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1 novembre 2020
- handle: 10670/1.g6mcqf
- halshs: halshs-04016143
- doi: 10.1080/09672567.2020.1790625
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Mots-clés
Marx Liquidity crises Marxian theory of crises financial instability B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B1 - History of Economic Thought through 1925/B.B1.B14 - Socialist • Marxist B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B5 - Current Heterodox Approaches/B.B5.B51 - Socialist • Marxian • Sraffian E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E32 - Business Fluctuations • Cycles E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the MacroeconomySujets proches
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Anthony de Grandi et al., « Marx and the “Minsky moment” liquidity crises and reproduction crises in Das Kapital », HAL-SHS : économie et finance, ID : 10.1080/09672567.2020.1790625
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Résumé
This paper reconsiders the interaction between monetary and financial factors, on the one hand, and real factors, on the other, in Marx’s theory of crises. We propose a reconstruction of the financial instability theory contained in Book III of Capital presenting striking similarities with Minsky’s financial instability hypothesis. Regarding the link between monetary and real dimensions of crises we draw from Hilferding’s Finance Capital to link the reproduction schemes from Book II with financial instability from Book III. The natural elasticity of bank credit and financial markets exuberance ensure the emergence and enlargement of sectoral disproportions till the unavoidable crisis.