Capitalism, Macroeconomics and Reality
Show Less

Capitalism, Macroeconomics and Reality

Understanding Globalization, Financialization, Competition and Crisis

James Crotty

The essays comprising this collection analyze the deep flaws in the methodological foundation of mainstream economic theory, and explain how these flaws make mainstream economics more ideology than sound social science. James Crotty develops alternative theories built on realistic assumptions that can explain most of the disastrous economic and financial developments of the past four decades. His work contributes to the collective creation of a solid theoretical foundation on which to build an understanding of the ‘laws of motion’ of capitalism in the post WWII era.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 9: Rethinking Marxian Investment Theory: Keynes-Minsky Instability, Competitive Regime Shifts and Coerced Investment

James Crotty

Extract

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.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.


Further information

or login to access all content.