Business Cycles and Crises

Makoto Itoh
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Makoto Itoh: University of Tokyo

Chapter 9 in The Basic Theory of Capitalism, 1988, pp 290-342 from Palgrave Macmillan

Abstract: Abstract Capitalism as a historically specific social formation contains inner contradictions which appear most obviously in those periodical self-destructive crises, in the process of business cycles. The classical school and the neo-classical school treated capitalism one-sidedly as a harmonious economic order and disregarded both its historical character and its inner contradictions. A natural result was a lack of crisis theories in these schools. A great advantage of Marx’s Capital as compared to these schools is its comprehensive attempt to clarify the logical inevitability of periodic business cycles and crises from the basic contradictions in capitalism. However, Capital was left incomplete, especially in this field, and theoretical positions among Marxians have been diverse here. In my opinion, there are initially three major sources of confusion to be established and then cleared up as far as possible.

Keywords: Business Cycle; Capital Accumulation; Commodity Price; Money Market; Fixed Capital (search for similar items in EconPapers)
Date: 1988
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DOI: 10.1007/978-1-349-19107-9_9

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