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Magdoff-Sweezy, Minsky and the Real Subsumption of Labour to Finance

In: Minsky, Crisis and Development

Author

Listed:
  • Riccardo Bellofiore
  • Joseph Halevi

Abstract

In the late 1970s a slim book was published containing the essays by Harry Magdoff and Paul Sweezy (1977) in the Monthly Review. The authors argued that US capitalism was characterised by stagnation and indebtedness, the latter overwhelmingly on the private side. The central issue was that banks were skating on thin ice and there was a connection running from monopoly capitalism to indebtedness. In a nutshell, the regime of oligopolistic capitalism generates a built in tendency towards unused capacity. The ensuing deficiency in effective demand relatively to the productive potential compels the private sector to rely on a growing debt. The central piece of that collection was a paper on the economics of banking which appears now remarkably far-sighted.

Suggested Citation

  • Riccardo Bellofiore & Joseph Halevi, 2010. "Magdoff-Sweezy, Minsky and the Real Subsumption of Labour to Finance," Palgrave Macmillan Books, in: Daniela Tavasci & Jan Toporowski (ed.), Minsky, Crisis and Development, chapter 4, pages 77-89, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-29232-1_5
    DOI: 10.1057/9780230292321_5
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    Cited by:

    1. Passarella, Marco, 2012. "A simplified stock-flow consistent dynamic model of the systemic financial fragility in the ‘New Capitalism’," Journal of Economic Behavior & Organization, Elsevier, vol. 83(3), pages 570-582.
    2. Marco Passarella, 2012. "Systemic financial fragility and the monetary circuit: a stock-flow consistent Minskian approach," Working Papers (-2012) 1202, University of Bergamo, Department of Economics.

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