The miraculous Credit Creation of Private Banks

12 Nov , 2019  

As early as 400 years ago, English goldsmiths began to create paper money by administering their customers’ gold coins and issuing a kind of certificate on them (indicating the amount of gold they had stored) and then lending it as quasi-money, without any further savings being made. Since it rarely ...

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25 Thesis about Time

30 Sep , 2019  

1) Economic quantities can also be changed in time precisely because money, as a so-called transcendental signifier for capital, possesses the quality of a pure quantity, with which money is released from current barter exchanges and thus as a monetary sign the time accumulated in the commodity is settled, which ...

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Money as Money: Suzanne de Brunhoff’s Marxist Monetary Theory

3 Jan , 2019  

Abstract: This article proposes the necessity to return to Suzanne de Brunhoff’s Marxist monetary theory in order to conceptualise the relationship between production and social reproduction within financialised capitalist social relations. De Brunhoff maintains a commitment to understanding «money as money» or money as an independent variable, with a ...

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The Time of Money (Review) 1

23 Sep , 2018  

Wir besprechen hier in aller Ausführlichkeit das neue Buch von Lisa Adkins “The Time of Money” 

Der Logik der Spekulation wohnt eine spezifische Rationalität inne, die mit einer außergewöhnlichen Form der Zeit korreliert, einer nicht-chronologischen Zeit, in der Vergangenheit, Gegenwart und Zukunft nicht linear verlaufen, eine Zeit, die für eine ...

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On the Character of the Current Economic Crisis

15 Sep , 2018  

Spyros Lapatsioras,1 Leonidas Maroudas,2 Panayotis G. Michaelides,3 John Milios,4 D. P. Sotiropoulos,5

1. Introduction

In the third chapter of Capital Marx observed: “As long as the social character of labour appears as the money existence of the commodity and hence as a thing outside actual production, monetary crises, independent of ...

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The Autocatalytic Sprawl of Pseudorational Mastery

24 Jul , 2018  

According to Shimshon Bichler and Jonathan Nitzan capital is not an economic quantity but a mode of power [29]; it could be sumarized as: “Capital is power quantified in monetary terms”. So, what do we do when we “quantify”? What is the nature of “money” in a capitalist society? And, ...

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Marx’s Critique of (Ricardian) Political Economy, the Quantity Theory of Money and Credit Money

25 Jun , 2018  

The Marxist concept of value is very frequently equated, whether explicitly or merely tacitly, with the corresponding Ricardian concept of “labour expended”. This paper argues that unlike the Ricardian theory of value, the Marxist theory of value is a monetary theory. In the Marxist system, the value of a commodity


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Documentation, EconoFiction

Marx’s Monetary Theory of Value and Capital and Contemporary Capitalism

5 Mai , 2018  

Contemporary capitalism is characterized on the one hand by ‘liberalization’ of markets, flexibility and restructuring of production structures in a direction undermining the workers’ rights and living standards, and on the other by a huge expansion of the financial sphere. The aim of this lecture is to show that Marx’s ...

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Schumpeter and Lederer on Growth, Technology, Credit and Business Cycles

10 Aug , 2017  

Panayotis G. Michaelides, John G. Milios and Angelos Vouldi
It is the purpose of the present paper to compare Emil Lederer and Joseph Schumpeter withrespect to their visions concerning the notions of economic growth, technology, credit and business cycles. Lederer, just like Schumpeter, used the distinction between statics and dynamics.

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