The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Hilferding, Rudolf (1877–1941)

  • Roy Green
Reference work entry


Hilferding blended Marxist economics and Social Democratic politics in a career cut tragically short by the rise of fascism in Germany. He studied medicine at the University of Vienna, but soon showed more interest in organizing the student socialist society. After graduating in 1901, he helped Max Adler to found the Marx- Studien (1904–23), a series which was to become the theoretical flagship of ‘Austro- Marxism’. The first volume contained a vigorous defence of the labour theory of value by Hilferding himself against Böhm-Bawerk’s marginalist critique, Zum Abschluss des Marxschen Systems (1896). It earned him his intellectual spurs in the German-speaking socialist movement.


Banking industry Bernstein, E. Böhm-Bawerk, E. von Finance capital Hilferding, R. Kautsky, K. Labour theory of value Lenin, V. I. Luxemburg, R. Marx, K. H. Organized capitalism Social democracy Socialism 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Roy Green
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