Radical Political Economy: Explorations in Alternative Economic Analysis

By Victor D. Lippit | Go to book overview

8
Marxian and Post Keynesian Developments in the Sphere of Money, Credit and Finance Building Alternative Perspectives in Monetary Macroeconornics
Robert Pollin
lntroduction
Is the financial structure--the market interactions between borrowers and lenders and the balance sheets of nonfinancial firms, intermediaries and households that reflect these interactions--a significant determinant of the pace and direction of a capitalist economy's aggregate activity? For the past 150 years, the basic fault lines in monetary macroeconomics have been established according to how various schools respond to this question of whether financial structure matters in determining macroeconomic outcomes.Contemporary research from both the Post Keynesian and Marxist traditions have answered in the affirmative, advancing several fundamental arguments as to why financial structure matters. The most important of these include the following:
The supply of money, and more importantly credit, is generated endogenously through financial market activity. This correspondingly means that credit avail-
____________________
This paper was presented at the conference "Comparisons of Post Keynesian, Classical and Marxian Economic Theories," Department of Economics, University of Utah, January 8-9, 1993. I benefitted greatly from the discussion of the paper at the conference, and especially from the comments of Duncan Foley, the paper's discussant.

Source: Reprinted with permission from Mark A. Glick (editor), Competition, Technology and Money. Hants, England: Edward Elgar, 1994. The version here also includes additional material provided by the author.

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