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a contribution to the theory of imperialism 115 nomicargumentsof the farmore revisionistBernstein, hedidnot accepthis radicalthesis.HewasmuchclosertoHilferding’sperspective, fullysubscribing tohis insightsandconclusions.81 It would go beyond the scope of this book to discuss Hilferding’s theory exhaustively. Letusnevertheless lookat someofhis observations.According toHilferding’sanalysis, thedevelopmentofcapitalismsharplyaggravatesclass antagonisms, leading toabipolar social structureof anewtype that consists ofthefinancialoligarchyandtheworkingclass.Becauseadministrationissep- arated fromproductionandproperty, productionwas socialised. Fromthese observations,Hilferdingconcludedthatthedominationoffinancecapitalover industrialcapitalisthehighestdevelopmentstageofcapitalism,andtheinitial stageofsocialistsocialisation.82Hilferdingidentifiedpoliticalconsequencesin thisinnertendencyofcapitalistdevelopment:thesocialistelementsinthecap- italist stateandsocietywouldautomaticallybecomestronger. Inotherwords, oneshouldviewsocialismastheresultofagradualevolutionof‘organisedcap- italism’,giventhatcapitalism‘assuch’isworkingtowardsitsownabolition.One shouldnotattempt toaccelerate thismomentbecause ‘inall formsof society baseduponclassantagonismsthegreatsocialupheavalsonlyoccurwhenthe rulingclasshasalreadyattainedthehighestpossible levelofconcentrationof itspower’.83Thefinancialoligarchywouldsoonfinditselfinasimilarsituation, andthenitwouldsufficeiftheorganisedlabourmovementsimplytookpower underitsparty leadership. It isworthnotingthatHilferding’sconcept–unlike the viewsof the revisionists –doesnot exclude thepossibility of revolution. However, it places a stronger emphasis on the smoothprogressionof social- isation in thesocialist state–afterall, it is argued,capitalismhasalready laid thefoundationsintheshapeofaplannedeconomy.84Hilferding’svisionofthe economicfutureoftheworldcontainedtheestablishmentofamaincartelthat wouldregulatethewholeofproductionandaworldbankappointedtoadmin- ister finance. Theactivity of these institutionswould lead to the abolitionof 81 PeterRosnerengaginglyandtransparentlydiscusses thetheoryofHilferding’scontained inFinanceCapital.Hecriticallyexaminesitanddemonstrateshowitaffectedthepolitical practiceofAustrianSocialDemocracyandthesocio-politicaldevelopmentinEurope.See Rosner1987,pp. 11–35. 82 SeeHofmann1971,p. 186. 83 Hilferding1981,p.369. 84 InPoland,OskarRyszardLangewasaproponentof‘organisedcapitalism’.Allthesame,he didnotendorse theconclusionofa ‘growing intosocialism’ thatBernstein,Schmidtand Renner haddrawn from it, subjecting their theories to sharp criticism. See Lange 1929, p.70.