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Credit, Fictitious Capital and Financial Crises: reviewing the antecedents of the current crisis

Author

Listed:
  • Maria de Lourdes Rollemberg Mollo

    () (Departamento de Economia (Department of Economics) Faculdade de Economia, Administração, Contabilidade e Ciência da Informação e Documentação (FACE) (Faculty of Economics, Administration, Accounting and Information Science) Universidade de Brasília)

Abstract

This paper deals with the current financial crisis from a Post-Keynesian and Marxist perspective. The more objective character of Marx‟s crises conception is compared with the more subjective origin of crises in Keynesian‟s ideas. This analysis is used to conduct a revision of critical literature about the antecedents of the current crisis, verifying its teachings. The central relationship between capitalist logic, credit and fictitious capital is emphasized, and also the relation with neoliberalism.

Suggested Citation

  • Maria de Lourdes Rollemberg Mollo, 2010. "Credit, Fictitious Capital and Financial Crises: reviewing the antecedents of the current crisis," Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia 335, Departamento de Economia da Universidade de Brasilia.
  • Handle: RePEc:brs:wpaper:335
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    File URL: http://e-groups.unb.br/face/eco/textos/didaticos/WP%20335.pdf
    File Function: First version, 2010
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    More about this item

    Keywords

    Credit; Fictitious Capital; Financial Crises; Marxist and Keynesian Conceptions.;

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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