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

Yıl 2018, Sayı: 14, 441 - 455, 01.04.2018

Öz

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.

Kaynakça

  • Bell, P. and Cleaver, H. (2002). Marx’s Theory of Crisis as a Theory of Class Struggle, The Commoner, 5, 1-61.
  • Crotty, J. (1985). The Centrality of Money, Credit, and Financial Intermediation in Marx’s Crisis Theory: An Interpreta- tion of Marx’s Methodology. In Rethinking Marxism, S. Resnick and R. Wolff (eds.). pp. 45-81. New York: Auto- nomedia
  • Dos Santos, P. L. (2009). At the Heart of the Matter: Household Debt in Contemporary Banking and the International Crisis. Ekonomiaz. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, 72(03), pa- ges 54-79.
  • Easterling, S. (2003). Marx's theory of economic crisis. Internati- onal Socialist Review, (32), p. 14.
  • Foley, D. K. (2009). The Anatomy of Financial and Economic Crisis. http://blog.santafe.edu/wpcontent/uploads/2009/05 /anatfineconcrisesrev4.pdf
  • Howard, M.C. and King, J.E. (2008). Reflections on the Long Australian Boom. Journal of Australian Political Economy, No. 61.
  • Kregel, J. and Burlamaqui, L. (2006). Banking and the Financing of Development: A Schumpeterian and Minskyian perspective (with Leonardo Burlamaqui), in Reimagi- ning Growth – Towards a Renewal of Development Theory, Silvana de Paula and Gary A. Dimsky, eds., London and New York: Zed Books, 2005, pp. 141-167.
  • Lavoie, M. (1986). Systematic Financial Fragility, Journal of Post Keynesian Economics, 9(2).
  • Lavoie M. and Seccareccia M. (2001). Minsky’s financial fragi- lity hypothesis: a missing macroeconomic link?, in Fi- nancial Fragility and Investment in the Capitalist Economy: the Economic Legacy of Hyman Minsky, R. Bellofiore and P. Ferri (eds.), Vol. II, Cheltenham: Edward Elgar, pp. 76-96.
  • Marx, K. (1968). Theories of Surplus-Value, Part II. Moscow: Prog- ress Publishers.
  • Marx, K. (1977). Capital: A critique of Political Economy. Vol. I. New York: Vintage.
  • Marx, K. (1981). Capital: A critique of Political Economy. Vol. III. New York: Vintage.
  • Minsky, H. (1975). John Maynard Keynes. New York: Columbia University Press.
  • Minsky, H. (1982). The Financial Instability Hypothesis: A Res- tatement. In Can It Happen Again? Essays on Instability and Finance. Armonk, N.Y.: M. E. Sharpe, 90-116.
  • Minsky, H. (1992). The Financial Instability Hypothesis: Capita- list Process and the Behavior of the Economy. In Finan- cial Crises: Theory, History and Policy, Ed.: Charles Kind- leberger, Jean Pierre Laffargue, Cambridge: Cambridge University Press, 13-39.
  • Wolfson, M. (1979). Three Stages in Marx's Thought, History of Political Economy, March; 11 (1), 117–146.
  • Shaikh, A. (1978). An Introduction to the History of Crisis Theo- ries, in: U.S. Capitalism in Crisis, New York, pp. 219-241.
  • Tymoigne, E. (2006). The Minskyan System, Part II: Dynamics of the Minskyan Analysis and the Financial Fragility Hypothe- sis, The Levy Economics Institute Working Paper Col- lection. Working Paper No. 453
  • Wray, L. R. (2002). The Economic Legacy of Hyman Minsky, Volume 2: Financial Fragility and Investment in the Capitalist Economy, Journal of Economic Literature, vol. 40, no. 4, 1231-1233.

Döngüsel Borcun Daralması: Marx ve Minsky Kriz Teorilerinin Bir Karşılaştırması

Yıl 2018, Sayı: 14, 441 - 455, 01.04.2018

Öz

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.

Kaynakça

  • Bell, P. and Cleaver, H. (2002). Marx’s Theory of Crisis as a Theory of Class Struggle, The Commoner, 5, 1-61.
  • Crotty, J. (1985). The Centrality of Money, Credit, and Financial Intermediation in Marx’s Crisis Theory: An Interpreta- tion of Marx’s Methodology. In Rethinking Marxism, S. Resnick and R. Wolff (eds.). pp. 45-81. New York: Auto- nomedia
  • Dos Santos, P. L. (2009). At the Heart of the Matter: Household Debt in Contemporary Banking and the International Crisis. Ekonomiaz. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, 72(03), pa- ges 54-79.
  • Easterling, S. (2003). Marx's theory of economic crisis. Internati- onal Socialist Review, (32), p. 14.
  • Foley, D. K. (2009). The Anatomy of Financial and Economic Crisis. http://blog.santafe.edu/wpcontent/uploads/2009/05 /anatfineconcrisesrev4.pdf
  • Howard, M.C. and King, J.E. (2008). Reflections on the Long Australian Boom. Journal of Australian Political Economy, No. 61.
  • Kregel, J. and Burlamaqui, L. (2006). Banking and the Financing of Development: A Schumpeterian and Minskyian perspective (with Leonardo Burlamaqui), in Reimagi- ning Growth – Towards a Renewal of Development Theory, Silvana de Paula and Gary A. Dimsky, eds., London and New York: Zed Books, 2005, pp. 141-167.
  • Lavoie, M. (1986). Systematic Financial Fragility, Journal of Post Keynesian Economics, 9(2).
  • Lavoie M. and Seccareccia M. (2001). Minsky’s financial fragi- lity hypothesis: a missing macroeconomic link?, in Fi- nancial Fragility and Investment in the Capitalist Economy: the Economic Legacy of Hyman Minsky, R. Bellofiore and P. Ferri (eds.), Vol. II, Cheltenham: Edward Elgar, pp. 76-96.
  • Marx, K. (1968). Theories of Surplus-Value, Part II. Moscow: Prog- ress Publishers.
  • Marx, K. (1977). Capital: A critique of Political Economy. Vol. I. New York: Vintage.
  • Marx, K. (1981). Capital: A critique of Political Economy. Vol. III. New York: Vintage.
  • Minsky, H. (1975). John Maynard Keynes. New York: Columbia University Press.
  • Minsky, H. (1982). The Financial Instability Hypothesis: A Res- tatement. In Can It Happen Again? Essays on Instability and Finance. Armonk, N.Y.: M. E. Sharpe, 90-116.
  • Minsky, H. (1992). The Financial Instability Hypothesis: Capita- list Process and the Behavior of the Economy. In Finan- cial Crises: Theory, History and Policy, Ed.: Charles Kind- leberger, Jean Pierre Laffargue, Cambridge: Cambridge University Press, 13-39.
  • Wolfson, M. (1979). Three Stages in Marx's Thought, History of Political Economy, March; 11 (1), 117–146.
  • Shaikh, A. (1978). An Introduction to the History of Crisis Theo- ries, in: U.S. Capitalism in Crisis, New York, pp. 219-241.
  • Tymoigne, E. (2006). The Minskyan System, Part II: Dynamics of the Minskyan Analysis and the Financial Fragility Hypothe- sis, The Levy Economics Institute Working Paper Col- lection. Working Paper No. 453
  • Wray, L. R. (2002). The Economic Legacy of Hyman Minsky, Volume 2: Financial Fragility and Investment in the Capitalist Economy, Journal of Economic Literature, vol. 40, no. 4, 1231-1233.
Toplam 19 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Araştırma Makalesi
Yazarlar

Dicle Ozdemir Bu kişi benim

Yayımlanma Tarihi 1 Nisan 2018
Yayımlandığı Sayı Yıl 2018 Sayı: 14

Kaynak Göster

APA Ozdemir, D. (2018). Contraction of Circulating Debt: A Comparison of the Marx’s and Minsky’s Crisis Theories. Iğdır Üniversitesi Sosyal Bilimler Dergisi(14), 441-455.