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Marx on Financial Bubbles: Much Keener Insights Than Contemporary Economists
Hossein-Zadeh, Ismael http://www.counterpunch.org/2016/07/01/marx-on-financial-bubbles-much-keener-insights-than-contemporary-economists/
Publisher: Counterpunch
Date Written: 01/07/2016
Year Published: 2016
Resource Type: Article
While paying homage to Marx for his profound understanding of "the laws of motion of the capitalist mode of production," most contemporary economists argue that, nonetheless, his economic analysis cannot be of much service when it comes to the study of modern banking and big finance, since these are relatively recent, post-Marx developments. I will argue in this essay that, in fact, a careful reading of his work on "fictitious capital" reveals keen insights into a better understanding of the instabilities of today's financial markets.
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