The term was coined by the Austromarxist Rudolf Hilferding . In his book Das Finanzkapital (1910) he describes a stage of development of capitalism in which concentration within banking is an important engine for reaching the highest stage of capitalist concentration in the form of trusts and cartels . This increases the industry's dependence on banks. An ever larger share of the required investment capital is made available by the banks, into whose possession a growing share of industrial capital passes. There is a process of concentration of bank capital, at the end of which a bank or banking group is given access to the entire money capital . “Such a 'central bank' would then exercise control over the entire social production.” Hilferding associated this with the idea of the alleviation of crises through the financial capitalist mega-socialization of industrial and banking agglomerations.
The term finance capital became important for the social democratic theory of organized capitalism and the Leninist theory of imperialism as the highest stage of capitalism. However, this use of the term is controversial within Marxism. In state monopoly capitalism , according to the Marxist view, the state is taken over by finance capital, which leads to the development of a financial oligarchy .
The distinction between "creating" industrial capital and "drawing" finance capital goes back to the social scientist Werner Sombart and the National Socialist economic politician Gottfried Feder , whereby the drawing finance capital was identified with "Jewish international high finance". In Mein Kampf , Adolf Hitler , referring to Gottfried Feder, differentiates between “the two types of capital”, “pure capital as the ultimate result of creative labor” and “capital whose existence is based exclusively on speculation”.
Financial market capitalism
→ Main article: Financial market capitalism
Terms such as “financial market capitalism” or “financial capitalism” describe a dominance of the financial market institutions over the real economy .
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