Marx and Keynes on Money

Campbell, Martha

doi:10.1080/08911916.1997.11643952

Cited by 3 publications

(2 citation statements)

References 7 publications

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“…New investment will create new avenues for expanding output. For investment, investors need to possess a certain amount of money (Campbell, 1997).…”

Section: Money In Accumulation Processmentioning

confidence: 99%

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The Political Economy of Essence of Money and Recent Development

Siddiqui

2019

International Critical Thought

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This paper attempts to examine the essence of money theory and the mainstream interpretation of money and the financial crisis of 2008. In order to understand the financial crisis, it is important to analyse both classical and Marx's commodity money theory. This study is important because in recent decades the rapid expansion of financial sectors, ballooning of debts and spectacular growth of fictitious capital requires a deep analysis of the capitalist system, and for this there is a need to revisit Marx wisdom, especially his theory of money. He also says that when there is excessive speculation over the future distributions of surplus value then there is a possibility for great instability in the system. Such tendencies were clearly seen during the 2008 financial crisis. Keynes found money's macroeconomic impact, namely uncertainty, which he explains in universal terms. For Marx, the reason for uncertainty is associated with capitalist production decisions, which means capitalists are undertaking production for needs which are unknown to them; they are producing for other individuals not known to them. The study found that a materialist analysis of monetary phenomena is crucial to fully understanding this issue, including the financial crisis of 2008.

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“…New investment will create new avenues for expanding output. For investment, investors need to possess a certain amount of money (Campbell, 1997).…”

Section: Money In Accumulation Processmentioning

confidence: 99%

“…For Keynes, as Marx emphasised earlier, the principal reason as to why capitalist production is anarchistic and has a fundamental contradiction is due to income distribution. Real wages were kept down to raise profits, which could unbalance the level of aggregate demand required to buy the total social product (Campbell, 1997).…”

Section: Hoardingmentioning

confidence: 99%

The Political Economy of Essence of Money and Recent Development

Siddiqui

2019

International Critical Thought

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The Concept of Money and its Roles in Contemporary Capitalism

Blanco

2024

International Journal of Political Economy

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On the necessity of money in an exchange-constituted economy: the cases of Smith and Marx

Weber

2019

Cambridge Journal of Economics

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The debate over theories of the nature of money has recently been revisited in this Journal. This paper shifts the focus from the stuff that is being positioned as money to the social totality. Credit theorists claim that commodity theories of money imply monetary neutrality and a primacy of real analysis. In contrast, this paper argues based on Marx and Smith that, independently of whether money is a commodity or credit, the necessity of money depends on the constitution of the economy in terms of the relation between production and circulation. If social production is constituted through the exchange between private specialised producers, money is not neutral but essential. For Smith, real analysis is nevertheless meaningful, in that, he treats the spheres of exchange and production separately. By contrast, Marx exposes real analysis as commodity fetishism and stresses the mutually constitutive social relations between money, commodity exchange and capitalist production.

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Marx and Keynes on Money

Cited by 3 publications

References 7 publications

The Political Economy of Essence of Money and Recent Development

The Political Economy of Essence of Money and Recent Development

The Concept of Money and its Roles in Contemporary Capitalism

On the necessity of money in an exchange-constituted economy: the cases of Smith and Marx

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