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      A Marxist Interpretation of the Current Crisis

      research-article
      World Review of Political Economy
      Pluto Journals
      crisis, capitalism, Marxism, fictitious capital, Keynes
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            Abstract

            This article proposes a Marxist interpretation of the current crisis of capital, mobilizing in particular Marx's concept of fictitious capital. It analyses the origins, manifestations, and effects of the crisis, and presents a critique of the orthodox anti-crisis policies, as well as of the recent so-called return to “Keynesianism.” According to the author, there is a very high probability that the present crisis will become more acute as a systemic crisis of capital, since all the conditions are there for that to happen. This will force us to reconsider the alternatives of post-capitalist social transformation, which more and more of us, in spite of our differences, hope to be socialist.

            Content

            Author and article information

            Journal
            10.13169
            worlrevipoliecon
            World Review of Political Economy
            Pluto Journals
            2042891X
            20428928
            Summer 2014
            : 5
            : 2
            : 128-148
            Article
            worlrevipoliecon.5.2.0128
            10.13169/worlrevipoliecon.5.2.0128
            1193328c-c76a-4726-b97a-a1dff6c9dfce
            Copyright 2014 World Association for Political Economy

            All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

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            Categories
            Articles

            Political economics
            fictitious capital,crisis,Marxism,capitalism,Keynes

            Notes

            1. Unfortunately, this does not mean that, on certain points, some neoclassical analyses do not do better than the Marxists, because on these points, orthodox economists can grasp better what is going on—e.g., concerning the complex transmissions of the effects of the financial sphere to the real economic sphere or even in (mathematical) finance, as Marxists are not very well up in this subject (Herrera 2011).

            2. Personally, on February 2004, I wrote, “The very deep disequilibriums of the U.S. economy have presently reached the extreme limits of the bearable. Their correction, taking the form of a devalorization of capital, certainly brutal, is unavoidable” (Herrera 2004b). See also Herrera (2007).

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