1920年代半ばのヒルファディングの景気政策論とアンケート委員会

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R. Hilferding (1877-1941), leading 1920s political economist in the German Social Democratic Party, strove hard amidst the unstable conservative political conditions of the time to overcome the economic depression of 1925/26, and to implement a thoroughgoing survey of the drastic changes that had taken place in the postwar economy. His efforts have not yet been given detailed examination, especially with regard to his countercyclical policies. The Great Depression of 1929 is the only period to have received attention, and he is usually criticized for the lack of a countercyclical response at this time. Hilferding was in fact interested in business-cycle theories from early on. He analyzed the causes of the 1925/26 depression, particularly the gaps in the industrial sector and technological backwardness, and proposed monetary easing first and foremost. While envisaging the future establishment of a welfare state and further democratic reform of organized capitalism, he urged spending, rather than just tax reduction, as a positive countercyclical measure. He therefore sought the construction of railways, electricity, export credit and housing, with due consideration for fiscal and monetary stability. He also argued for an international economic policy in heavy industry, most-favored-nation commercial treaties, and the establishment of cartel control authorities. He later confirmed the effects on economic recovery of these stimulus measures and predicted that economic organization of this kind would continue to be influential in economic policy. It is thus evident that he by no means neglected countercyclical measures as a matter of principle, but rather, under the appropriate circumstances, urged monetary ease, spending policies, etc., in order to stimulate the economy and promote employment. At the same time, he sought to base economic policy on comprehensive empirical research. To this end, he proposed the establishment of the Enquete-Commission to administer surveys, and played a decisive role in its formation and its administration: he developed the working plan, the revised bill, and the organization chart, laid out the areas for investigations, and participated in the executive board. In the subcommittees and working groups, he himself led the inquiries, frequently as chairman, and clarified many key areas for discussion, including central bank stabilization policies, corporate publicity needs, the advantages and disadvantages of cartels, the demerits of foreign bond restriction and so forth, most of which were adopted into the reports. In his view, central bank policy was a particularly important factor in countercyclical policy, and cartels were essential elements in the organizing of the economy. His active countercyclical policies in the mid-1920s and his exploration of the changing structure of post-WWI capitalism through the Enquete-Commission, represented significant developments in economic thinking. The next question for our analysis should be to consider how, as Minister of Finance, he later coped with quite different problems in the context of the Great Depression.
2013-01-30

著者

河野裕康
金城学院大学

1920年代半ばのヒルファディングの景気政策論とアンケート委員会

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