By Bill Lucarelli
This difficult booklet examines the origins and dynamics of financial-economic crises. Its broad theoretical scope comprises the theories of Marx, Keynes and numerous different put up Keynesian students of endogenous cash, and gives a grand synthesis of those theoretical lineages, in addition to a robust critique of winning neoclassical/monetarist theories of cash.
Bill Lucarelli presents designated historic analyses of the factors of the present overseas monetary situation, and gives substitute heterodox theories with extra coherent and rigorous theoretical frameworks than latest monetary orthodoxies. He illustrates that the very assumptions of neoclassical thought - expert by way of the effective markets speculation - are likely to rule out the very hazard of endogenous monetary crises. as a result, he argues, the endogenous factors of those crises are both neglected or just taken care of as random, extraneous ancient occasions. In stark distinction to those neoclassical/monetarist perspectives, this booklet seeks to provide an explanation for the recurrence of those monetary crises because of the internal workings of the capitalist method.
The Economics of monetary Turbulence will turn out a useful contribution to fashionable heterodox theories of endogenous funds, and as such could be crucial studying for teachers and scholars with an curiosity in economics, heterodox economics and funds, finance and banking. financial and monetary policymakers also will locate the ebook to be a desirable read.
Contents: creation; half I: Marxian views; 1. A financial concept of creation; 2. A Marxian thought of cash, credits and hindrance; half II: Heterodox Theories of Endogenous funds; three. funds and Keynesian Uncertainty; four. Endogenous cash: Heterodox Controversies; five. in the direction of a concept of Endogenous monetary Instability and Debt-Deflation; half III: The Roots of the present problem; 6. Financialization: Prelude to main issue; 7. Faustian Finance and the yank Dream; end; Bibliography
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Additional info for The Economics of Financial Turbulence: Alternative Theories of Money and Finance
The production of commodity money itself is also quite redundant and logically inconsistent with the existence of a monetary circuit (Bellofiore and Realfonzo, 1997, p. 100). Credit money can be created ex nihilo through the banking system. The circulation of private money or bank money continuously interacts with state money. In order to reconstruct Marx’s original commodity theory of money, the starting point would be to assume the existence of chartalist forms of money and the critical role performed by credit money in modern monetary economies.
As a measure of value, future private contracts imply the fixing of the prices of commodities to be sold, which represent the measure of the debtor’s obligations. To the extent that debts are ultimately validated privately, money is dematerialized; indeed, money need not even make an appearance as long as credits and debts equilibrate by cancelling each other out. What ultimately prevents the unfettered and unlimited expansion of private credit is the historical evolution of chartalist forms of money issued by the state.
Driven by competition, capitalists are compelled to increase profitability by substituting capital for labour. Hence, technical progress in the Marxian schema is always labour-saving. Technological change is a function of the profit rate (and, thus, of the labor cost), and the movements of wages are influenced by the value and variations of the profit rate ... The rise of the labor cost impacts on the profit rate, and thus, on technology, and biases technological change toward labor-saving techniques of production (a rise in the capital-labor ratio).
The Economics of Financial Turbulence: Alternative Theories of Money and Finance by Bill Lucarelli