Detalle Publicación

ARTÍCULO
Credit, capital and the business cycle in Marx
Autores: Zaratiegui Labiano, Jesús María; Manterola, M.
Título de la revista: IBERIAN JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT
ISSN: 2386-5768
Volumen: 5
Número: 2
Páginas: 91 - 102
Fecha de publicación: 2018
Resumen:
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 en England, thus implying that the distinction was not only nominal, but real. The second inconsistency is noticed between Marx¿s statement that effective and money capital move in opposite directions during the trade cycle (without 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 effective capital must move in the same directions during the business cycle.