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The Alternative Austrian Economics A Brief History John
E. King Digital Instant Download
Author(s): John E. King
ISBN(s): 9781788971508, 1788971507
Edition: Brief
File Details: PDF, 8.01 MB
Year: 2019
Language: english
 The Alternative Austrian Economics

KING_9781788971508_t (col).indd 1 13/11/2019 13:20

KING_9781788971508_t (col).indd 2 13/11/2019 13:20
 The Alternative
Austrian Economics
A Brief History

John E. King
Emeritus Professor, La Trobe University, Australia and
Honorary Professor, Federation University Australia

Cheltenham, UK • Northampton, MA, USA

KING_9781788971508_t (col).indd 3 13/11/2019 13:20

 © John E. King 2019

All rights reserved. No part of this publication may be reproduced, stored in a

retrieval system or transmitted in any form or by any means, electronic,
mechanical or photocopying, recording, or otherwise without the prior
permission of the publisher.

Published by
Edward Elgar Publishing Limited
The Lypiatts
15 Lansdown Road
Cheltenham
Glos GL50 2JA
UK

Edward Elgar Publishing, Inc.

William Pratt House
9 Dewey Court
Northampton
Massachusetts 01060
USA

A catalogue record for this book

is available from the British Library

Library of Congress Control Number: 2019951577

This book is available electronically in the

Economics subject collection
DOI 10.4337/9781788971515

ISBN 978 1 78897 150 8 (cased)

ISBN 978 1 78897 151 5 (eBook)

Typeset by Servis Filmsetting Ltd, Stockport, Cheshire

02

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 Contents
List of figuresvi
List of acronymsvii

1 Introduction 1
2 ‘Red Vienna’ and the roots of Austro-Marxism 7
3 The young Rudolf Hilferding 22
4 Otto Bauer 1904–14 40
5 The economics of socialism 59
6 Otto Bauer 1917–38 79
7 Other voices 96
8 The heirs: I. Josef Steindl 115
9 The heirs: II. Kurt Rothschild 134
10 What is left? 153

Bibliography170
Name index 209
Subject index214

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 Figures
7.1 Occupational distribution of men and women in 1910 and
1923104
7.2 Women’s unemployment by industry and occupation 105
7.3 Women’s unemployment by age group 106
7.4 Women’s sleeping arrangements in private and public housing 107
7.5 Number of children by age of working mother 108
7.6 Forms of child care provision 109

vi

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 Acronyms
ALÖS Foreign Office of Austrian Socialists
BEIGEWUM Beirat für gesellschafts-, wirtschafts- und umweltpolitische
Alternativen (Advice on Social, Economic and
Environmental Alternatives)
GATT General Agreement on Tariffs and Trade
HM historical materialism
NOeG National Economic Society (Austria)
OECD Organisation for Economic Co-operation and
Development
OeNB Austrian National Bank
SDP Social Democratic Party (Austria)
SPD  Sozialdemokratische Partei Deutschlands (Social
Democratic Party, Germany)
USPD Independent Socialist Party (Germany)
VUEBA Vienna University of Economics and Business
Administration
WIFO  Österreichisches Institut für Wirtschaftsforschung
(Austrian Institute of Economic Research)
wiiw Vienna Institute for International Economic Studies
WIWIPOL Arbeitsgemeinschaft für wissenschaftliche
Wirtschaftspolitik (Foundation for Scientific Economic
Policy)
WTO World Trade Organization
WU Vienna University of Economics and Business
WUT Vienna University of Technology
WZB Wissenschaftszentrum (Social Science Centre, Berlin)

vii

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KING_9781788971508_t (col).indd 8 13/11/2019 13:20
 1. Introduction
I will never forget my first sight of Austria. It was the late summer of
1965, and I was hitch-hiking eastwards through the southern edge of
what was then West Germany. As the Austrian border approached I was
overwhelmed by the range of rugged, snow-capped mountains that lay
just behind my destination, the city of Salzburg. As a Londoner born
and bred, who had not yet been seriously north of Watford, I had never
seen anything like it. I vowed to return, and have done so frequently ever
since, for the first quarter of a century solely as a tourist and mountain
walker and subsequently also with more academic objectives in mind. But
I had already in 1965 begun to take an interest in one dissident Austrian
economist, Kurt Rothschild, whose work had been recommended to me
by my Oxford economics tutor. Later, when Mike Howard and I began
to work on the history of Marxian economics, I worked to improve my
schoolboy-cum-tourist German and put it to good use, acquainting myself
with the early work of Otto Bauer and Rudolf Hilferding and the later
writings of Josef Steindl, who had influenced the Monopoly Capital school
of American Marxism. By now it had begun to dawn on me that these
heterodox scholars, and others whose names were cropping up in a variety
of contexts, had something in common. They did not quite constitute a
single coherent school of thought, but they were certainly more than a col-
lection of independent near-neighbours: an intellectual tradition, at least,
could be detected, even if it seemed to have gone largely unrecognised in
the English-speaking world.
For almost everyone with even a passing interest in the subject, ‘Austrian
economics’ refers to a distinct school of thought, originating with Ludwig
von Mises and Friedrich von Hayek, that is characterised by a strong com-
mitment to an extreme form of free-market liberalism. Those who have
gone further into these questions understand that Austrian economists are
also united in their indifference or hostility to formal modelling and the
use of econometric techniques. These issues place the Austrian school in
a rather ambivalent position in the global economics discipline. Politically,
the rise of neoliberalism – which it encouraged and helped to bring about
– has thrust market deregulation, privatisation and a greatly restricted
economic role for the state deep into the heart of the economics profession.

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 2 The alternative Austrian economics

Methodologically, however, the Austrian school has never been further

from the mainstream, since its repudiation of mathematical techniques
and resistance to formal modelling leads the great majority of academic
economists to question the scientific status of its fundamental theoretical
claims. Thus Austrian economics is often regarded today as a form of
heterodox economics, unusual in its association with the libertarian right
in politics but sharing with more radical dissident schools a deep suspicion
of the mainstream, which is firmly reciprocated.
There is a large body of published work in English on the origins, devel-
opment and current status of this school of Austrian economics (see, for
example, Boettke 1994; Holcombe 2014; Yagi 2011). But as I have suggested
there is another, very different, Austrian tradition in economics, socialist in
spirit but too diffuse to be described as a single school of thought, which
shares a common conviction that the market, while possibly a good servant,
is a very poor master. This alternative Austrian economics is the subject
of this book. It began at the very beginning of the twentieth century with
the first published articles by the Austro-Marxist theorists Otto Bauer and
Rudolf Hilferding, continued to evolve for another three decades until
Bauer and many other Austro-Marxists were forced into exile after the
destruction of democracy in Austria in 1934, and was resurrected after 1945
with a new generation of social democratic economists, most prominently
Rothschild and Steindl. It is still thriving today.
While there is a substantial German-language literature on this alterna-
tive Austrian economics, very little is available in English. I hope that
this book will encourage heterodox economists in the 2020s to explore
the ideas of some very perceptive and thought-provoking economists
from more than a century of the Austrian left. Who should be counted
as an Austrian economist in this context is a matter of judgement. I have
chosen to exclude the Austrian-born theorist Emil Lederer, who spent
his entire pre-1933 career in Germany rather than Austria before fleeing
to the United States (Marschak et al. 1941). As I explain in Chapter 3, I
have decided to treat Rudolf Hilferding as an Austrian only until his move
to Germany in 1906, and as a German thereafter. On the other hand I
have included some material on Karl Polanyi, who is generally regarded
as a Hungarian but who lived in Vienna between 1919 and 1933 and par-
ticipated in the debate on the economics of socialism that is discussed in
Chapter 5. The economists who feature in Chapter 10 include several who
were born outside Austria but who have made important contributions
while living and working there.
A word on Joseph Schumpeter: I have chosen not to include him, for
several reasons. First, and most important, he was always closer – arguably,
much closer – to the mainstream economics of his day than any of his

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 Introduction ­3

c­ ompatriots who feature in the following chapters. Second, although he

was a fellow student with several of the Austro-Marxists he was never intel-
lectually or (I suspect) socially close to any of them, and politically he was
far away; his short-lived role in the transitional regime in Austria in 1919–
20 remains contentious (see Swedberg 1991, ch. 3). Third, Schumpeter
spent all but the early stages of his academic career in Germany (1925–32)
and the United States (1932–50), not in Austria. Finally, there is already a
substantial English-language literature on his life and work.
The structure of the book is as follows. In Chapter 2, I describe the
economic, political, cultural and intellectual background to the alterna-
tive Austrian economics, drawing on some of the huge literature on ‘Red
Vienna’ before and after 1914. I set out the main principles of Austro-
Marxism, emphasising both its similarities with and the significant differ-
ences from other versions of the Marxism of the Second International and
from the later Third International. I conclude the chapter by introducing
the socialist participants in Eugen von Böhm-Bawerk’s famous graduate
economics seminar, whose ideas are discussed in detail in the following
chapters.
Chapter 3 discusses the early work of the young Rudolf Hilferding.
This chapter begins with his publications at the beginning of the twentieth
century and ends in 1906, when he moved to Germany and effectively
ceased to be an Austro-Marxist. Hilferding had already made a substantial
contribution to the theory of value, to the analysis of economic crises
and to documenting the rise of financial capital. The bulk of the chapter
consists of a detailed account of his book on Finance Capital (Hilferding
1910), which had been substantially completed before he left Austria and is
perhaps the most important single work to be written on Marxian political
economy since the death of Marx.
Chapter 4 is devoted to Otto Bauer’s work in economics up until 1914,
beginning with his first attempt to construct a model of economic crises
and concluding with an assessment of his second crisis model, which was
developed in the course of his critique of Rosa Luxemburg’s Accumulation
of Capital. In between there are sections on his general approach to Marx’s
political economy, set out in articles on Capital and Theories of Surplus
Value; the small but significant economic component of his first and
perhaps most influential book, The Question of Nationalities and Social
Democracy (Bauer 1907); his criticisms of the crisis theories of Georg von
Charasoff, Hilferding and Mikhail Tugan-Baranovsky; and his analysis of
the policy issues raised by the Austrian experience of inflation and unem-
ployment in the years leading up to the outbreak of the First World War.
In Chapter 5, on the economics of socialism, several distinctive Austrian
visions of a post-capitalist future are compared. The ‘socialist calculation

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 4 The alternative Austrian economics

debate’ was not initiated in 1920 by Ludwig von Mises, as is still asserted
by scholars who ought to know better (see, for example, Hodgson 2016,
p. 33). In this chapter I contrast the alternative approaches to the econom-
ics of socialism taken in the first three decades of the twentieth century by
Otto Neurath, who advocated a moneyless planned economy several years
before Mises denied that such a project could ever be viable; Otto Bauer,
who was strongly influenced by the ideas of the Guild Socialists in Britain;
Karl Polanyi, who spent the 1920s in Vienna and was an early proponent
of market socialism; and Otto Leichter, who argued that the labour
theory of value could be used by future socialist planners. The chapter
ends with two very different proposals. The first was advanced by Rudolf
Goldscheid, who (beginning in 1917) advocated a ‘state capitalist’ system
in which the profits of nationalised enterprises would replace taxation as
the main source of finance for education, health and other public services.
The second was set out in 1932 by Walter Schiff, who mounted a vigorous
(though not uncritical) defence of the central planning system that had
recently been introduced in Stalin’s Russia.
The work of the mature Otto Bauer between 1917 and his death in 1938
is the subject of Chapter 6. At the end of the First World War Bauer was
the unchallenged intellectual leader of Austrian social democracy, and
in the following two decades he wrote extensively on the economics of
capitalism and communism. In the 1920s he made no substantial contribu-
tions to crisis theory, but he did publish many articles on the contemporary
problems of the Austrian economy and touched on important economic
issues in his book on The Austrian Revolution (Bauer 1923 [1925]). Later
in the decade he gave a course of lectures on Marxian political economy,
student notes from which allowed the posthumous publication of what
was essentially a systematic textbook on Marxian economics (Bauer
1927–28 [1956]). With the onset of the Great Depression and the Stalinist
industrialisation of the Soviet Union Bauer’s interests changed again, and
I conclude this chapter by discussing his Capitalism and Socialism After
the World War: Rationalisation and False Rationalisation (Bauer 1931a),
the still unpublished Manuscript on the Economic Crisis (Bauer 1932–35),
and his last major book, Between Two World Wars? The Crisis of the World
Economy, Democracy and Socialism (Bauer 1936), in which he returned to
the question of crisis theory and revised his views on the Soviet economy.
Bauer was not the only Austrian socialist in the interwar period to
produce interesting work in political economy. In Chapter 7, entitled
‘Other voices’, I return to the political economy of capitalism, and outline
the very different contributions of four of these writers. Two of them are
women, both of them known principally as economists. Helene Bauer
was a theorist, with special interests in the economics of capitalist crisis,

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 Introduction ­5

while Käthe Leichter was an empirical researcher who focused on the

economics of the interwar Austrian labour market and the subordinate
role that women played in it. Neither has received much attention from
scholars writing in English. The two men, by contrast, are much better
known, but not as economists. The eminent philosopher Max Adler often
wrote on sociological issues, but only rarely on economics, and the same
can be said of Karl Renner, a legal theorist of some renown who engaged
only occasionally with political economy. But it was difficult – and still
is – to be any sort of Marxist without taking some interest in economics,
and thus it should come as no surprise that both Adler and Renner did
publish articles on political economy at critical periods. Both of them dealt
with the implications of the First World War, while Adler also explored the
economic background to the rise of fascism.
The last three chapters deal with the rather different alternative Austrian
economics that emerged after 1945. Probably the best-known of the post-
war Austrian socialist economists was Josef Steindl (1912–93), who is the
subject of Chapter 8. Steindl began his career as an economist in Vienna
in the mid 1930s. Exiled to Britain after the Anschluss in 1938, he returned
to Austria after the war and soon gained an international following for
his Maturity and Stagnation in American Capitalism (Steindl 1952), which
combined elements of Marx, Keynes and Kalecki (whom he described as
‘my guru’). As Steindl subsequently acknowledged, his argument seemed
to have little relevance to the boom years of the 1950s. However, Maturity
and Stagnation attracted renewed critical attention in the depressed 1970s,
and more recently it has been cited approvingly by some radical macro-
economists in the wake of the Global Financial Crisis of 2007–08. In the
later part of his career Steindl also made important contributions to the
emerging Post Keynesian literature, including some penetrating criticisms
of neoliberal ideas, which are discussed at the end of the chapter.
Chapter 9 is devoted to the work of Kurt Rothschild (1914–2010).
Like Steindl, Rothschild spent the war years in exile (in Scotland, where
he graduated in economics at Glasgow University and then began his
academic career there). Returning to Austria after the war, Rothschild
soon established an international reputation as an eclectic theorist who
combined elements of Marxian, institutionalist, Post Keynesian and
neoclassical thinking in his extensive writing on economic theory, policy
and methodology. Towards the end of his remarkable life – Rothschild’s
last book appeared in 2009, when he was 94 – he had become an influential
advocate of pluralism in economics.
Chapter 10 is entitled ‘What is left?’, and deals with the alternative
Austrian economics in recent decades. In this chapter I identify some of
the other important social democratic economists in later twentieth- and

KING_9781788971508_t (col).indd 5 13/11/2019 13:20

 6 The alternative Austrian economics

early twenty-first-century Austria: Wilfried Altzinger, Gunther Chaloupek,

Kazimerz Łaski, Egon Matzner and Brigitte Unger. I also discuss the work
of two distinguished historians of heterodox economic thought, Christian
Gehrke and Heinz Kurz, summarise the work of the Post Keynesian mac-
roeconomist Engelbert Stockhammer and provide a brief appraisal of two
of the more prominent younger Austrian writers in the social democratic
tradition, Jakob Kapeller and Miriam Rehm. I conclude by speculating on
the prospects of the alternative Austrian economics in 2020 and beyond.
I have some substantial debts to acknowledge. First and foremost I must
thank Mike Howard, who was briefly a colleague half a century ago at
the University of Lancaster and who was been a good friend, wise critic
and constant source of intellectual stimulation ever since. I have benefited
greatly from long discussions with Michael Schneider, who introduced me
to the history of economic thought as a discipline and to underconsump-
tion theory as a fascinating riddle therein. More recently I learned a great
deal about the alternative Austrian economics from Christian Gehrke
and Heinz Kurz during two very productive spells of study leave at the
University of Graz. Michael Krätke has taught me a great deal about
Otto Bauer and his place in Austro-Marxism. While writing this book I
have also benefited greatly from correspondence with Alois Guger (on
Josef Steindl), Jill Lewis (on Käthe Leichter) and Thomas Uebel (on Otto
Neurath). On various questions I have drawn on previous publications,
including Howard and King (1989; 1992; 2003) and King (1994; 1995a;
1995b; 1995c; 2008; 2009; 2010a; 2010b; 2014; 2018a). Earlier versions
of Chapters 5 and 6 were presented at the 2013 and 2018 meetings of the
History of Economic Thought Society of Australia, and I am grateful for
the comments of several colleagues who were there.

KING_9781788971508_t (col).indd 6 13/11/2019 13:20

 2. 
‘Red Vienna’ and the roots of
Austro-Marxism
2.1 INTRODUCTION

In this chapter I draw on the vast secondary literature on late nineteenth-

and early twentieth-century Vienna to describe the social, political and
cultural context in which the alternative Austrian economics emerged.
I discuss the substantial achievements of the socialist administration in
the ‘Red Vienna’ of the 1920s, and set out the main principles of Austro-
Marxism, emphasising both the similarities with and the significant
differences from other versions of Marxism in the Second and Third
Internationals. I conclude by introducing the socialist participants in
Eugen von Böhm-Bawerk’s famous graduate economics seminar, whose
ideas are discussed in detail in the following five chapters.

2.2 EMPIRE AND REPUBLIC

The Habsburg Empire stretched from Vorarlberg in the west, on the border
with Switzerland, to Transylvania in the east; from Bohemia in the north to
Dalmatia (and, after its annexation in 1908, also to Bosnia-Herzegovina)
in the south. In 1848 the population of the Empire had been less than
30 million. According to the – not entirely reliable – 1910 census, it then
amounted to 51 million, consisting of 12 million Germans (23 per cent), 10
million Hungarian-speaking Magyars (19 per cent), 3 million Romanians
(6 per cent), 23.5 million Slavs (45 per cent) and 2.5 million ‘others’ (5 per
cent). Since 1867 the principle of ‘Dualism’ had operated, meaning that
the Empire was divided into two separate constitutional states, Austria
and Hungary, both subject to the Emperor but also with a considerable
degree of administrative autonomy. In 1910 ‘constitutional Austria’, with
its capital in Vienna, had a population of approximately 28 million, only
35 per cent of whom were classified as ‘Germans’, with Czechs, Poles and
‘little Russians’ accounting for 52 per cent (Taylor 1964, p. 286). The lin-
guistic map of the Empire was a veritable kaleidoscope, reflecting the 15 or
more languages spoken by communities whose geographical distribution

KING_9781788971508_t (col).indd 7 13/11/2019 13:20

 8 The alternative Austrian economics

was about as complicated as it was possible to be (see the very beautiful

map entitled ‘The Disruption of the Habsburg Empire: Linguistic, 1920’,
in Darby and Fullard 1970, p. 147). There was good reason for the ‘nation-
alities question’ to feature prominently in the pre-1914 writings of many
Austro-Marxists, including Otto Bauer and Karl Renner (see Chapters 4
and 7 in the present volume).
In the second half of the nineteenth century the Empire ‘was rapidly
transformed from an agricultural to an industrial state, in which a quarter
of the employed population (and in some regions almost a half) was
engaged in industry’ (Bottomore 1978, p. 8). The population of Vienna
rose from just over half a million to more than two million by 1914, still
much smaller than London, which had seven million inhabitants in 1911,
and Paris, with almost three million, but it was none the less a major centre
of economic, political and cultural life. It attracted migrants from all over
the Empire, and beyond, becoming a real centre of what today would be
described as multiculturalism. But it was not quite the national capital that
Paris and London very clearly were, since the very notion of an Austrian
nation was deeply ambiguous.
This is evident in the way in which, after 1918, the nationalities question
affected attitudes to the new Austrian republic. The unusual, not to say
bizarre, history of the word ‘Austria’ is beautifully described by Jamie
Bulloch (2009, ch. 1). He quotes a liberal politician in the Vienna of the
1840s for whom ‘Austria’ was ‘a purely imagined name’, which referred
neither to a distinct people, nor to a territory, nor to a nation. When, in
1804, the Habsburg Emperor Franz declared himself to be the ‘Emperor
of Austria’ he was describing the Monarchy’s ruling house rather than the
Empire. When the dual Monarchy was established in 1867, with a substantial
degree of autonomy conceded to the eastern half of the Empire (based in
Budapest), ‘Austria’ became ‘Austro-Hungary’, at least to the outside world.
But the western half of the Monarchy did not have a formal name
until the final year of the First World War, when the soon-to-be-deposed
Emperor Karl decreed that its name was indeed ‘Austria’. Before then
it had been known by the remarkable title Die im Reichsrat vertretenden
Königsreiche und Länder (‘The kingdom and provinces represented in the
Reichsrat’), by which was meant the parliament in Vienna that legislated
for the western half of the Empire. The independent republic of Austria
that was proclaimed on 12 November 1918 was the creation of the victori-
ous Allies, who refused to contemplate its fusion with the newly established
German republic. Of the nine Länder (provinces), four attempted to secede
at the end of the war, one (Vorarlberg) to become part of Switzerland and
three (Kärnten, Tyrol and Salzburg) to merge with Germany. But the Allies
were having none of it.

KING_9781788971508_t (col).indd 8 13/11/2019 13:20

 ‘Red Vienna’ and the roots of Austro-Marxism ­9

The Monarchy had officially recognised 11 nationalities, differing by

language rather than by territory: Germans, Magyars, Poles, Italians,
Czechs, Croats, Serbs, Romanians, Ruthenians (Ukrainians), Slovaks and
Slovenes. ‘Studies of the Habsburg Empire’, Bulloch reports, ‘often divide
these into “historic” nationalities (those who at some point had enjoyed
independent statehood – the first six in the list) and the “non-historic”
nationalities (the remaining five who had not)’ (ibid., p. 10). Note that
‘Austrian’ was not one of them (neither was ‘Jewish’, an absence that indi-
cated a very different set of problems that will be touched upon shortly). If
being ‘Austrian’ meant anything at all before 1914, it suggested an imperial
patriotism focused on the dynasty and the Empire as a whole. When both
of these disappeared in 1918, the idea of ‘Austria’ seemed to have lost all
meaning, and could not provide a strong basis for identification with the
new republican state with its six million people – little more than one-tenth
of the population of the Empire (ibid., p. 10). It is hardly surprising that
when Hitler achieved the Anschluss (union) by force of arms 20 years later
few of its citizens, even committed socialists, mourned the demise of the
hapless Austrian republic (see Chapter 7 in the present volume for the case
of Karl Renner).
All this was reinforced by the economic weakness of the new republic.
As Charles Gulick noted:

For years the problem of the viability of Austria stood in the foreground of dis-
cussion. Outstanding men in the field of economics doubted seriously whether
this state whose industry had lost its markets and its raw materials alike was
viable at all. The economic helplessness of the new nation – an artificial product
of a treaty dictated by a mixture of ignorance, strong dislike, and fear rather
than by economic knowledge and political wisdom – resulted in a permanent
structural crisis. The social product was so small as to ensure a particularly
bitter struggle among the classes of society. Under these conditions a continu-
ous pressure on wages and a permanent struggle for the maintenance of social
legislation were unavoidable; they were bound to have highly unfavourable
effects on the relations between the workers and the employers and to make the
attainment of peaceful agreements more difficult. (Gulick 1948, p. 1379)

This was the economic and social environment that helped to generate the
deep political tensions that divided republican Austria.
Both before and after the First World War Austrian politics was deeply
polarised. On the left the Social Democratic Party (hereafter, SDP), as
we shall see, took a radical anti-revisionist position before 1914 and after
1917 attempted to find a middle way between an increasingly conservative
Western European social democracy and revolutionary Bolshevik Russia.
On the right, the major parties were deeply conservative, with none
of the open-minded, egalitarian middle-class radicalism that had long

KING_9781788971508_t (col).indd 9 13/11/2019 13:20

 10 The alternative Austrian economics

c­ haracterised one wing of the Liberal Party in Britain. There was also a
strong element of anti-Semitism on the right, which was especially notable
before 1914 but never really went away. Thus there was never any prospect
of an Austrian counterpart to Benjamin Disraeli, the talented Jewish poli-
tician who led the Conservative Party in the United Kingdom for 13 years
and was Prime Minister for six of them. In the Austro-Hungarian Empire,
by contrast, and then in the Austrian republic, the overwhelming majority
of Jewish people voted socialist: at least three-quarters, and rising, with
the SDP attracting no less than 80 per cent of the Jewish vote in the 1932
Vienna municipal elections (Friedenreich 1991, pp. 87, 91). Those Jewish
people with strong political interests were active (only) in the SDP, and
very many more were members. ‘In 1924, one out of every five adults in
Vienna was a member of the Social Democratic Party; the ratio among
Jews might have been considerably higher’ (ibid., p. 91; see also Beller 1989;
Wistrich 1982, ch. 8; 1989).
The philosopher Karl Popper provides a fine example of such an unlikely
SDP supporter. Popper remained a party member until he left Austria in
1937, while becoming more and more critical of its policies. ‘In 1924’, his
biographer notes, ‘he announced his commitment to Bernstein’s revision-
ism’, and three years later he declared that ‘Kant, not Marx, showed
the way to socialism’ (Hacohen 2000, pp. 299, 300). In the postwar years
Popper was ‘almost apologetic about his previous socialist affiliations. He
had no choice but to be a socialist, he said; the social democrats were “the
only democratic party”’ (ibid., p. 290, quoting from a 1981 pronouncement
by Popper). Many of his compatriots took a similar position. As Dylan
Riley notes, it is ‘striking that the Austrian Social Democrats, well to the
left of the [German] SPD, did not suffer the electoral collapse that their
German counterparts did, winning the largest number of seats in the elec-
tions of 1930’ (Riley 2018, p. 135). In part this reflected the almost total
failure of the Austrian Communist Party to build a mass working-class
base.
These peculiarities of Austrian political life were not confined to the
Jewish minority. Just as there was no Austrian equivalent of Disraeli, so
too there were no active middle-class radicals in the pro-capitalist parties
comparable to J.A. Hobson, L.T. Hobhouse and their many colleagues
on the left of the pre-1914 Liberal Party in the UK. Had Karl Renner
been born in Britain he would almost certainly have joined the Liberals
as a young man and built a successful career for himself there, at least
before the First World War cast real doubt on the party’s internationalist
credentials. As we shall see in subsequent chapters, Renner was a very
moderate social reformer who was always deeply sceptical of the revolu-
tionary rhetoric of his friends and colleagues in the SDP, like Otto Bauer.

KING_9781788971508_t (col).indd 10 13/11/2019 13:20

 ‘Red Vienna’ and the roots of Austro-Marxism ­11

But as an Austrian he had no choice but to work through socialist political

institutions. I suspect that there were a large number of moderate radicals
who found themselves in the same position.
The political revolution that the SDP managed to accomplish in
1919–20 was a success, in the limited but important sense that it replaced
the decrepit authoritarian Empire with an authentically democratic repub-
lican constitution. But the economic and social revolution that the Austro-
Marxists intended to accompany it was a failure. Attempts to transfer
ownership of the commanding heights of the economy to the new state
came to nothing, leaving the wealth and power of big business very largely
intact (Lewis 1991, ch. 4). The Austrian capitalist class was determined
never again to face a similar threat from the socialists, and after the end of
the coalition with the SDP in October 1920 it gave unconditional support
to the ruling Christian Social Party, up to and including its suppression
of democracy in 1933–34. Only in Red Vienna was the situation slightly
different.

2.3 RED VIENNA

The constitutional reforms of 1920–21 gave the Vienna city council the
powers of a provincial government, including the right to levy taxes and
administer its own budget. The SDP took advantage of these measures
to create ‘an experiment in city socialism carried out within a capitalist
economy’ (Lewis 1991, p. 68). Under the inspired leadership of Hugo
Breitner, ‘an example of that one-time rare phenomenon, the socialist
banker’ (ibid., p. 72), the council introduced a highly progressive taxation
system that raised very large sums of revenue from taxes on rents, wage
bills in industry and commerce, and expenditure on ‘servants, carriages,
horses, high-class restaurants, cafés and hotels, beer, posters, auctions and
amusements’ (ibid., p. 73).
The revenue thus collected was sufficient to finance a remarkably ambi-
tious public expenditure programme without recourse to borrowing. First
and foremost was the construction of new public housing on a massive
scale, with the new ‘superblocks’ or ‘workers’ palaces’ including libraries,
child care facilities, medical centres and shops in addition to small but
clean and comfortable apartments for tens of thousands of working-class
families. ‘In addition to the housing, the council built swimming baths,
libraries, gymnasiums, kindergartens and children’s refuges’, together
with ‘a host of social welfare organisations, each intended to offer guid-
ance, support and, if necessary, instructions to individuals or families in
­difficulties’ (ibid., pp. 77–8).

KING_9781788971508_t (col).indd 11 13/11/2019 13:20

Exploring the Variety of Random
Documents with Different Content
 Cybersecurity - Lab Manual
Third 2021 - Academy

Prepared by: Dr. Smith

Date: July 28, 2025

Abstract 1: Historical development and evolution

Learning Objective 1: Comparative analysis and synthesis
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Learning Objective 2: Learning outcomes and objectives
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Learning Objective 3: Ethical considerations and implications
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 4: Study tips and learning strategies
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Learning Objective 5: Literature review and discussion
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Theoretical framework and methodology
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 6: Diagram/Chart/Graph]
Remember: Interdisciplinary approaches
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Experimental procedures and results
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Practice Problem 8: Research findings and conclusions
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Historical development and evolution
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Chapter 2: Comparative analysis and synthesis
Key Concept: Key terms and definitions
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Learning outcomes and objectives
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Example 12: Ethical considerations and implications
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 13: Diagram/Chart/Graph]
Definition: Current trends and future directions
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Practical applications and examples
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Case studies and real-world applications
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 16: Experimental procedures and results
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Note: Key terms and definitions
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Practice Problem 18: Fundamental concepts and principles
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Important: Problem-solving strategies and techniques
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Review 3: Theoretical framework and methodology
Remember: Experimental procedures and results
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 21: Problem-solving strategies and techniques
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Statistical analysis and interpretation
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Practical applications and examples
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 24: Diagram/Chart/Graph]
Definition: Practical applications and examples
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Current trends and future directions
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 26: Critical analysis and evaluation
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 27: Interdisciplinary approaches
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Fundamental concepts and principles
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Learning outcomes and objectives
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Quiz 4: Experimental procedures and results
Practice Problem 30: Key terms and definitions
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Ethical considerations and implications
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 32: Diagram/Chart/Graph]
Important: Practical applications and examples
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 33: Key terms and definitions
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 34: Ethical considerations and implications
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Important: Statistical analysis and interpretation
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Experimental procedures and results
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Key terms and definitions
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Key Concept: Study tips and learning strategies
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Best practices and recommendations
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
References 5: Ethical considerations and implications
Important: Research findings and conclusions
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 41: Study tips and learning strategies
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 42: Critical analysis and evaluation
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
[Figure 43: Diagram/Chart/Graph]
Definition: Study tips and learning strategies
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 44: Research findings and conclusions
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Practice Problem 45: Learning outcomes and objectives
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
[Figure 46: Diagram/Chart/Graph]
Example 46: Critical analysis and evaluation
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Key Concept: Best practices and recommendations
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 48: Diagram/Chart/Graph]
Important: Current trends and future directions
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Case studies and real-world applications
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Exercise 6: Current trends and future directions
Practice Problem 50: Case studies and real-world applications
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 51: Interdisciplinary approaches
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Practice Problem 52: Assessment criteria and rubrics
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Literature review and discussion
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Theoretical framework and methodology
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Practical applications and examples
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Case studies and real-world applications
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Practice Problem 57: Practical applications and examples
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 58: Statistical analysis and interpretation
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 59: Fundamental concepts and principles
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 60: Diagram/Chart/Graph]
Introduction 7: Statistical analysis and interpretation
Key Concept: Research findings and conclusions
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Note: Statistical analysis and interpretation
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Practical applications and examples
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Case studies and real-world applications
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Practical applications and examples
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Historical development and evolution
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Fundamental concepts and principles
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 67: Best practices and recommendations
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Key Concept: Problem-solving strategies and techniques
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Interdisciplinary approaches
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 70: Diagram/Chart/Graph]
Exercise 8: Historical development and evolution
Remember: Experimental procedures and results
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 71: Diagram/Chart/Graph]
Key Concept: Current trends and future directions
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 72: Interdisciplinary approaches
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Remember: Research findings and conclusions
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Definition: Ethical considerations and implications
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Note: Critical analysis and evaluation
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Practical applications and examples
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Literature review and discussion
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Fundamental concepts and principles
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 79: Diagram/Chart/Graph]
Remember: Practical applications and examples
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Background 9: Statistical analysis and interpretation
Note: Research findings and conclusions
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Practical applications and examples
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Note: Experimental procedures and results
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 83: Diagram/Chart/Graph]
Remember: Comparative analysis and synthesis
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 84: Best practices and recommendations
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 85: Diagram/Chart/Graph]
Example 85: Best practices and recommendations
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Definition: Problem-solving strategies and techniques
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 87: Diagram/Chart/Graph]
Practice Problem 87: Best practices and recommendations
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Important: Historical development and evolution
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
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