Guess who

Rakesh Bhandari bhandari at phoenix.Princeton.EDU
Fri Oct 9 05:10:26 PDT 1998

Rudolf Hilferding wrote it in Finance Capital: A Study of the Latest Phase of Capitalist Development. By the way, there are several essays on credit money in the first volume of Riccardo Bellofiore, ed. Marxian Economics (including an evaluation of Hilferding's thesis by Nelson Pinto) and in Paolo Giusanni, ed. "Issues in Marxian Theory of Money and Credit" International Journal of Political Economy vol27, no 1 (Spring 1997). Hilferding is considered in Grossmann's magnum opus, Sweezy's Theory of Capitalist Development (where PS accepts Grossmann's analysis of the changed relationship between banks and industry, which Grossmann himself took from Alfred Weber), Mattick's Economic Crisis and Crisis Theory, and Mattick Jr' review of the Eng translation of Finance Capital in *Telos* from around 1983 (this was before Telos started taking money from the Moonies). There is a helpful chapter review of Hilferding's thesis in Wm Darity and Bobbie Horn's The Loan Pushers as well.

What I would like to know more about is the Max Adler/Rudolf Hilferding debate about the nature of the state in the 1920s.

best, rakesh

On Thu, 8 Oct 1998, Greg Nowell wrote:

> Guess who wrote this:
> A monetary crisis is not an absolutely necessary
> feature of the crisis, and may not always occur. Even
> during a crisis the turnover of commodities continues,
> even though on a much reduced scale. Within these
> limits circulation can be carried on with credit money,
> all the more so since the crisis does not affect all
> branches of production simultaneously or with equal
> force. Indeed, the slump in sales seems to reach its
> lowest point only when the situation is complicated by
> a monetary and banking crisis. If the necessary credit
> money is made available for circulation the monetary
> crisis can be averted; and even a single bank whose
> credit position is unimpaired can do this by advancing
> credit to industrialists against their collateral. In
> fact, monetary crises have been avoided whenever such
> an expansion of the ciruclation was possible, and on
> the other hand they have always occured when banks
> whose credit remained unimpaired were prevented from
> making credit money unavailable.
> (p. 274)
> --
> Gregory P. Nowell
> Associate Professor
> Department of Political Science, Milne 100
> State University of New York
> 135 Western Ave.
> Albany, New York 12222
> Fax 518-442-5298

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