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The Whole of the Storm: Money, debt and crisis in the current Long Depression

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  • Freeman, Alan

Abstract

This is the prepublication version of an article which appeared in Marxism 21 and should be cited as "Freeman, A. 'The Whole of the Storm', Marxism 21 Volume 20, No.2, pp 190-224'. It investigates the mechanisms and causes of recessions and depressions, and their relation to the more spectacular financial crises which announce them. It demonstrates how the concept of the Monetary Expression of Labour Time (MELT) allows us to understand the most difficult aspect of this relation, namely how money acquires value, and thereby serves, under definite conditions which characterise recessions and depressions, as self-expanding value, so becoming an alternative use of capital to production.

Suggested Citation

  • 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.
    • Handle: RePEc:pra:mprapa:84394
    as

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    References listed on IDEAS

    as
    1. Freeman, Alan, 2012. "The Profit Rate in the Presence of Financial Markets: a Necessary Correction," MPRA Paper 52625, University Library of Munich, Germany, revised 01 Jul 2012.
    2. Freeman, Alan, 2008. "The Poverty of Statistics," MPRA Paper 16827, University Library of Munich, Germany, revised 15 Aug 2009.
    3. Alan Freeman, 2014. "Schumpeter’s theory of self-restoration: a casualty of Samuelson’s Whig historiography of science," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 38(3), pages 663-679.
    4. Lapavitsas, Costas, 1994. "The Banking School and the Monetary Thought of Karl Marx," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 18(5), pages 447-461, October.
    5. Timothy J. Riddiough & Howard E. Thompson, 2012. "Deja vu All Over Again: Agency, Uncertainty, Leverage and the Panic of 1857," Working Papers 102012, Hong Kong Institute for Monetary Research.
    6. Julian Wells, Julian, 2007. "The rate of profit as a random variable," MPRA Paper 98235, University Library of Munich, Germany.
    7. Alan Freeman & Andrew Kliman & Julian Wells (ed.), 2004. "The New Value Controversy and the Foundations of Economics," Books, Edward Elgar Publishing, number 2274.
    8. Carl E. Walsh, 1993. "What caused the 1990-1991 recession?," Economic Review, Federal Reserve Bank of San Francisco, pages 33-48.
    9. Kliman, Andrew & Freeman, Alan & Potts, Nick & Gusev, Alexey & Cooney, Brendan, 2013. "The Unmaking of Marx’s Capital: Heinrich’s Attempt to Eliminate Marx’s Crisis Theory," MPRA Paper 48535, University Library of Munich, Germany, revised 22 Jul 2013.
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    Keywords

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    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • G01 - Financial Economics - - General - - - Financial Crises
    • G2 - Financial Economics - - Financial Institutions and Services

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