Financial capital and banks in Hilferding and Sraffa: lessons for today

Giuseppe Mastromatteo

The European Journal of the History of Economic Thought, 2019, vol. 26, issue 1, 51-80

Abstract: Rudolf Hilferding’s Das Finanzkapital dealt with the increasing role of finance in the German economy and the resulting structural transformations. The young Sraffa shared with Hilferding an interest on the role played by the banks in the transformation of capitalism. The relationship among banking and industrial capital implied different business models of the German and UK banks and determined the resulting domination of financial capital on the economy. We deepen the methodological and practical similarities and differences of the two scholars, discussing the aspects that are still relevant today to understand financialisation and instability of capitalism.

Date: 2019
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DOI: 10.1080/09672567.2018.1523205

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