Capital, credit and the business cycle in Marx
The purpose of this paper is to identify two inconsistencies that are found in the third chapter of Marx's Das Kapital, dedicated to the study of credit. In the first one Marx states that the distinction between commercial and bank credit is only nominal, but he resorts to it in order to provid...
| Main Authors: | , |
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| Format: | Article |
| Language: | Spanish |
| Published: |
Universidad Complutense de Madrid
2018-11-01
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| Series: | Iberian Journal of the History of Economic Thought |
| Subjects: | |
| Online Access: | https://revistas.ucm.es/index.php/IJHE/article/view/62427 |
| _version_ | 1811207458156183552 |
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| author | Jesús M. Zaratiegui Mikel Manterola |
| author_facet | Jesús M. Zaratiegui Mikel Manterola |
| author_sort | Jesús M. Zaratiegui |
| collection | DOAJ |
| description | The purpose of this paper is to identify two inconsistencies that are found in the third chapter of Marx's Das Kapital, dedicated to the study of credit. In the first one Marx states that the distinction between commercial and bank credit is only nominal, but he resorts to it in order to provide an explanation for the nineteenth century crisis in England, thus implying that the distinction was not only nominal, but real. The second inconsistency is noticed between Marx’s statement that real and money capital move in opposite directions during the trade cycle (with-out an explanation of how it is possible), and the second book of The Capital where Marx states that capital in the form of money and real capital must move in the same directions during the business cycle |
| first_indexed | 2024-04-12T04:03:34Z |
| format | Article |
| id | doaj.art-06b8951537e949bf9745e4906654ef30 |
| institution | Directory Open Access Journal |
| issn | 2386-5768 |
| language | Spanish |
| last_indexed | 2024-04-12T04:03:34Z |
| publishDate | 2018-11-01 |
| publisher | Universidad Complutense de Madrid |
| record_format | Article |
| series | Iberian Journal of the History of Economic Thought |
| spelling | doaj.art-06b8951537e949bf9745e4906654ef302022-12-22T03:48:39ZspaUniversidad Complutense de MadridIberian Journal of the History of Economic Thought2386-57682018-11-015210.5209/IJHE.6242756397Capital, credit and the business cycle in MarxJesús M. Zaratiegui0Mikel Manterola1School of Economics and Business Administration, Department of Economics, University of NavarraDoctor in Economics, University of NavarraThe purpose of this paper is to identify two inconsistencies that are found in the third chapter of Marx's Das Kapital, dedicated to the study of credit. In the first one Marx states that the distinction between commercial and bank credit is only nominal, but he resorts to it in order to provide an explanation for the nineteenth century crisis in England, thus implying that the distinction was not only nominal, but real. The second inconsistency is noticed between Marx’s statement that real and money capital move in opposite directions during the trade cycle (with-out an explanation of how it is possible), and the second book of The Capital where Marx states that capital in the form of money and real capital must move in the same directions during the business cyclehttps://revistas.ucm.es/index.php/IJHE/article/view/62427Marxinconsistencybank creditmoney capital |
| spellingShingle | Jesús M. Zaratiegui Mikel Manterola Capital, credit and the business cycle in Marx Iberian Journal of the History of Economic Thought Marx inconsistency bank credit money capital |
| title | Capital, credit and the business cycle in Marx |
| title_full | Capital, credit and the business cycle in Marx |
| title_fullStr | Capital, credit and the business cycle in Marx |
| title_full_unstemmed | Capital, credit and the business cycle in Marx |
| title_short | Capital, credit and the business cycle in Marx |
| title_sort | capital credit and the business cycle in marx |
| topic | Marx inconsistency bank credit money capital |
| url | https://revistas.ucm.es/index.php/IJHE/article/view/62427 |
| work_keys_str_mv | AT jesusmzaratiegui capitalcreditandthebusinesscycleinmarx AT mikelmanterola capitalcreditandthebusinesscycleinmarx |