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

Anthony de Grandi and Christian Tutin ()
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Anthony de Grandi: PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne
Christian Tutin: UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12, PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne

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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.

Keywords: Marx; Liquidity crises; Marxian theory of crises; financial instability (search for similar items in EconPapers)
Date: 2020-11-01
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Published in European Journal of the History of Economic Thought, 2020, 27 (6), pp.853-880. ⟨10.1080/09672567.2020.1790625⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-04016143

DOI: 10.1080/09672567.2020.1790625

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