金融资本:从希法亭理论到经济金融化

Financial Capital: From Hilferding to Economic Financialization

希法亭的金融资本理论包含产业垄断和银行垄断、产业资本与银行资本融合和银行资本主导的三个维度,对这一理论的批评主要集中在银行资本主导的历史局限性和制度特定性上,这些批评要么已经被历史上资本主义反复出现的格局所证伪,要么源自对希法亭的片面解读。为了避免由希法亭金融资本概念引起的误解,以及应对20世纪70年代以来经济金融化对传统银行与产业融合意义上的金融资本的挑战,需要从更抽象的层面出发,将金融资本视为借贷资本与虚拟资本的融合。这一定义,一方面与希法亭关于金融资本表现形式的论述相一致,另一方面又可以沿着马克思的分析框架,重新阐明金融与经济的复杂联系,以及金融化条件下资本积累的一般规律。

Hilferding's financial capital includes three dimensionalities, that is, industrial monopoly and bank monopoly, their integration and bank capital, the criticism of which is mainly concentrated in historical limitations and the specificity of the system dominated by bank capital. However, these criticisms are either proven false or one-sided interpretation of Hilferding's theory. In order to avoid the misunderstanding caused by the concept of Hilferding's financial capital and handle the challenges of financial capital in traditional banks and industrial integrations brought by economic fianancialization since the 1970 s, more abstract thoughts should be considered and financial capital should be considered as loan capital and be integrated with fictitious capital. On one hand, this definition is consistent with Hilferding's theory on the forms of financial capital; on the other hand,according to the Marxist framework, the complex connection between finance and economy as well as the general principle of capital accumulation under the financialization conditions could be redefined.