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

Author

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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

Suggested Citation

  • George Argitis, 2003. "Finance, Instability and Economic Crisis: The Marx, Keynes and Minsky Problems in Contemporary Capitalism," Working Papers 0307, University of Crete, Department of Economics.
  • Handle: RePEc:crt:wpaper:0307
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    File URL: http://economics.soc.uoc.gr/wpa/docs/CAMBRIDGE.doc
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    Cited by:

    1. repec:psl:pslqrr:2017:21 is not listed on IDEAS
    2. Dragoljub Stojanov, 2009. "Keynes and economic crisis: some reconsiderations," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics, vol. 27(2), pages 293-310.
    3. Trofimov, Ivan D., 2017. "Profit rates in the developed capitalist economies: a time series investigation," MPRA Paper 79529, University Library of Munich, Germany.

    More about this item

    Keywords

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

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian

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