The object of the paper is to explore whether, or to what extent, a Marxian explanation of the current capitalist crisis is possible. The answer is that, although Marx’s theory offers important insights to understanding the ultimate causes of capitalist crises, it is not able to provide a fully satisfactory explanation of typical crises of contemporary capitalism. In particular, Marx’s analysis cannot account for the long periods of stagnation follow- ing the eruption of financial and economic crises. In Marx’s analytical context, crises are followed by recovery and growth in a relatively short span of time. It is argued that the main reason for Marx’s inability to explain crises of contemporary capitalism is that he developed his analysis by considering free-competitive economies, whereas modern econo- mies are characterized by monopolistic competition. A more satisfactory explanation of the current crisis requires going beyond Marx’s original contributions.

Is a Marxist explanation of the current crisis possible? / Sardoni, Claudio. - In: REVIEW OF KEYNESIAN ECONOMICS. - ISSN 2049-5323. - STAMPA. - 3:(2015), pp. 143-157.

Is a Marxist explanation of the current crisis possible?

SARDONI, Claudio
2015

Abstract

The object of the paper is to explore whether, or to what extent, a Marxian explanation of the current capitalist crisis is possible. The answer is that, although Marx’s theory offers important insights to understanding the ultimate causes of capitalist crises, it is not able to provide a fully satisfactory explanation of typical crises of contemporary capitalism. In particular, Marx’s analysis cannot account for the long periods of stagnation follow- ing the eruption of financial and economic crises. In Marx’s analytical context, crises are followed by recovery and growth in a relatively short span of time. It is argued that the main reason for Marx’s inability to explain crises of contemporary capitalism is that he developed his analysis by considering free-competitive economies, whereas modern econo- mies are characterized by monopolistic competition. A more satisfactory explanation of the current crisis requires going beyond Marx’s original contributions.
2015
Marx, crises, contemporary capitalism
01 Pubblicazione su rivista::01a Articolo in rivista
Is a Marxist explanation of the current crisis possible? / Sardoni, Claudio. - In: REVIEW OF KEYNESIAN ECONOMICS. - ISSN 2049-5323. - STAMPA. - 3:(2015), pp. 143-157.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11573/817086
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