Early Marxist Theory Of Financial Capital: Historical Form And Contemporary Response

As the absolute master of today’s world,financial capital has an irresistible subject-like coercive will,and has received double attention from the industry and academia.The understanding of financial capital in Western academic circles remains at the appearance of experience,mainly examining the operating mechanism and influence of financial capital,while the early Marxist financial capital theory provides us with a broad and profound theory for understanding the essence of capital and the internal mechanism of structural transformation.Vision allows us to jump out of the illusory financial world and return to the real world.In contemporary capitalist society,capital continues to expand outward following the logic of value-added,the hollowing out trend of global industries is becoming more and more serious,and the virtual economy has exploded.But so far it has not been able to get out of the structural predicament,and various crises such as currency crisis,credit crisis and economic crisis have occurred from time to time.In view of this situation,it is necessary to sort out and interpret the early Marxist financial capital theory,and explain the new situation of contemporary financial capital,in order to explore the value and significance of the Marxist financial capital theory and respond to real problems and challenges.Limited by the times,although Marx failed to clearly put forward the concept of "financial capital",he took currency as the starting point for theoretical research on financial capital,and then went deep into the nature of capital and its laws of movement,and specifically examined interest-bearing capital,virtual capital,etc.Non-functional capital sees the appropriate soil provided by the credit system and joint-stock companies for the formation of financial capital,and always implements the historical materialism in the analysis process,and builds a solid theoretical framework for future generations to study financial capital.Hilferding,Luxembourg,Bukharin and other second-country theorists analyzed financial capital.They followed the ideas of Marx’s financial capital theory and combined with the new situation of capitalism from competition to monopoly at that time.They each focused on financial capital.Hilferding points out that the coupling of industrial capital and bank capital constitutes financial capital.Luxembourg sees the financial crisis that non-capitalist countries may face from the perspective of capital accumulation.Bukharin sees that financial capital has become the ruler of the world.Lenin further advanced the development of Marxist financial capital theory.Like Marx,Lenin started from the field of capitalist production and grasped the foundation of capitalist economic life at that time: monopoly,it was on this foundation that parasitic financial capital was formed,and financial oligarchs realized the capitalist economy.The full domination of society.Furthermore,because capital is a historical category and cannot stop at Lenin’s time,this article focuses on clarifying the latest development of contemporary financial capital theory around the expansion of the concept of financial capital,its own characteristics,and internal crises.It interprets the theoretical significance of Marxist financial capital theory,criticizes contemporary capitalism from a brand-new perspective,and has a comprehensive insight into the inherent contradictions and crises of capitalism,which provides enlightenment for the construction of China’s financial system,the optimization of industrial structure and the perfection of financial supervision.