The Monetary Aspects of the Capitalist Process in the Marxian System: An Investigation from the Point of View of the Theory of the Monetary Circuit
Karl Marx’s critique of political economy is a unique case in the history of economic thought. To speak of monetary ‘aspects’ of the Marxian system is not enough even, because what he offers is a view of the capitalist economic process as a whole where production, circulation and distribution are deeply affected by money and finance, so that any dichotomy between the ‘real’ and the ‘monetary’ is futile. Indeed, if there is an author for whom the label monetary theory of production is appropriate, this is Marx.
KeywordsCentral Bank Banking System Real Wage Commercial Bank Commodity Market
Unable to display preview. Download preview PDF.
- Bellofiore, Riccardo (1992), ‘Monetary macroeconomics before the general theory. The circuit theory of money in Wicksell, Schumpeter and Keynes’, Social Concept, 2, 47–89.Google Scholar
- Bellofiore, Riccardo (2004b), ‘Monetary economics after Wicksell. Alternative perspectives within the theory of the monetary circuit’, in Giuseppe Fontana and Riccardo Realfonzo (eds), Monetary Theories of Production (Basingstoke: Palgrave Macmillan).Google Scholar
- Keynes, J. M. (1930), A Treatise on Money, Vol. V and VI in The Collected Writings of John Maynard Keynes (London: Macmillan, 1971).Google Scholar
- Realfonzo, Riccardo and Riccardo Bellofiore (2003), ‘Money as finance and money as general equivalent: re-reading Marxian monetary theory’, in Sergio Rossi and LouisPhilippe Rochon (eds), Modern Theories of Money: The Nature and Role of Money in Capitalist Economies (Cheltenham and Northampton: Edward Elgar).Google Scholar
- Schumpeter, J. A. (1911), The Theory of Economic Development, Cambridge, Mass., Harvard University Press, 1934).Google Scholar
- Schumpeter, J. A. (1939), Business Cycles (New York: McGraw-Hill).Google Scholar
- Schumpeter, J. A. (1970), Das Wesen des Geldes (Guttingen, Vandenhoeck & Ruprecht).Google Scholar
- Wicksell, K. (1898), Interest and Prices (London: Macmillan, 1936).Google Scholar