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Moneta, finanza e crisi. Marx nel circuito monetario
[Money, finance and crisis. Marx within the monetary circuit]

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  • Veronese Passarella, Marco

Abstract

The so-called ‘Theory of Monetary Circuit’ not only represents an original Marxian rereading of Keynesian macroeconomic categories, but also provides an essential tool for the analysis (and the critique) of recent developments in capitalist economies, including the financialisation process. Starting from a ‘circuitist’ view, it is argued that the twin financial crises of 2000 and 2007 can be regarded as the ‘friction points’ of the law of creation of value and surplus value (that still relies on the extension and intensification of the exploitation of the living labour in the production sphere) with the private realisation of value created (i.e. the historically determined way of setting relative prices, including return rates on financial assets) under current financially sophisticated capitalist economies.

Suggested Citation

  • Veronese Passarella, Marco, 2013. "Moneta, finanza e crisi. Marx nel circuito monetario
    [Money, finance and crisis. Marx within the monetary circuit]
    ," MPRA Paper 68507, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:68507
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    File URL: https://mpra.ub.uni-muenchen.de/68507/1/MPRA_paper_68507.pdf
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    More about this item

    Keywords

    Marxian economic thought; labour theory of value; monetary circuit; financialisation;

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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