SOAS Research Online

A Free Database of the Latest Research by SOAS Academics and PhD Students

[skip to content]

Toporowski, Jan (2017) 'From Marx to the Keynesian revolution: the key role of finance.' Review of Keynesian Economics, 5 (4). pp. 576-585.

[img]
Preview
Text - Accepted Version
Download (447kB) | Preview

Abstract

The Companies Acts of the 1860s initiated a major structural transformation in capitalism. This was noted, but not developed into a theory of the capitalist economy, by Marx. That development subsequently came in the work of Veblen, Hilferding and his critics Lederer and (implicitly) Kalecki, Keynes, Steindl and Minsky. The paper argues that the Great Schism in economic theory is not between Keynes and ‘the Classics’, as argued by Keynes; or Keynes and the Neoclassical Synthesis, as contended by Joan Robinson and Richard Kahn; nor even between monetary production and barter exchange, as maintained by post-Keynesian writers; still less between political economists and apologetic theorists, as argued by Marxists. The key distinction in economic theory is between those who recognise the central role of long-term finance in the capitalist economy, and those theorists for whom finance is merely ‘savings’ or another form of credit.

Item Type: Journal Article
SOAS Departments & Centres: Departments and Subunits > Department of Politics & International Studies
ISSN: 20495323
DOI (Digital Object Identifier): https://doi.org/10.4337/roke.2017.04.07
Date Deposited: 01 Nov 2017 16:07
URI: https://eprints.soas.ac.uk/id/eprint/24792

Altmetric Data

Statistics

Download activity - last 12 monthsShow export options
Downloads since deposit
6 month trend
561Downloads
6 month trend
549Hits
Accesses by country - last 12 monthsShow export options
Accesses by referrer - last 12 monthsShow export options

Repository staff only

Edit Item Edit Item