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Kann Karl Marx die Finanzkrise 2007/08 erklären? Eine Einordnung seiner Geld- und Kredittheorie

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  • Neuberger, Doris

Abstract

Der ökonomische Mainstream steht seit Ausbruch der Finanzkrise 2007/08 vermehrt unter Kritik, hatten doch nur wenige Fachwissenschaftler die Krise vorhergesehen. In der entstandenen Debatte über Ausrichtung und Methoden in der Volkswirtschaftslehre wird auch eine Rückbesinnung auf nationalökonomische Klassiker gefordert, die der Mainstream aus den Lehrbüchern weitgehend getilgt hat. Hätte Karl Marx eine bessere Prognose zur Finanzkrise gestellt? Seine Geld- und Kredittheorie erschließt sich insbesondere aus der Lektüre des dritten Bandes des "Kapital", den Ökonomischen Manuskripten dazu (1863-1865) und den Londoner Heften (1850-1853). Der vorliegende Beitrag rekonstruiert diese aus dem Blickwinkel der herrschenden Ökonomik. In Aspekten wie Wesen und Erscheinungsformen des Geldes, Endogenität und Neutralität des Geldes, Rolle von Krediten, Zinsen und Krisen zeigt sich, dass Marx insbesondere durch seine Analysen zum Kreditgeld die Finanzkrise besser erklären kann als der ökonomische Mainstream. Es handelt sich dabei um eine Krise der Überakkumulation von Geldkapital, die weder einzigartig noch auf das Versagen einzelner Marktakteure zurückzuführen ist. Solche Krisen entstehen unweigerlich aus einem fundamentalen Widerspruch des kapitalistischen Wirtschaftssystems, wonach das endogene Kreditgeld zugleich Triebfeder der Produktion aber auch der Überproduktion und Überspekulation ist.

Suggested Citation

  • Neuberger, Doris, 2018. "Kann Karl Marx die Finanzkrise 2007/08 erklären? Eine Einordnung seiner Geld- und Kredittheorie," Thuenen-Series of Applied Economic Theory 155, University of Rostock, Institute of Economics.
  • Handle: RePEc:zbw:roswps:155
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    References listed on IDEAS

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    1. Thomas I. Palley, 2011. "A Theory of Minsky Super-cycles and Financial Crises ," Contributions to Political Economy, Oxford University Press, vol. 30(1), pages 31-46.
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    4. Paul Krugman, 2011. "The Profession and the Crisis," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 37(3), pages 307-312.
    5. Martin Hellwig, 2008. "The Causes of the Financial Crisis," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 9(4), pages 12-21, December.
    6. Joseph E Stiglitz, 2018. "Where modern macroeconomics went wrong," Oxford Review of Economic Policy, Oxford University Press, vol. 34(1-2), pages 70-106.
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    More about this item

    Keywords

    Finanzkrise; Geldfunktionen; Geldkapital; Kreditgeld; Verbriefung; Kapitalismus; financial crisis; money functions; money capital; credit money; securitization; capitalism;

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G01 - Financial Economics - - General - - - Financial Crises

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