Georgios Argitis
Working paper no.39: Finance and crisis: Marxian, institutionalist and
circuitist approaches
Argitis, Georgios; Evans, Trevor; Michell, Jo; Toporowski, Jan
Abstract
Most mainstream neoclassical economists completely failed to anticipate the crisis which broke in 2007 and 2008. There is however a long tradition of economic analysis which emphasises how growth in a capitalist economy leads to an accumulation of tensions and results in periodic crises. This paper first reviews the work of Karl Marx who was one of the first writers to incorporate an analysis of periodic crisis in his analysis of capitalist accumulation. The paper then considers the approach of various subsequent Marxian writers, most of whom locate periodic cyclical crises within the framework of longer-term phases of capitalist development, the most recent of which is generally seen as having begun in the 1980s. The paper also looks at the analyses of Thorstein Veblen and Wesley Claire Mitchell, two US institutionalist economists who stressed the role of finance and its contribution to generating periodic crises, and the Italian Circuitist writers who stress the problematic challenge of ensuring that bank advances to productive enterprises can successfully be repaid.
Citation
circuitist approaches. Leeds
Publication Date | Jun 1, 2014 |
---|---|
Deposit Date | Aug 27, 2014 |
Publicly Available Date | Mar 29, 2024 |
Peer Reviewed | Not Peer Reviewed |
Keywords | capitalism, finance, crisis |
Public URL | https://uwe-repository.worktribe.com/output/816513 |
Publisher URL | http://fessud.eu/?page_id=1836 |
Related Public URLs | http://fessud.eu/wp-content/uploads/2013/04/Finance-and-crisis-Marxian-Insitutionalist-and-Circuitist-Approaches-WP-39-1.pdf |
Files
Finance-and-crisis-Marxian-Insitutionalist-and-Circuitist-Approaches-WP-39-1.pdf
(991 Kb)
PDF
You might also like
The macroeconomics of austerity
(2023)
Report
Institutional supercycles: An evolutionary macro-finance approach
(2023)
Journal Article
The dangerous fiction of the "fiscal black hole"
(2022)
Report
FX swaps, shadow banks and the global dollar footprint
(2022)
Journal Article
Downloadable Citations
About UWE Bristol Research Repository
Administrator e-mail: repository@uwe.ac.uk
This application uses the following open-source libraries:
SheetJS Community Edition
Apache License Version 2.0 (http://www.apache.org/licenses/)
PDF.js
Apache License Version 2.0 (http://www.apache.org/licenses/)
Font Awesome
SIL OFL 1.1 (http://scripts.sil.org/OFL)
MIT License (http://opensource.org/licenses/mit-license.html)
CC BY 3.0 ( http://creativecommons.org/licenses/by/3.0/)
Powered by Worktribe © 2024
Advanced Search