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Fictitious Capital and Crises

In: Marxian Economics: A Reappraisal

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  • Ferdinando Meacci

Abstract

This chapter is concerned with just a section of part V (‘The Division of Profit into Interest and Profit of Enterprise’) of volume III of Capital. 3 This section consists of the chapters 25 to 35. Although these should properly be grouped as a separate part, their unity escaped Engels’ attention and is accordingly missing in the current arrangement of volume III. This ‘ideal’ part (which could possibly be titled ‘Credit and Crises’ or ‘Money Capital and Fictitious Capital’, and will be referred to henceforth as ‘the unidentified part’) is not unrelated to what remains of part V (chapters 21-4 and 36) but should be considered more strictly as a follow-up of part IV, ‘The Transformation of Commodity Capital and Money Capital into Commodity-Dealing Capital and Money-Dealing Capital’ (Merchant’s Capital).4 It should also be noted that the unidentified part is less related to the nature of interest and to the difference between interest and profit (an issue fairly similar to that of rent and of the difference between rent and profit in part VII) than to that section of part IV where money-dealing capital is presented as a subspecies of merchant’s capital.

Suggested Citation

  • Ferdinando Meacci, 1998. "Fictitious Capital and Crises," Palgrave Macmillan Books, in: Riccardo Bellofiore (ed.), Marxian Economics: A Reappraisal, chapter 12, pages 189-204, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26118-5_12
    DOI: 10.1007/978-1-349-26118-5_12
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    References listed on IDEAS

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    1. Dudley Dillard, 1984. "Keynes and Marx: A Centennial Appraisal," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 6(3), pages 421-432, April.
    2. Kenway, Peter, 1980. "Marx, Keynes and the Possibility of Crisis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 4(1), pages 23-36, March.
    3. Smith, Adam, 1776. "An Inquiry into the Nature and Causes of the Wealth of Nations," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1776.
    4. Giovanni Caravale (ed.), 1991. "Marx and Modern Economic Analysis," Books, Edward Elgar Publishing, volume 0, number 78.
    5. Ferdinando Meacci, 1989. "Irving Fisher and the Classics on the Notion of Capital: Upheaval and Continuity in Economic Thought," History of Political Economy, Duke University Press, vol. 21(3), pages 409-424, Fall.
    6. Smith, Adam, 2008. "An Inquiry into the Nature and Causes of the Wealth of Nations: A Selected Edition," OUP Catalogue, Oxford University Press, number 9780199535927 edited by Sutherland, Kathryn.
    7. Arie Arnon, 1984. "Marx's Theory of Money: the Formative Years," History of Political Economy, Duke University Press, vol. 16(4), pages 555-575, Winter.
    8. Dudley Dillard, 1984. "Keynes and Marx: A Centennial Appraisal," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 6(3), pages 421-433, March.
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    Cited by:

    1. Isidro-Luna, Victor, 2014. "¿Hacia dónde va el Banco del Sur? Revisando la experiencia del bndes en Brasil," eseconomía, Escuela Superior de Economía, Instituto Politécnico Nacional, vol. 0(40), pages 65-92, primer se.
    2. Carolina Alves, 2023. "Fictitious capital, the credit system, and the particular case of government bonds in Marx," New Political Economy, Taylor & Francis Journals, vol. 28(3), pages 398-415, May.

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    More about this item

    Keywords

    Part Versus; Bank Credit; German Term; Implicit Object; Commercial Capital;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian

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