Marx and the “Minsky moment” liquidity crises and reproduction crises in Das Kapital

Anthony De Grandi and Christian Tutin

The European Journal of the History of Economic Thought, 2020, vol. 27, issue 6, 853-880

Abstract: 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.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:taf:eujhet:v:27:y:2020:i:6:p:853-880

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DOI: 10.1080/09672567.2020.1790625

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