Understanding Globalization, Financialization, Competition and Crisis
Chapter 9: Rethinking Marxian Investment Theory: Keynes-Minsky Instability, Competitive Regime Shifts and Coerced Investment
The goal of this chapter is to reformulate Marxian investment theory so that it can provide an organic explanation of key “stylized facts” describing capital accumulation in US goods-producing industries in the past fifteen years. This reformulation requires two innovations. The first is a demonstration that Keynesian-Minskian ideas about uncertainty and financial fragility follow logically from the core assumptions used by Marx to construct his theory of accumulation. The second is a clarification and, to some extent, a reconceptu alization of the contradictory relation between competition and investment in the accumulation process.
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