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Finance, Instability and Economic Crisis: The Marx, Keynes and Minsky Problems in Contemporary Capitalism

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  • George Argitis

    () (Department of Economics, University of Crete, Greece)

Abstract

This paper introduces a political-economy framework to investigate the role of finance in economic instability and crisis. It is argued that the rise in income of rentiers, private bankers and other groups of financial capitalists merits responsibility for the economic and financial instability, unemployment and an increasing risk of deflation and crisis that many capitalist countries face today. The paper considers a Marx, Keynes and Minsky problem associated with a rise in financial profits and argues that the impact of finance on economic activity is, to a large extent, determined by institutional and structural factors

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File URL: http://economics.soc.uoc.gr/wpa/docs/CAMBRIDGE.doc
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Bibliographic Info

Paper provided by University of Crete, Department of Economics in its series Working Papers with number 0307.

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Length: 27 pages
Date of creation: 17 Sep 2003
Date of revision:
Handle: RePEc:crt:wpaper:0307

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Related research

Keywords: Finance; Income Distribution; Aggregate Demand; Instability; Crisis;

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