulation of foreign reserves must be sterilized, new internal debt is issued by the State, which pushes up interest rates. The only major source of falling inequality in the short run will not be internal to the countries: Cooperation among states has become more problematic due to the growing multipolarisation of the international system, as can be seen in the formation of the BRICS alliance and the Union of South American Nations USANfor example, and the relative decrease of US power Fernandes 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.


The monetary policy imprisoned itself in the expectations and evaluation criteria imposed by the globalized finance.

Additionally, we must consider the two major changes that took place in the s: It was also a long-term consequence of the transition from capital to knowledge as the strategic factor of production as the supply of capital had become abundant, or, in other words, as the supply of credit from inactive capitalists to active capitalists had exceeded the usual demand for it.

Our study provides new empirical evidence on the hypotheses of deindustrialization and of Dutch disease, which mark the current debate on the effects of real appreciation of the exchange rate on the Brazilian economy. Therefore, the so-called lost decades were certainly not considered as such by this sector. Second, I will argue that these perverse developments, and the deregulation of the financial system combined with the refusal to regulate subsequent financial innovations, were the historical new facts that caused the crisis.

But credit expansions are common phenomena that do not lead always to crisis, whereas a major deregulation such as hilferdingg one that occurred in the s is a major historical fact explaining the crisis. If we take into consideration the fact that the number of employees in investment banks is smaller than those in other service industries, we will understand how big their remuneration is as the Goldman Sachs example demonstratesand why, in recent years, in the wealthy countries income became heavily concentrated in the richest two percent of the population.