I would like to thank Professor Jean H. Quataert for her helpful comments on earlier drafts of this article.

1. Protokoll über die Verhandlungen des Sozialdemokmtischen Parteitages 1927 in Kiel (Berlin, 1974), 175, 181–82, 220–21Google Scholar (hereafter cited as Prof. SPD).

2. Hilferding and his supporters dominated the Kiel Party Congress in 1927. See Winkler, Heinrich August, Der Schein der Normalität (Bonn, 1985), 338–39.Google Scholar

3. See Hilferding's speech at Kiel, “Die Aufgaben der Sozialdemokratie in der Republik,” Prot. SPD, 1927, Kiel 165–81, 217–23.

4. Ritter, Franz, Theorie und Praxis des demokratischen Sozializmus in der Weimarer Republik (Frankfurt a.M., 1981), 133–35.Google Scholar

5. See Michels, Robert, Political Parties (New York, 1959)Google Scholar, esp. part vi; Abendroth, Wolfgang, Aufstieg und Krise der deutschen Sozialdemokratie (Frankfurt a.M., 1964), 39Google Scholar; Schorske, Carl E., German Social Democracy, 1905–1917 (New York, 1955), esp. chap. 5Google Scholar; Hunt, Richard, German Social Democracy, 1918–1933 (New Haven, 1964), 9–14Google Scholar; Fülberth, Georg and Harrer, Jürgen, Die deutschen Sozialdemokratie, 1890–1933 (Frankfurt a.M., 1974), 143Google Scholar; Guttsman, W. L., The German Social Democratic Party, 1875–1933 (London, 1981), 264–65Google Scholar; and Maehl, William Harvey, The German Socialist Party: Champion of the First Republic, 1918–1933 (Philadelphia, 1986), esp. chap. 10.Google Scholar

6. There are few biographical works focusing on the SPD's Executive Committee in the latter years of the Weimar Republic. One important exception is Adolph's, Hans J. L.Otto Wels und die Politik der deutschen Sozialdemokratie, 1894–1939 (Berlin, 1971).Google Scholar

7. Stein, Alexander, Rudolf Hilferding und die deutsche Arbeiterbewegung (Hamburg, 1946), 5.Google Scholar There is no biography of Hilferding. Stein's essay remains the most comprehensive study (46 pp.) of Hilferding's life published to date, though in recent years a number of short sketches of Hilferding's activities have appeared. On Hilferding's early life see the three-part series by Kurata, Minoru, “Rudolf Hilferding, Wiener Zeit, Eine Biographie,” Economic Review 26 (1975): 17–25Google Scholar; 29 (1978): 25–35, and 30 (1979): 54–64. The Economic Review is published in Hokkaido, Japan. Kurata has also published an extensive (though incomplete) bibliography of Hilferding's published works and unpublished correspondence. See “Rudolf Hilferding: Bibliographie seiner Schriften,” Internationale wissenshaftliche Korrespondenz zur Geschichte der deutschen Arbeiterbewegung 10 (1974): 327–46.Google Scholar The most informative outline of Hilferding's career is Gerhard-Haupt's, Heinz “Rudolf Hilferding” in Wehler, Hans-Ulrich, ed., Deutsche Historiker VIII (Göttingen, 1928), 56–77.Google Scholar The only general (though still incomplete) study of Hilferding's writings is Gottschalch's, WilfriedStrukturveränderungen der Gesellschaft und politisches Handeln in der Lehre von Rudolf Hilferding (Berlin, 1962).Google Scholar

8. Kurata, , Economic Review 26: 19, 23.Google Scholar

9. Stein, Rudolf Hilferding, 5; Renner, Karl, An der Wende Zweier Zeiten (Vienna, 1946), 245, 250, 278–79Google Scholar, and Kurata, , Economic Review 26: 22–23.Google Scholar

10. Kurata, ibid., and 29: 28–29.

11. Kurata provides Hilferding's official course schedule in Economic Review 29: 28–29.Google Scholar See also Nenning, Günther, “Biographie Carl Grünbergs,” Indexband zum Archiv für die Geschichte des sozialismus und der Arbeiterbewegung (Graz, 1973), 126–28.Google Scholar

12. Bottomore, Tom, Austro-Marxism (Oxford, 1978), 18.Google Scholar

13. Nenning, Indexband, 65.

14. Stein, Rudolf Hilferding, 5. On Hilferding's interest in the study of political economy see his early correspondence with Karl Kautsky, particularly his letters of 23 Apr. and 21 May 1902, which are located in Kautsky's file at the International Institute for Social History (ISH) in Amsterdam, numbers KDXII 580 and 581 respectively.

15. Hilferding's writings during these years formed the basis of his later theoretical work. See for example “Zur Geschichte der Werttheorie,” Neue Zeit 21, pt. 1 (1902–1903): 213–17Google Scholar; “Der Funktionswechsel der Schutzzolles,” Neue Zeit 21, pt. 2 (1902–1903): 274–81Google Scholar; “Das Zuckerkontingent: Ein Beitrag Zum Staatskapitalismus,” Deutsche Worte 23 (Vienna, 1903): 22–34Google Scholar; “Zur Frage des Generalstreiks,” Neue Zeit 22, pt. 1 (1903–1904): 134–42.Google Scholar

16. For an outline of Marx-Studien's theoretical perspective see Hilferding's and Max Adler's preface to volume one (Vienna, 1904).Google Scholar

17. Renner, An der Wende zweier Zeiten, 278–79.

18. Speigel, Henry, The Growth of Economic Thought (Durham, 1983), 537–43Google Scholar, and Schumpeter, Joseph, Ten Great Economists (New York, 1951), 156.Google Scholar

19. Böhm-Bawerk, Eugen, Karl Marx and the Close of his System, ed. and intro. Sweezy, Paul M. (New York, 1949), 4–5.Google Scholar

20. Hilferding to Kautsky, 23 Apr. 1902, ISH, KDXII 580.

21. Hilferding to Kautsky, 21 May 1902, ISH, KDXII 581.

22. It was originally published as “Böhm-Bawerks Marx-Kritik,” in Marx-Studien 1 (Vienna, 1903).Google Scholar Both Böhm-Bawerk's Zum Abschluss des Marxschen Systems and Hilferding's Böhm-Bawerks Marx-Kritik are available in English in a single volume edited and introduced by Paul M. Sweezy. See Karl Marx and the Close of his System and Böhm-Bawerk's Criticism of Marx (New York, 1949).Google Scholar

23. Adler, Victor, Briefwechsel mit August Bebel und Karl Kautsky, ed. Adler, Friedrich (Vienna, 1954). 434.Google Scholar

24. Kautsky to Victor Adler, 12 Dec. 1904, ibid., 439–40.

25. See Hilferding's letters to Kautsky, 27 Apr. 1904 and 3 Apr. 1905, ISH, KDXII 586 and 589 respectively.

26. August Bebel to Kautsky, 2 Aug. 1906 in Kautsky, Karl Jr, ed., August Bebels Briefwechsel mit Karl Kautsky (Assen, 1971), 178.Google Scholar

27. On the history of the Party School see Fricke, Dieter, Die deutsche Arbeiterbewegung, 1869–1914: Ein Handbuch über ihre Organization und Tätigkeit im Klassenkampf (East Berlin, 1976), 498–504.Google Scholar

28. One other important reason for Hilferding to accept Bebel's offer was Kautsky's presence in Berlin. See Hilferding to Kautsky, 6 Sept. 1906, ISH, KDXII 602. The details concerning Hilferding's post and his salary are contained in an exchange of letters between Bebel and Kautsky in the summer of 1906. See Bebel's letters to Kautsky of 7 July, 11 July, and 2 Aug. 1906 in August Bebels Briefwechsel mit Karl Kautsky, 176, 177, and 178 respectively.

29. Stein, Rudolf Hilferding, 6.

30. See Guttsman, The German Social Democratic Party, 246–49.

31. This is according to the minutes of the Council's first meeting. See Dowe, Dieter, ed., Protokolle der Sitzungen des Parteiausschusses der SPD 1912–1921 (Bonn, 1980), 1Google Scholar (henceforth cited as Parteiausschuss). On the function and significance of the Party Council see the introduction to Parteiausschuss by Friedhelm Boll.

32. On the revisionist-radical split in the SPD see Schorske, German Social Democracy, and Gay, Peter, The Dilemma of Democratic Socialism (New York, 1952).Google Scholar

33. For the classic elaboration of centrism see Kautsky, Karl, Der Weg zur Macht (Berlin, 1909)Google Scholar, especially chapter one. On the role of the centrists in the SPD see Matthias, Erich, “Kautsky und der Kautskyianismus,” in Fetscher, lring, ed., Marxismusstudien (Tübingen, 1957), 151–97Google Scholar; Steinberg, Hans Josef, Sozialismus und deutsche Sozialdemokratie (Bonn, 1979), 75–87Google Scholar, and Schorske, German Social Democracy, 185–90.

34. Braunthal, Julius, History of the International, 1, 1864–1914 (New York, 1967); 299.Google Scholar

35. Hilferding, , “Zur Frage des Generalstreiks,” Neue Zeit 23, pt. 1 (1903–1904): 134–42.Google Scholar

36. Hilferding worked out this thesis based primarily on his experience in Austria. In a letter to Kautsky he pointed out that the article on the general strike aimed primarily at stimulating debate and he conceded that because of his lack of knowledge of the SPD he did not know if a general strike in Germany could succeed. Hilferding to Kautsky, 7 Sept. 1903, ISH, KDXII 583.

37. Norbert Leser elaborates this thesis in relation to the Austro-Marxists. Though Leser places Hilferding on the fringes of Austro-Marxism, I think he has underestimated its influence on Hilferding's work. See Zwischen Reformismus und Bolschewismus (Vienna, 1968).Google Scholar

38. He reiterated this in a letter to Kautsky, “… es handelt sich um die Möglichkeit der Aufrechterhaltung unserer bisherigen Taktik gerade dann wenn unsere Erfolge sie in Frage stellen. Und ich glaube, der einzige wirksamer Schutz für das Wahlrecht besteht in der Macht des Proletariats als Produzenten, die zur Anwendung gebracht in der Form des Generalstreiks erscheint.” See Hilferding to Kautsky, 31 Aug. 1903, ISH, KDXII 582.

39. Hilferding, , “Parlamentarismus und Massenstreik,” Neue Zeit 23, pt. 2 (1904–1905): 815–16.Google Scholar

40. Braunthal, , History of the International, 1: 300–302.Google Scholar

41. “No understanding of present day economic tendencies, and hence no kind of scientific economics or politics, is possible without a knowledge of the laws and functioning of finance capital.” Hilferding, Rudolf, Finance Capital, ed. and intro. Bottomore, Tom (London, 1981), 21.Google Scholar

42. Ibid., 95, 225.

43. Ibid., 339–42.

44. Ibid., 310–18.

45. Ibid., 317.

46. Ibid., 370.

47. Ibid., 366.

48. For an analysis of Finance Capital as an attack on the revisionists see Kurata, Minoru, “Die Entstehung vom Hilferdings Finanzkapital,” Review of the Liberal Arts 62 (1981, Japan): 55–98.Google ScholarStephan's, Cora “Geld und Staatstheorie in Hilferdings Finanzkapital,” in Busch, Günther, ed., Beiträge zur Marxschen Theorie, 2 (Frankfurt a.M., 1974)Google Scholar, argues that Finance Capital was an attempt by Hilferding to theoretically justify the party's political strategy. See especially page 118.

49. See for example Hilferding's article “Mit gesammelter Kraft,” Neue Zeit 30, pt. 2 (1912–1913): 1001–7.Google Scholar

50. Hilferding, , “Der Parteitag in Magdeburg,” Neue Zeit 28, pt. 2 (1909–1910): 892–900.Google Scholar

51. Among Hilferding's most important articles dealing with SPD policies regarding German militarism and imperialism are “Der Internationale Kongress in Stuttgart,” Neue Zeit 25, pt. 2 (1906–1907): 660–67Google Scholar; “Der Revisionismus und die Internationale,” Neue Zeit 27, pt. 2 (1908–1909): 161–74Google Scholar, and “Der Balkankrieg und die Grossmächte,” Neue Zeit 31, pt. 1 (1912–1913): 73–83.Google Scholar

52. On Hilferding's opposition to the party leadership's decision to vote in favor of granting war credits see Das Kriegstagebuch des Reichstagabgeordneter Eduard David, 1914–1918, ed. Matthias, Erich and Miller, Susanne (Düsseldorf, 1966), 14Google Scholar. For the development of the centrist position on the war see Schorske, German Social Democracy, 299–308.

53. Along with the majority of the Vorwärts editors, Hilferding signed a declaration against the party's decision to support the war, and he also attacked the party leadership's policies at meetings of the Parteiausschuss. For a reprint of the editors' (at that time unpublished) declaration see Prager, Eugen, Geschichte der USPD (Glashütten im Taunus, 1970), 30–31Google Scholar. Hilferding's comments in the Parteiausschuss are recorded in Dowe, Parteiausschuss, 120–21. On Hilferding's military service see Stein, Rudolf Hilferding, 9.

54. On the seizure of Vorwärts by the Party Central Committee see Schorske, German Social Democracy, 295–96.

55. See Hilferding's letters to Kautsky of 22 June 1915, ISH, KDXII 608, and 29 July 1915, ISH, KDXII 609.

56. Although Haase was attacked as a “social pacifist” by the party left wing, he continued to defend the left (especially Karl Liebknecht) from the attacks of the party majority. See Calkins, Kenneth, Hugo Haase: Democrat and Revolutionary (Durham, 1979), chap. 4.Google Scholar

57. Hilferding to Kautsky, 22 June 1915, ISH, KDXII 608.

58. Hilferding to Kautsky, 29 July 1915, ISH, KDXII, 609.

59. Hilferding, , “Arbeitsgemeinschaft der Klassen?” Der Kampf 8 (1915): 321–23.Google Scholar

60. Hilferding, Finance Capital, 234. A number of contemporary social scientists continue to regard Hilferding's theory of organized capitalism as a useful theoretical construct. See for example Wehler, Hans-Ulrich, Das Deutsche Kaiserreich, 1871–1918 (Göttingen, 1983), 50–51Google Scholar, and Winkler, Heinrich August, ed., Organisierter Kapitalismus (Göttingen, 1974).CrossRefGoogle Scholar

61. See for example, Hilferding, , “Europäer, nicht Mitteleuropäer!” Der Kampf 8 (1915): 367–75Google Scholar; “Historische Notwendigkeit und notwendige Politik,” Der Kampf 8 (1915): 206–13Google Scholar. On economic matters see “Handelspolitische Fragen: Die Zusammenbruchstheorie,” Neue Zeit 35, pt. 1 (1916–1917): 5–11.Google Scholar This article begins a long series.

62. Hilferding, , “Um die Zukunft der deutschen Arbeiterbewegung,” Neue Zeit 34, pt. 2 (1915–1916): 171–73.Google Scholar See also Hilferding's letters to Kautsky of 11 July 1916, ISH, KDXII 611, and 8 Aug. 1916, ISH, KDXII 613, where he discusses the possibility of a coming crisis and a postwar revolutionary situation.

63. Krause, Hartfrid, USPD: Zur Geschichte der Unabhängigen Sozialdemokratischen Partei Deutschlands (Frankfurt a. M., 1975), 116–21Google Scholar; Morgan, David W., The Socialist Left and the German Revolution (Ithaca, 1975), 53–64.Google Scholar

64. Hilferding, , “Revolutionäres Vertrauen,” Die Freiheit, 18 11. 1918.Google Scholar

65. Ibid., and Hilferding, , “Klarheit,” Die Freiheit, 23 11. 1918.Google Scholar For a full elaboration of his views on the socialization of industry during the Revolution see Hilferding, , “Die Sozialisierung des Wirtschaftslebens (1918),” in Stephan, Cora, ed., Zwischen den Stühlen (Bonn, 1982), 96–108Google Scholar; Zur Sozialisierungsfrage: Referat auf dem 10. deutschen Gewerkschaftskongress vom 30, Juni bis 5. Juli 1919 zu Nürnburg (Berlin, 1919)Google Scholar, and Die Sozialisierung und die Machtverhältnisse der Klassen: Referat auf dem 1. Betriebsrätekongress, gehalten am 5. Oktober 1920 (Berlin, 1920).Google Scholar

66. Hilferding, , “Klarheit,” Die Freiheit, 23 11. 1918.Google Scholar In his comments on the border question, Hilferding was referring to the eventual determination of Germany's postwar borders. In the period immediately following the signing of the armistice in November, it was unclear exactly how Europe's postwar national boundaries would be drawn.

67. Eyck, Erich, A History of the Weimar Republic, 1 (New York, 1970): 51Google Scholar, and Krause, USPD, 122.

68. Morgan, The Socialist Left, 251–53.

69. Hilferding, , “Ausbau des Rätesystems!” Die Freiheit, 5 02. 1919.Google Scholar

70. Morgan, The Socialist Left, 252–53.

71. Here I am in full agreement with Morgan's view of Hilferding as “the guiding spirit of the faction that wanted the Party to take the long perspective and viewed itself as the repository and guarantor of the most valuable traditions of the Marxist labor movement, ready to help guide the revolution when it came but not charged with overturning capitalism at once by any and all means.” See ibid., 60–61.

72. On the issue of the USPD's affiliation to the International and Hilferding's role in the debate see Wheeler, Robert, USPD und Internationale (Frankfurt a.M., 1975)Google Scholar, and Krause, USPD, 207–16.

73. Degras, Jane, ed., Documents of the Communist International, 1, 1919–1922 (London, 1956): 170.Google Scholar

74. See Gegen das Moskauer Diktat: Rede des Genossen Dr. Rudolf Hilferdings auf der Landesver-sammlung der Unabhängigen Sozialdemokratischen Partei Sachsens zu Leipzig am 12. September 1920 (Leipzig, 1920)Google Scholar, and “Revolutionäre Politik und Machtillusion,” in, ed., Zwischen den Stühlen, 133–65.

75. See for example Hilferding's comments in “Die Internationale?” Der Kampf 12 (1919): 517–24Google Scholar, and “Die Krise der Internationale,” Der Sozialist 5 (1919): 694–96.Google Scholar

76. Hilferding, , “Die Einigung des deutschen Arbeiterklasse,” Der Kampf 14 (1921): 265–71.Google Scholar

77. Krause, USPD, 239–54, and Morgan, The Socialist Left, 433–35.

78. Hilferding, , “Wandlung in der Politik,” Frankfurter Zeitung, 31 12. 1922.Google Scholar

79. Hilferding, , “Probleme der Zeit,” Die Gesellschaft 1, pt. 1 (1924): 1–15.Google Scholar For analyses of the theory's development and its political implications see Gottschalch, Strukturveränderungen, 189–218; Ritter, Theorie und Praxis, 24–35, and Könke, Günther, Organizierter Kapitalismus: Sozial-demokratie und Staat: Eine Studie zur ldeologie der sozialdemokratischen Arbeiterbewegung in der Weimarer Republik, 1924–1932 (Stuttgart, 1987).Google Scholar

80. Hilferding, “Probleme der Zeit,” 3.

81. “Sozialismus wird unmittelbar zu verwirklichender Inhalt seines Kampfes um den Einfluss auf die geregelte und organisierte Wirtschaft.” Ibid., 7.

82. Winkler, Der Schein der Normalität, 323–27, and Hunt, German Social Democracy, 209–11.

83. The Görlitz and Heidelberg Programs are reprinted in Miller, Susanne and Potthoff, Heinrich, Kleine Geschichte der SPD (Bonn, 1983).Google Scholar For Hilferding's presentation of the Heidelberg Program see Prot. SPD Heidelberg, 1925 (Berlin, 1974), 272–83, 293–98.Google Scholar

84. See for example his speeches Für die Sozialrepublik (Berlin, 1924)Google Scholar and Prot. SPD Kiel, 1927, 165–84, where his views are fully elaborated.

85. Hilferding's support for joining a coalition in 1923 is discussed in Winkler, , Von der Revolution zu Stabilisierung (Bonn, 1985), 608.Google Scholar On his proposals for a coalition in 1928 see Prot. SPD Kiel, 1927, 221.

86. Ritter, Theorie und Praxis, 34, 115.

87. Prot. SPD Heidelberg, 1925, 276–77.

88. For a concise and informative treatment of the SPD's and Hilferding's attempts to deal with Germany's economic and political crises during the last years of the Republic see Gates, Robert A., “German Socialism and the Crisis of 1929–1933,” Central European History 7 (1974): 332–59.CrossRefGoogle Scholar

89. Prot. SPD Kiel, 1927, 173.

90. Fülberth and Harrer, Die deutsche Sozialdemokratie, 227–28; Maehl, The German Socialist Party, 181–85; and Gottschalch, Strukturveränderungen, 219–28.

91. Braunthal, , History of the International, 2 (New York, 1967): 374.Google Scholar

92. Hilferding, , “Zwischen den Entscheidungen,” Die Gesellschaft 10 (1933): 7.Google Scholar

93. Akten der SOPADE (Sozialdemokratische Partei Deutschlands im Exil), Mappe 2, 30 Jan. and 5 Feb. 1933, Friedrich Ebert Stiftung, Bonn.

94. On Hilferding's escape from Germany, his life in exile, and his tragic death see Brüning, Heinrich, Memioren, 1918–1934 (Stuttgart, 1970), 660Google Scholar; Stein, Rudolf Hilferding, 28–44; Kersten, Kurt, “Das Ende Breitscheids und Hilferdings,” Deutsche Rundschau 84 (09., 1958): 843–54Google Scholar; Fry, Varian, Auslieferung auf Verlangen (Vienna, 1986)Google Scholar, and Kurotaki, Masaaki, “Zur Todesursache Rudolf Hilferdings,” Beiträge der Miyagi-Gakuin Frauenhochschule 61 (1984): 1–21 (published in Japan).Google Scholar