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Intra-capitalist Conflicts, Monetary Policy and Income Distribution

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  • George Argitis

Abstract

This paper investigates Marx's monetary analysis of the role of the interest rate in the distribution of surplus-value. It is argued that Marx allowed the interest rate to directly influence the distribution of surplus-value between enterprise profit and interest. Moreover, he thought the interest rate to be subject to the conflict between industrial and money capitalists. Recent developments in Sraffian and neo-Marxian literature provide the foundations for a Marxian analytical framework that allows intra-capitalist conflict, monetary policy and the interest rate to affect the intra-capitalist and the inter-class income distribution.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120099953
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

Volume (Year): 13 (2001)
Issue (Month): 4 ()
Pages: 453-470

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Handle: RePEc:taf:revpoe:v:13:y:2001:i:4:p:453-470

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References

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  1. Garegnani, Pierangelo, 1979. "Notes on Consumption, Investment and Effective Demand: II," Cambridge Journal of Economics, Oxford University Press, vol. 3(1), pages 63-82, March.
  2. Panico, Carlo, 1980. "Marx's Analysis of the Relationship between the Rate of Interest and the Rate of Profits," Cambridge Journal of Economics, Oxford University Press, vol. 4(4), pages 363-78, December.
  3. C. Randall Henning, 1994. "Currencies and Politics in the United States, Germany, and Japan," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 15.
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Cited by:
  1. Georgios Argitis & Stella Michopoulou, 2011. "Are Full Employment and Social Cohesion Possible Under Financialization?," Forum for Social Economics, Taylor & Francis Journals, vol. 40(2), pages 139-155, January.
  2. Eckhard Hein, 2006. "Money, interest and capital accumulationin Karl Marx's economics: a monetary interpretation and some similaritiesto post-Keynesian approaches," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(1), pages 113-140.
  3. Hein, Eckhard, 2002. "Money, interest, and capital accumulation in Karl Marx's economics: A monetary interpretation," WSI Discussion Papers 102, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  4. Georgios Argitis, 2008. "Finance, Investment and Macroeconomic Performance," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 71-88.
  5. Hein, Eckhard, 2004. "Money, credit and the interest rate in Marx's economic. On the similarities of Marx's monetary analysis to Post-Keynesian economics," MPRA Paper 18608, University Library of Munich, Germany.
  6. Eckhard Hein, 2005. "Money, Interest, and Capital Accumulation in Karl Marx’s," Method and Hist of Econ Thought 0501002, EconWPA.

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