Can 'it' happen again: The limits of money artistry

Critique

Volumn 39, Issue 2, 2011, Pages 211-232

  Ivanova, Maria N ^a  

^a NONE

Author keywords

Great Recession; Money and Unemployment; Permanent Crisis; US Economic Policy

Indexed keywords

EID: 79957530414     PISSN: 00111600     EISSN: 03017605     Source Type: Journal    
DOI: 10.1080/03017605.2011.561628     Document Type: Article

References (46)

1. Karl Marx, Grundrisse: Foundations of the Critique of Political Economy (London: Penguin, 1993 [1939]), p. 240.
2. Pierre Joseph Proudhon, What is Property? (Cambridge: Cambridge University Press, 1994 [1840]).
3. Karl Marx and Friedrich Engels, Collected Works, Vol. 10 (New York: International Publishers, 1975), p. 48.
4. See D. Dillard, 'Proudhon and the French Revolution of 1848', Delaware Notes, 15:May (1942), pp. 55-63.
5. Pierre Joseph Proudhon, The Solution of the Social Problem (New York: Vanguard Press, 1927), pp. 50-51.
6. Quoted in Dillard, 'Proudhon and the French Revolution', op. cit, p. 61.
7. See Sergio Bologna, 'Money and Crisis: Marx as Correspondent of the New York Daily Tribune', Common Sense, 13 (1973), http://libcom.org/history/money- crisis-marx-correspondent-new-york-daily-tribune-1856-57-sergio-bologna (accessed on 10 January 2010).
8. Karl Marx and Friedrich Engels, Collected Works, Vol. 15 (New York: International Publishers, 1975), p. 14.
9. D.W. Douglas, 'P.J. Proudhon: A Prophet of 1848. Part I: Life and Works', The American Journal of Sociology, 34:5 (1929), p. 784.
10. John Maynard Keynes, A Treatise on Money, Volume 1: The Pure Theory of Money (New York: Harcourt, Brace and Company, 1930).
11. Hyman P. Minsky, John Maynard Keynes (New York: McGrawHill, 2008 [1975]), chap. 1.
12. John Maynard Keynes, The Collected Writings of John Maynard Keynes, Volume XIII: The General Theory and After (London: Macmillan, 1973), p. 343.
13. Georg Friedrich Knapp, The State Theory of Money (London: Macmillan, 1924 [1905]).
14. D. Dillard, 'Money as an Institution of Capitalism', Journal of Economic Issues, 21:4 (1987), p. 1633.
15. Cf. Karl Marx, Capital: A Critique of Political Economy, Vol. III (London: Penguin Books, 1991 [1894]), chap. 23.
16. John Maynard Keynes, The General Theory of Employment Interest and Money (New York: Prometheus Books, 1997 [1936]), p. 222.
17. D. Dillard, 'Keynes and Proudhon', The Journal of Economic History, 2:1 (1942), pp. 63-76;
18. John G. Wright, 'Money Utopias of the "Welfare State": Keynes' Theory of Money and Interest', Fourth International, 10:11 (1949), pp. 341-345;
19. Paul Mattick, Marx and Keynes: The Limits of the Mixed Economy (London: Merlin Press, 1969).
20. John Maynard Keynes, (1937) 'The General Theory', The Quarterly Journal of Economics, 51:2 (1937), pp. 210-211.
21. See also D. Dillard, 'Silvio Gesell's Monetary Theory of Social Reform', The American Economic Review, 32:2, Part 1 (1942), pp. 348-352;
22. Jerome Blanc, 'Free Money for Social Progress: Theory and Practice of Gesell's Accelerated Money', American Journal of Economics and Sociology, 57:4 (1998), pp. 469-483.
23. Abba P. Lerner, Economics of Employment (New York: McGraw-Hill, 1951).
24. A.P. Lerner, 'Functional Finance and the Federal Debt', Social Research, 10:1/4 (1943), p. 39.
25. L. Randall Wray, Understanding Modern Money: The Key to Full Employment and Price Stability (Cheltenham: Edward Elgar, 1998).
26. P. Mehrling, 'Modern Money: Fiat or Credit?', Journal of Post Keynesian Economics, 22:3 (2000), pp. 401-402.
27. M.N. Ivanova, Hegemony and Seigniorage: The Planned Spontaneity of the US Current Account Deficit, International Journal of Political Economy, 39:1 (2010), pp. 93-130.
28. Cf. Simon Clarke, Keynesianism, Monetarism and the Crisis of the State (Aldershot: Edward Elgar, 1988).
29. Quoted in D. Colander, 'Was Keynes a Keynesian or a Lernerian?', Journal of Economic Literature, 22:4 (1984), p. 1574.
30. Hyman P. Minsky, Stabilizing an Unstable Economy (New York: McGrawHill, 2008 [1986]), pp. 230-233.
31. See Hyman P. Minsky, Can 'It' Happen Again (Armonk, NY: M.E. Sharpe, 1982).
32. H.P. Minsky, 'On the Non-neutrality of Money', Federal Reserve Bank of New York Quarterly Review, 18:1 (1992-1993), pp. 77-82.
33. In his earlier work, Minsky suggested that the government should try to fit jobs to the capabilities of the unemployed. (H.P. Minsky, 'The Role of Employment Policy', in Margaret S. Gordon (ed.), Poverty in America (San Francisco, CA: Chandler, 1965), p. 99.) By 1986, however, this idea was apparently abandoned.
34. Marx defined value as the socially necessary labor time embodied in a commodity, and not in purely quantitative terms as Proudhon (mis)interpreted Ricardo. 'The determination of value by labor time is for Ricardo the law of exchange value; for M. Proudhon it is the synthesis of use-value and exchange-value. The theory of value of Ricardo is the scientific interpretation of actual economic life; the theory of value of M. Proudhon is the utopian interpretation of the theory of Ricardo'. Karl Marx, Poverty of Philosophy (New York: Prometheus Books, 1995 [1847]), p. 53.
35. See C. Lapavitsas, 'The Social Relations of Money as Universal Equivalent: A Response to Ingham', Economy & Society, 34:3 (2005), pp. 389-403.
36. Suzanne De Brunhoff, The State, Capital and Economic Policy (London: Pluto Press, 1978), pp. 46-47.
37. T. Braithwaite, 'Treasury Clashes with Tarp Watchdog on Data', Financial Times, 20 July 2009, http://www. ft.com/cms/s/0/ab533a38-757a-11de-9ed5- 00144feabdc0.html;
38. M. Pittman, Matt and B. Ivry, 'Financial Rescue Nears GDP as Pledges Top $12.8 Trillion', Bloomberg News, 31 March 2009, http://www.bloomberg.com/ apps/ news?pid-newsarchive&sid-atgpW1E28-4s
39. P. Mattick, The Permanent Crisis: Henryk Grossmanns Interpretation of Marxs Theory of Capitalist Accumulation', International Council Correspondence, 2 (1934), p. 12.
40. P. Gowan, 'Triumphing Toward International Disaster: The Impasse in American Grand Strategy', Critical Asian Studies, 36:1 (2004), p. 10.
41. P. Krugman, 'Fiscal Scare Tactics', New York Times, 5 February 2010, A25.
42. A.H. Meltzer, 'Keynes's General Theory: A Different Perspective', Journal of Economic Literature, 19:1 (1981), p. 41.
43. See E.K. Brown-Collier and B.E. Collier, 'What Keynes Really Said about Deficit Spending', Journal of Post Keynesian Economics, 17:3 (1995), pp. 341-355.
44. M.N. Ivanova, 'Consumerism and the Crisis: Wither "the American Dream"?', Critical Sociology, 37:3 (2011), Table 1.
45. Christopher Brown, Inequality, Consumer Credit and the Saving Puzzle (Cheltenham: Edward Elgar, 2008), p. 6.
46. W.S. Gram, 'Credit Saturation, Secular Redistribution and Long-run Stability', Journal of Economic Issues, 12:2 (1978), p. 309.