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The Alternative Austrian Economics

A Brief History

John E. King

For most economists, ‘Austrian economics’ refers to a distinct school of thought, originating with Mises and Hayek and characterised by a strong commitment to free-market liberalism. This innovative book explores an alternative Austrian tradition in economics. Demonstrating how the debate on the economics of socialism began in Austria long before the 1930s, it analyses the work and impact of many leading Austrian economists through a century of Austrian socialist economics.
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Chapter 3: The young Rudolf Hilferding

John E. King

Extract

Chapter 3 deals with the early work of the young Rudolf Hilferding, ending in 1906 when Hilferding moved to Germany and effectively ceased to be an Austro-Marxist. He had already made a substantial contribution to the theory of value, to the analysis of economic crises and to documenting the rise of financial capital. The bulk of the chapter consists of a detailed account of his book, Finance Capital, which had been substantially completed before he left Austria and is perhaps the most important single work to be written on Marxian political economy since the death of Marx.

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