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A MARXIST CRITIC ON THE KEYNESIAN ANALYSIS OF THE ECONOMIC CRISIS
Abstract
Two main theories exist about crisis: the Keynesian and the Marxist one. In this article, we try to analyze what can be the pertinence of the Keynesian analysis in a Marxist perspective. Keynes was in favor of regulated capitalism, not for a change of society. His main task as he defines it for himself was to find everything which can save the capitalist system. But his vision is fundamentally a short term one. Then he proposes a revival of investments, if not by private businessmen, by the State. But the effects, because he neglects the long term, are no new and durable growth and the development of public debt. It's why Keynes's theory cannot really solve crisis.
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Author and article information
Notes
Robert Heilbroner, The Worldly Philosophers: The Lives, Times and Ideas of the Great Economic Thinkers (Simon & Schuster, 1953). [Translator's note: This is a translation from the French version.]
John Maynard Keynes, "Am I a Liberal?" (1 925), http://es.paperblog.com/john-maynard-keynes- am-i-a-liberal-1925-357931/
John Maynard Keynes, "A Short View of Russia" (1925), quoted by Edgar Hardcastle in "Keynes and the Russian Revolution," Socialist Standard, May 1967.
John Maynard Keynes, A Tract on Monetary Reform (1923).
Keynes, A Tract on Monetary Reform. [Translator's note: This is a translation from the French version.]
Karl Marx and Friedrich Engels, "Review: May-October 1850," in Collected Works, volume 10: www.marxists.org/archive/marx/works/1850/11/01.htm
Trends, May 6, 1993.