Marx, Marxists and the financial forms of the crisis

David McNally

International Journal of Management Concepts and Philosophy, 2011, vol. 5, issue 2, 112-117

Abstract: This paper argues that behind the processes of financialisation and currency instability lies a structural change in capitalism that occurred with the breaking of the link between the dollar and gold in the early 1970s. This posed new risks that had to be managed and allowed for later forms of speculation. This change has to be understood in terms of value theory as an expression of the contradiction between money as a means of exchange and money as a store of value. This contradiction cannot be properly managed within capitalism in the midst of an underlying crisis of accumulation.

Keywords: accumulation crisis; value theory; financialisation; value at risk; VaR; currency instability; Marx; Marxists; structural change; capitalism. (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijmcph:v:5:y:2011:i:2:p:112-117

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