Contraction of Circulating Debt: A Comparison of the Marx’s and Minsky’s Crisis Theories

Year 2018, Issue: 14, 441 - 455, 01.04.2018

Dicle Ozdemir

Abstract

Marx states that credit money is the form of capital, its most adequate expression; moreover, the circulation and creation of credit money enables the expanded reproduction of capital at a given rate under preconditions. The rate of profit to fall leads to a devaluation of the value of capital which creates significant problem for credit system of a capitalist economy because of the continuity of the devaluation of capital through bankruptcies. In this sense, this part of Marx's crisis theory is not that far from Minsky’s. If optimism is high and too much funds are available for investment, investors try to make profits from the safe hedge to the risky speculative and Ponzi units. Our aim is to explain how increased fund demand for borrowing to meet payment commitments lead to crisis conditions can be understood within the context of these two approaches.

Keywords

Financial Crisis, Fragility, Credit, Business Cycles

Döngüsel Borcun Daralması: Marx ve Minsky Kriz Teorilerinin Bir Karşılaştırması

Abstract

Marx'a göre kredi, sermaye yaratmanın bir biçimini oluşturur ve belli şartlar altında sermayenin yeniden üretimine katkıda bulunur. Kar oranının düşme eğilimi, sermayenin değerinde devalüasyona neden olurken, söz konusu devalüasyon sürecinin iflaslara sebep olması nedeni ile kapitalist ekonomideki kredi sisteminde büyük sorunlara yol açar. Bu bağlamda, Marx'ın kriz teorisi Minsky'nin görüşlerinden uzak değildir. Minsky'e göre iyimserliğin yüksek olduğu ve yatırımlar kaynak bulmakta güçlük çekilmiyorsa, yatırımcılar güvenli hedge pozisyonlardan riskli ve spekülatif yatırımlara yöneleceklerdir. Bu çalışmada amaç, ilerde oluşabilecek ödeme yükümlülüklerini karşılayabilmek için artan kaynak talebinin nasıl kriz koşulları yaratabileceğini söz konusu iki yaklaşım altında açıklamaktır.

Keywords

Finansal Kriz, Kırılganlık, Kredi, İş Döngüleri

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