Capital, credit and the business cycle in Marx

Capital, crédito y ciclo de negocios en Marx

Jesús Zaratiegui () and Mikel Manterola
Additional contact information
Mikel Manterola: University of Navarra.

Iberian Journal of the History of Economic Thought, 2018, vol. 5, issue 2, 91-102

Abstract: The purpose of this paper is to identify two inconsistencies that are found in the third chapter of Marx’s Das Kapital, dedicated to the study of credit. In the first one Marx states that the distinction between commercial and bank credit is only nominal, but he resorts to it in order to provide an explanation for the nineteenth century crisis in England, thus implying that the distinction was not only nominal, but real. The second inconsistency is noticed between Marx’s statement that real and money capital move in opposite directions during the trade cycle (without an explanation of how it is possible), and the second book of The Capital where Marx states that capital in the form of money and real capital must move in the same directions during the business cycle.

Keywords: Marx; Inconsistency; Bank credit; Money capital.; Marx; Inconsistencia; Crédito bancario; Capital dinero. (search for similar items in EconPapers)
JEL-codes: B14 B31 B51 (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
https://eprints.ucm.es/id/eprint/50643/1/18-5-2%2891-102%29.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ucm:ijohet:v:5:y:2018:i:2:p:91-102

Ordering information: This journal article can be ordered from
Dpto. Historia e Instituciones Económicas I. Facultad de CC. Económicas y Empresariales, Universidad Complutense de Madrid. Campus de Somosaguas. E-28223 Pozuelo de Alarcón (Madrid)

DOI: 10.5209/IJHE.62427

Access Statistics for this article

Iberian Journal of the History of Economic Thought is currently edited by Dpto. Historia e Instituciones Económicas I, Facultad de CC. Económicas y Empresariales, Universidad Complutense de Madrid.

More articles in Iberian Journal of the History of Economic Thought from Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Dpto. Historia e Instituciones Económicas I. Contact information at EDIRC.
Bibliographic data for series maintained by Águeda González Abad ().