Financial capital and contemporary capitalist finance

In the 1970s, capitalism showed a trend of financial development, and finance became the characteristics of the times of contemporary capitalism. With the rise of financial trends, Hifa Pavilion systematically explained Marxist financial capital, but its financial capital research did not enter the field of scholars' vision, and even some scholars directly denied their contemporary vitality. Therefore, whether financial capital has vitality in contemporary times is an important question that Marxist economics needs to answer. On the one hand, the definition and clarification of the concept of financial capital of Hipfa Ting is one of our theoretical prerequisites for our analysis of the current financial financial financial financialization. Stimulate its modernity and sense of the times. In 1910, the publication of Higa Pavilion's "Financial Capital" pushed the study of the second international formal form of capitalist modern forms to a new realm. Based on the general development law of capitalist society, a comprehensive study of the laws of modern capitalist society movement. Katzki gave a high evaluation of "Financial Capital", saying that it was the real continuation of the second and third volumes of the "Capital".

Three dimensions and related disputes of financial capital

The first dimension is the monopoly of bank capital and industrial capital. During the transition of capitalism to the monopoly stage, the continuous expansion of fixed capital has caused the averageization of capital liquidity and profit margins. Therefore, in order to break the restrictions on new investment, the scope of capital gathering needs At the same time, bank capital has also been accumulated. Banks also borrow capital to different capitalists at the same time. For banks, the bank's capital and industrial capital are the same for excluding competition. The bank has moved to monopoly by joint expansion, and it has also promoted the monopoly of industrial capital. From the perspective of Herfa Pavilion, monopoly is the prerequisite for the formation of financial capital. Leaving the monopoly, the ownership and use right of monetary capital cannot achieve structural separation, and financial capital cannot surpass industrial capital to become the highest capital form.

The second dimension is the integration of bank capital and industrial capital. With the increasingly dominant position of monopoly organizations such as Cartel and Torlas, monetary capitalists achieved their occupation of surplus value by lending currency to industrial capitalists in the form of interest, and through absolute power of monetary capital to achieve industrial industries Capital control. Banks have increased investment in industrial capital through the form of borrowing or share investment and promoting the development of industrial capital. With the increasing development trend of bank capital and industrial capital, it ultimately forms an independent capital form that exists in currency in addition to the capitalist production process, that is, financial capital.

The third dimension is the dominant position of bank capital. On the one hand, banks can control the control of industrial capitalists by increasing or reducing borrowing, and obtain excess profits of industrial capital through interest, dividends or dividends. On the other hand, banks' monopoly on currency ownership has prompted it to become the main body of social capital mobilization, and earning differences in the issuance of stocks for industrial capital. As the owner of the currency capital, banks have achieved the dominance of industrial capital through two forms of borrowing capital and virtual capital, and confirmed their dominant position. Financial capital achieves the occupation of social production results in the form of bank capital.

The perspective of production and finance is the key to distinguish between monopoly capitalism and free competition capitalism. From the perspective of the integration of the two, Higher Pavilion achieved the definition of financial capital on the basis of the negation relationship of financial capital and industrial capital denial. In his opinion, the two are not the same, that is, one or other relationships. In the era of financial capital, industrial capital has never disappeared, but it becomes a link in the accumulation of financial capital. Capitalist finance is an inevitable product of the development of capital form. He believes that the grasp of the internal structure of financial capital should be carried out from the dual dimensions of productive accumulation and non -biological accumulation. From the perspective of productive accumulation, financial capital and the industrial economy are inseparable. Financial capital is indirectly dominated by its remaining products and profits in addition to the capitalist production process in the form of monetary capital. From the perspective of non -productive accumulation dimensions, monetary capital uses the form of a virtual economy, and uses speculation and other means to completely separate from the capitalist production process to achieve capital accumulation, which also reflects the essence of capitalist finance.

Based on the study of two aspects of borrowing capital and virtual capital, Marx pointed out that financial capital did not create value, but the distribution of surplus value, and analyzed how the loan capital and virtual capital realized money to make money. Based on Marx's theoretical foundation, Hipfatong established its financial capital theory and proposed the concept of "entrepreneurial profits", that is, the dynamic distribution of financial capital in the field of circulation in the field of circulation, which is an important point of understanding the law of contemporary financial capital movement.

Sweli believes that financial capital is only a transitional stage in the development of capitalism, but Herfa Ting understands it as a permanent trend, which obviously estimates the status of financial capital. Based on this, he proposed to replace financial capital with monopoly capital. Foster believes that financialism means that capitalism has entered a period of monopoly financial capitalism. However, he emphasized that his use of financial capital is completely different from the meaning of financial capital referred to in Hifa Pavilion. In a wider sense, he defines financial capital as a monetary capital in financial markets and speculative activities. In his opinion, Higher Pavilion did not notice the two types of financial capital with bank -oriented and market -oriented, and made a general understanding of the credit relationship between banks and enterprises. Lapowlaz believes that the financial capital of Higher Pavilion is one -sided and cannot fully interpret the relationship between industrial capital and bank capital of the 20th century. Monopoly Capital School and Contemporary Capitalism Finance

In the 1970s, the main contradictions in the economic field of monopoly capitalism were the contradictions between the sharp growth of the surplus of economic surplus and the remaining absorption capacity. The monopoly capital school has made finance as an effective way to solve the problem of economic stagnation, so that financial capital has risen again. The monopoly capital school inherited the principles of the method theory of Higher Pavilion to combine the production and financial two -point method, but did not integrate from the two, but studied the monopoly capital stage of capitalist economic stagnation and finance from the perspective of production and financial separation. Foster defines finance as the transformation of the capitalist economy from the production field to the financial field, and proposes that capital accumulation has a dual system, that is, the capital accumulation of capital accumulation on the real economy production process and the accumulation of currency capital away from the production process, the currency capital of currency capital The accumulation from the status of the original accumulation of industrial capital, and finally moved to independence. Because the monopoly capital school has understood the finance as virtualization, production and finance are absolutely separated. In their opinion, the stagnation of production will inevitably lead to the rapid development of financial melting. The production -oriented real economy and speculative virtual economy are a completely opposite relationship.

In fact, this view is one -sided. Because in the era of industrial capital and providing industrial capital, capitalism has entered a monopoly stage, and banks and industry giants are the same, becoming a financial giant dominance to dominate small and medium -sized enterprises. The expansion of the virtual economy has a serious impact on the production of the real economy, and at the same time, it also covers the dimension of the product accumulation of financial capital. The reason why the monopoly capital party is financially melts is the reason for its theoretical focus on the circulation process of capitalism. They are just looking for the remaining ways to absorb the economy, and lack the thinking about the remaining process. Therefore, they believe that the law of Marx's profit margin is no longer applicable to the stage of monopoly capitalism, and it will be replaced by the law of economic surplus.

The development of capitalist finance in the West is a long process. In the 19th century, periodic financial melting was existed. Capital always wanted to make money through non -production process. At the end of the 19th century, capitalist finance changed from periodic to structural characteristics, forming its unique capital accumulation structure. In the 1970s, the normal state of production stagnation caused capitalist financialism to rise again. However, the monopoly capital school has never sorted out the development of capitalist financialism, and rarely questioned the changes in the accumulation of financial capital, and did not even define the ontology of the concept of financial capital. The definition of the concept of financial capital in the sense of this body is the primary problem of understanding and financial. In this sense, the research of Higa Pavilion's financial capital constitutes the theoretical basis of financial research. Through the interpretation of Higher Ting's financial capital, we can see that only on the basis of the real economy and virtual economy accumulation of financial capital, can we truly understand the inherent structure of financial capital. This is to build capitalist financial melt The theoretical foundation.

Because the monopoly capital school does not grasp the connotation and contradiction of financial capital from the level of the body's theory, it is impossible to reveal the historical inevitability of financial capital as the highest form of capital evolution, and it is impossible to understand and financially melt from the history of financial capital development. Therefore, they cannot develop Marxist financial capital theory into a world system that integrates economy, politics and international relations. In order to achieve this goal, we must start from Marxist financial capital theory to thoroughly explore the financialist of contemporary capitalism. At the same time, we need to stimulate the modernity and sense of the times through the development of contemporary capitalist financialism.

(This article is the major project of the National Social Science Foundation, "Chinese Marxist Philosophy History Data Collection and Research" (21 & ZD047) staged results)

(Author unit: Department of Philosophy at Peking University)

Source: China Social Science Network-Journal of Social Sciences of China

Author: Liu Xinyu

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