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Finance and Crisis; Marxian, Institutionalist and Circuitist approaches

Listed author(s):
  • Georgios Argitis

    (University of Athens)

  • Trevor Evans

    (Berlin School of Economics and Law)

  • Jo Michell

    (University of the West of England)

  • Jan Toporowski

    (School of Oriental and African Studies, London University)

Most mainstream neoclassical economists completely failed to anticipate the crisis which broke in 2007 and 2008. There is however a long tradition of economic analysis which emphasises how growth in a capitalist economy leads to an accumulation of tensions and results in periodic crises. This paper first reviews the work of Karl Marx who was one of the first writers to incorporate an analysis of periodic crisis in his analysis of capitalist accumulation. The paper then considers the approach of various subsequent Marxian writers, most of whom locate periodic cyclical crises within the framework of longer-term phases of capitalist development, the most recent of which is generally seen as having begun in the 1980s. The paper also looks at the analyses of Thorstein Veblen and Wesley Claire Mitchell, two US institutionalist economists who stressed the role of finance and its contribution to generating periodic crises, and the Italian Circuitist writers who stress the problematic challenge of ensuring that bank advances to productive enterprises can successfully be repaid.

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File URL: http://fessud.eu/wp-content/uploads/2013/04/Finance-and-crisis-Marxian-Insitutionalist-and-Circuitist-Approaches-WP-39-1.pdf
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Paper provided by Financialisation, Economy, Society & Sustainable Development (FESSUD) Project in its series Working papers with number wpaper39.

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Length: 104 pages
Date of creation: 01 Jun 2014
Handle: RePEc:fes:wpaper:wpaper39
Contact details of provider: Postal:
FESSUD Co-ordinator (Malcolm Sawyer) Leeds University Business School Maurice Keyworth Buidling Leeds LS2 9JT

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  1. Bossone, Biagio, 2001. "Circuit theory of banking and finance," Journal of Banking & Finance, Elsevier, vol. 25(5), pages 857-890, May.
  2. Riccardo Bellofiore & Joseph Halevi & Marco Passarella, 2010. "Minsky in the ‘New’ Capitalism: The New Clothes of the Financial Instability Hypothesis," Chapters,in: The Elgar Companion to Hyman Minsky, chapter 4 Edward Elgar Publishing.
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