Rudolf Hilferding is credited with first bringing the term finance capitalism into prominence, with his (1910) study of the links between German trusts, banks, and monopolies before World War I. Hilferding's "Finance Capital" ("Das Finanzkapital", Vienna: 1910) was "the seminal Marxist analysis of the transformation of competitive and pluralistic 'liberal capitalism' into monopolistic 'finance capital'", and anticipated Lenin's and Bukharin's "largely derivative" writings on the subject. Writing in the context of the highly cartelized economy of late Austria-Hungary, Hilferding contrasted monopolistic "finance capitalism" to the earlier, "competitive" and "buccaneering" capitalism of the earlier liberal era. The unification of industrial, mercantile and banking interests had defused the earlier liberal capitalist demands for the reduction of the economic role of a mercantilist state; instead, finance capital sought a "centralized and privilege-dispensing state". Hilferding saw this as part of the inevitable concentration of capital called for by Marxian economics, rather than a deviation from the free market.