By Rudolph Hilferding
This is often the 1st English translation of 1 of the classical works of Marxist fiscal idea. whilst Rudolf Hilferding’s Finance Capital used to be first released in 1919 it used to be acclaimed via reviewers as a continuation of Marx’s Capital, and it has a tremendous impact upon next Marxist inspiration, in particular within the research of imperialism the place it supplied the various basic rules for the theories of Bukharin and Lenin. yet Hilferding’s paintings used to be even more than a research of imperialism, which used to be awarded merely within the final component of the publication. It got down to learn the most traits within the improvement of the capitalist mode of construction as an entire at first of the 20 th century, starting with an exposition of the idea of cash (in which specific consciousness used to be paid to the expansion of credits money), then analysing the more and more very important position of the banks within the mobilization of capital, besides the advance of huge organizations, cartels and trusts, and at last outlining a concept of financial crises. Hilferding’s booklet has, even though, greater than an historic curiosity. it's a version for any renewed try to comprehend the ‘latest part of capitalist improvement’ within the final many years of the 20th century, and Hilferdin’s rules nonetheless offer crucial components for the elaboration of theoretically enlightened and practical rules within the socialist move.
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Extra info for Finance Capital: A Study of the latest phase of capitalist development (Economic History)
Economists prefer to use the concept of trade-oﬀ instead of contradiction, and normally map it as a curve with a negative slope. Trade-oﬀs are important to Dosi’s notion of a technological trajectory, which he deﬁnes as ‘the activity of technological process along the economic and technological trade-oﬀs deﬁned by a paradigm’ (Dosi, 1988: 1128). 2. 2 Innovation as a resolution of trade-oﬀs Conjectures, constructs and conﬂicts 27 something that allows a ﬁrm to produce the same output with less capital and labour, or increasing output without needing to sacriﬁce more capital and labour, as indicated by the inward shift of the isoquant.
Modeling of imagineering is too complex to be done without the aid of computer simulation. Most people would argue that computational modelling of imagineering is impossible since computers cannot create something that has not been given beforehand. Neural networks work on this basis – it appears as if neural networks learn, but all possible connections are given to them in advance. When such a program ‘learns’ all it really does is change the strengths of existing connections or activating connections that have been latent.
When it comes to the study of imagineering, some economists may argue that a focus on individual cognition is misplaced since invention and innovation are no longer done by independent individuals, but by large corporations in their research laboratories. The view that large corporations and their teams of scientists and problem-solvers are the real drivers of invention and innovation has been generally accepted (by Schumpeter, among others). Few researchers have actually investigated to what extent this is true.
Finance Capital: A Study of the latest phase of capitalist development (Economic History) by Rudolph Hilferding