NDLI: The Schumpeter–Hilferding Nexus

Content Provider	Springer Nature Link
Author	Michaelides, Panayotis G. Milios, John G.
Copyright Year	2014
Abstract	The paper interprets certain parts of Joseph Schumpeter’s oeuvre in association with the writings of Rudolf Hilferding. For instance, we show that Hilferding’s conception of economic development has striking similarities with Schumpeter’s respective thesis. Also, Hilferding expressed the thesis that ‘the size and technical equipment of the monopolistic combination ensure its superiority’ which has striking similarities with the so-called Schumpeterian Hypothesis. Furthermore, Hilferding made a distinction between the entrepreneur who is in charge of the use of capital in production and the capitalist who advances his capital and bears the risk. There, Hilferding identified another personality who has similar tasks to those of an innovative manager. It is exactly this separation of roles which is at the core of Schumpeter’s famous analysis. Moreover, regarding credit, for both theoreticians, it is determined by its demand side i.e. creation of credit money resulting from the demand for investment funds and is indispensable for the functioning of capitalism. In this context, their views on economic instability have further similarities, since for both theorists, development presupposes an innovation, which enables the firm to earn an extra profit and stimulates the demand for credit in order to finance new investments through credit creation. As for socialism, Hilferding regarded it as the organization of production not by and for the benefit of capitalist magnates but by and for society as a whole, whereas for Schumpeter socialism is an institutional arrangement that vests the management of the productive forces with some public authority. Finally, regarding imperialism, Schumpeter differentiated himself from Hilferding and considered it to be an ‘old’ inheritance from pre-modern capitalist eras, which was bound to disappear contrarily to Hilferding, who regarded imperialism as a ‘new’, characteristic of capitalism in its ‘latest’ stage. In brief, some of Schumpeter’s ideas are probably not quite as unique as they appeared to be, since many of them could be described as a reworking of Hilferding’s views. Apparently, Schumpeter’s originality is, at least partly, based on the approaches on which he built his oeuvre.
Starting Page	133
Ending Page	145
Page Count	13
File Format	PDF
ISSN	09369937
Journal	Journal of Evolutionary Economics
Volume Number	25
Issue Number	1
e-ISSN	14321386
Language	English
Publisher	Springer Berlin Heidelberg
Publisher Date	2014-06-01
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Schumpeter Hilferding Influence Austrian Economic Theory Evolutionary Economics Microeconomics Economic Growth R & D/Technology Policy Entrepreneurship
Content Type	Text
Resource Type	Article
Subject	Economics and Econometrics Business, Management and Accounting

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
6	Contents and Copyright Issues	Queries related to content curation and copyright issues	content@ndl.gov.in
7	National Digital Library of India Club (NDLI Club)	Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach	clubsupport@ndl.gov.in
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