Moneta, finanza e crisi. Marx nel circuito monetario

Money, finance and crisis. Marx within the monetary circuit

Marco Veronese Passarella

MPRA Paper from University Library of Munich, Germany

Abstract: The so-called ‘Theory of Monetary Circuit’ not only represents an original Marxian rereading of Keynesian macroeconomic categories, but also provides an essential tool for the analysis (and the critique) of recent developments in capitalist economies, including the financialisation process. Starting from a ‘circuitist’ view, it is argued that the twin financial crises of 2000 and 2007 can be regarded as the ‘friction points’ of the law of creation of value and surplus value (that still relies on the extension and intensification of the exploitation of the living labour in the production sphere) with the private realisation of value created (i.e. the historically determined way of setting relative prices, including return rates on financial assets) under current financially sophisticated capitalist economies.

Keywords: Marxian economic thought; labour theory of value; monetary circuit; financialisation (search for similar items in EconPapers)
JEL-codes: B51 E41 E44 (search for similar items in EconPapers)
Date: 2013
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Published in Iride. Filosofia e Discussione Pubblica 28.74(2015): pp. 67-78

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