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Marx, Marxists and the financial forms of the crisis

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  • David McNally

Abstract

This paper argues that behind the processes of financialisation and currency instability lies a structural change in capitalism that occurred with the breaking of the link between the dollar and gold in the early 1970s. This posed new risks that had to be managed and allowed for later forms of speculation. This change has to be understood in terms of value theory as an expression of the contradiction between money as a means of exchange and money as a store of value. This contradiction cannot be properly managed within capitalism in the midst of an underlying crisis of accumulation.

Suggested Citation

  • David McNally, 2011. "Marx, Marxists and the financial forms of the crisis," International Journal of Management Concepts and Philosophy, Inderscience Enterprises Ltd, vol. 5(2), pages 112-117.
    • Handle: RePEc:ids:ijmcph:v:5:y:2011:i:2:p:112-117
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