Finanzkapital in the twenty‐first century

Abstract

PurposeDrawing inspiration from the 1910 bookFinanzkapitalby Rudolf Hilferding, this paper seeks to explore the nature of financial capital in the early twenty‐first century from a political‐economic and culture theory perspective. It aims to offer suggestions for transcending the crises‐prone contemporary economic systems.Design/methodology/approachThe paper reconceptualises the notions of Finanzkapital in the contemporary context, drawing selective evidence from current and twentieth century economic and business history.FindingsThe nature of contemporaneous Finanzkapital is elaborated by presenting seven “theses” that probe the nature of Finanzkapital prior to, during, and after the Great Recession of 2007‐9.Originality/valueThrough succinct articulation of the major characteristics of contemporary Finanzkapital, the paper suggests some ways to resist and transcend politico‐economic and business systems based on massive but quicksand‐like foundations of financial capital.