Investment Fund Money and the Reproduction of Capitalism: A Marxian Approach

Paul Burkett
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Paul Burkett: Department of Economics, PO. Box 248126, University of Miami, Coral Gables, Florida 33124.

Review of Radical Political Economics, 1988, vol. 20, issue 2-3, 48-54

Abstract: Investment fund money is a particular form of credit money whose nominal value is linked to the market prices of the assets held by mutual investment funds. The present paper argues — contrary to some neoclassical theorists — that investment fund money cannot (by itself) provide an adequate monetary basis for the reproduction of capitalism. The argument is based on the role of a medium of circulation of credible exchange value in the processes by which a credit crisis creates conditions for an eventual renewal of capital accumulation.

Date: 1988
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:20:y:1988:i:2-3:p:48-54

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