Marx after Minsky
Capital Surplus and the Current Crisis
Bibliographic Data
| ID | 12673308 |
|---|---|
| Authors | Jim Kincaid (0000-0003-0393-8865, 1 [email protected], corresponding author) |
| Year | 2016 |
| Volume | 24 |
| Issue | 3 |
| Pages | 105-146 |
| Publication date | 2016-05-10 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Historical Materialism (JOURNAL) |
| Journal identifiers | ISSN: 1465-4466 • E-ISSN: 1569-206X |
| Publisher | Brill (PUBLISHER • NL) |
| DOI | 10.1163/1569206x-12341455 |
| OpenAlex | W2470493367 |
| Language | EN |
| Citations received | 2 |
| References cited | 33 |
Minsky’s theory of financial instability helps clarify how Marxist theory can explain the highly financialised capitalism of today, and the crisis which started in 2008. The advanced economies currently have high realised profits in the productive sector and lagging rates of investment. Shareholder pressures encourage corporate strategies which focus on stock-market ratings and M&A operations, less on productive investment. Tax evasion and the build-up of reserve cash piles by corporations have contributed to a global surplus of what Marx called loanable capital . This surplus has been augmented by the increasing inequality of personal wealth ownership and, in the international economy by, large current-account surpluses. The results include: huge profits for the financial system; low interest rates; recurrent boom and bust in asset markets; the fuelling of huge increases in household and government debt; and the combination of instability and stagnation which results from an excess supply of loanable capital
Economics · Financial crisis · Financialization · Interest rate · Keynesian economics · Loanable funds · Market economy · Monetary economics · Monetary policy · Seigniorage · Economic Theory and Policy · Housing, Finance, and Neoliberalism · Political Economy and Marxism
More Heat than Light
Financialization and Strategy
Rising inequality as a cause of the present crisis
Financialisation and the slowdown of accumulation
An Engine, Not a Camera
Capital
The Failure of Capitalist Production
Political Economy of Money and Finance
Critical Companion to Contemporary Marxism
Production versus Capital in Motion
Profitability and the Roots of the Global Crisis
A Critique of Value-Form Marxism
Private Equity and the Culture of Value Extraction
Hedge Funds as ‘War Machine’
Neoliberalism, the Rate of Profit and the Rate of Accumulation
A thousand plateaus
Global Inequality, Wealth Concentration and the Subprime Crisis
Afterword
Shifting sources and uses of profits
Maximizing shareholder value
| Citations per year | 0.67 |
|---|---|
| Citation span | 2023 - 2025 (3) |
| Highly cited | No |