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Capital, credit and the business cycle in Marx
[Capital, crédito y ciclo de negocios en Marx]

Author

Listed:
  • Jesús M. Zaratiegui

    (School of Economics and Business Administration, Department of Economics, University of Navarra.)

  • Mikel Manterola

    (University of Navarra.)

Abstract
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 in England, thus implying that the distinction was not only nominal, but real. The second inconsistency is noticed between Marx’s statement that real 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 real capital must move in the same directions during the business cycle.

Suggested Citation

  • Jesús M. Zaratiegui & Mikel Manterola, 2018. "Capital, credit and the business cycle in Marx [Capital, crédito y ciclo de negocios en Marx]," Iberian Journal of the History of Economic Thought, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Dpto. Historia e Instituciones Económicas I., vol. 5(2), pages 91-102.
    • Handle: RePEc:ucm:ijohet:v:5:y:2018:i:2:p:91-102
    DOI: 10.5209/IJHE.62427
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    More about this item

    Keywords

    Marx; Inconsistency; Bank credit; Money capital.;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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