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I did say nothing of inventing. I justed pointed out what he practiced as head of the Reichsbank after 1933. And what he practiced had not much to with the post war Bundesbank dogma or the austrian school.

Woytinsky couldn't even get a majority inside the social democrats for the WTB plan, mostly because Hilferding was opposed.

by IM on Sat Feb 25th, 2012 at 02:28:19 PM EST
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And that's all one needs to know about social democrats, isn't it?
by Katrin on Sat Feb 25th, 2012 at 02:38:52 PM EST
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I don't know. They listened to the expert and the expert was Hilferding and Hilferding said no. Was it really that far-fetched to listen to Hilferding?

At same time a certain Mosley did leave the labour party, because they would not listen to his keynesian proposals. And in 1932, Roosevelt attacked Hoover because the deficits were to high.

by IM on Sat Feb 25th, 2012 at 02:44:40 PM EST
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Woytinsky was an expert too, so that argument doesn't convince me. One should think the SPD could have learned it by now, though.
by Katrin on Sat Feb 25th, 2012 at 03:41:00 PM EST
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Hilferding had, since the publication of Finanzkapital in 1910 a big standing. We shouldn't ignore that fact.
by IM on Sat Feb 25th, 2012 at 06:49:35 PM EST
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I don't know. They listened to the expert and the expert was Hilferding and Hilferding said no. Was it really that far-fetched to listen to Hilferding?

Yes. It was blatantly obvious to anybody who had eyes to see with that only massive state intervention in support of full employment could ever have any hope of pulling the country out of the crisis.

Major industrial depressions where not, the official version of history notwithstanding, a new and exciting development at the time. There was the next best thing to a century of empirical evidence that laizzes-faire did not, and indeed could not, work.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Mar 9th, 2012 at 03:46:46 AM EST
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