Marx’s Musings on Financial Crises: Credit and Crises in the Mid-Nineteenth-Century Gold Standard

  • Laurence A. KrauseEmail author


This paper focuses on integrating Marx’s theory of real and financial crises into a theory of complex crises. I argue that in part V of the third volume of Capital, what Engels referred to as Marx’s “disorderly mass of notes” on credit, Marx had the beginnings of a concrete analysis of the three panics—1847, 1857, and 1866—which wreaked havoc in mid-nineteenth century Britain. He argued that the relationship between the real economy, the rules of the game of the mid-nineteenth century gold standard, and the emerging credit system shaped the complex nature of the era’s downturns, as well as the contradictory role and relative effectiveness of the Bank of England in managing the era’s periodical outbreaks of financial disorder.


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Copyright information

© The Author(s) 2020

Authors and Affiliations

  1. 1.Politics, Economics & Law DepartmentSUNY-The College at Old WestburyOld WestburyUSA

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