Abstract

This paper reconsiders the interaction between monetary and financial factors, on the one hand, and real factors, on the other, in Marx’s theory of crises. We propose a reconstruction of the financial instability theory contained in Book III of Capital presenting striking similarities with Minsky’s financial instability hypothesis. Regarding the link between monetary and real dimensions of crises we draw from Hilferding’s Finance Capital to link the reproduction schemes from Book II with financial instability from Book III. The natural elasticity of bank credit and financial markets exuberance ensure the emergence and enlargement of sectoral disproportions till the unavoidable crisis.

摘要

本文在马克思的危机理论中一方面重新考虑了货币和金融因素之间的相互作用，另一方面又重新考虑了现实因素之间的相互作用。我们建议包含在第三册的金融不稳定理论的重建资金呈现惊人的相似性与明斯基金融不稳定假说。关于危机的货币和实际层面之间的联系，我们借鉴希尔费丁的《金融资本》，将第二本书的再生产计划与第三本书的金融不稳定联系起来。银行信贷的自然弹性和金融市场的繁荣确保了部门不平等的出现和扩大，直到不可避免的危机为止。