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The Banking School and the Monetary Thought of Karl Marx

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  • Lapavitsas, Costas

Abstract

Karl Marx's opposition to the quantity theory of money, the distinction he drew between fiat and credit money, and the emphasis he laid on money hoard formation all reveal the influence of the Banking School. His own monetary work, however, provided important theoretical foundations, which the anti-quantity theory tradition lacked. First, Marx elaborated the close connection between forms and functions of money. Second, his analysis of capitalist reproduction provided a model for the continuous redivision of the money stock into a circulating and a hoarded part. This work supported the claim that determination runs from prices to money and not vice versa. (c) 1994 Academic Press, Inc. Copyright 1994 by Oxford University Press.

Suggested Citation

  • Lapavitsas, Costas, 1994. "The Banking School and the Monetary Thought of Karl Marx," Cambridge Journal of Economics, Oxford University Press, vol. 18(5), pages 447-461, October.
  • Handle: RePEc:oup:cambje:v:18:y:1994:i:5:p:447-61
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    Cited by:

    1. Freeman, Alan, 2016. "The Whole of the Storm: Money, debt and crisis in the current Long Depression," MPRA Paper 84394, University Library of Munich, Germany.
    2. Costas Lapavitsas, 2002. "Banks And The Design Of The Financial System: Underpinnings In Steuart, Smith And Hilferding," Working Papers 128, Department of Economics, SOAS, University of London, UK.
    3. Bill Lucarelli, 2011. "The Economics of Financial Turbulence," Books, Edward Elgar Publishing, number 14252.
    4. 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.
    5. Eckhard Hein, 2005. "Money, Interest, and Capital Accumulation in Karl Marx’s," Method and Hist of Econ Thought 0501002, EconWPA.
    6. Hein, Eckhard, 2002. "Money, interest, and capital accumulation in Karl Marx's economics: A monetary interpretation," WSI Working Papers 102, The Institute of Economic and Social Research (WSI), Hans-Böckler-Foundation.
    7. Costas Lapavitsas, 2000. "On Marx's Analysis of Money Hoarding in the Turnover of Capital," Review of Political Economy, Taylor & Francis Journals, vol. 12(2), pages 219-235.

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