Hilferding on Derivatives

Rudolf Hilferding is a leading Marxist scholar. But Hilferding's approach to derivatives has been left untouched. The paper aims at contributing to the literature. Hilferding realized that the development of the stock exchange was parallel to the development of standardized derivative exchanges. Hilferding understood the economic significance that derivative markets have for the organization of capitalism. The intention of incorporating the futures market in his general approach using Marxian theoretical categories is significant in the long tradition of political economy.