Abstract

GUTIERREZ QUINTANILLA, Ayuban. Financial Crises: a Theoretical Approach. Econ. y Desarrollo [online]. 2017, vol.158, n.1, pp. 6-16. ISSN 0252-8584.

Financial crises and specially their causes haven't been examined at length in neoclassical economics, or even in so-called heterodox economics. Obsession with a perfect, easily feasible economic model has caused conventional science to discard contributions made by Marx and Marxists to this topic, as well as other alternative approaches. In view of this situation, this paper tries to explain why general crises of reproduction of capital are inherent in capitalist system, and the role played by existing macroeconomic imbalances. Starting from the 2008 financial crisis, the law of the tendency of the rate of profit to fall and its relation to changes in the pattern of capital accumulation, financial deregulation, the contradiction between capital and labor, and the role of state are examined.

Keywords : crisis; imbalance; monetary economy; microfoundation.

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