Saturday, 25 October 2008

Keynesian and Marxist analysis of the financial crisis

Socialist Economic Bulletin has drawn attention to serious liberal, Keynesian, and left wing analyses of the financial crisis. Marxist analysts are also active and those below are some links that readers of SEB have sent us in emails.
Andrew Klinman is the author of a number of works, culminating in Reclaiming Marx's Capital, which collectively constitute one of the most important recent contributions to Marxist economic writing by definitively refuting the criticism that Marx failed to solve the so called 'transformation problem' of the relation between value and price. He has worked closely with Alan Freeman in this country. As Klinman himself points out, demonstrating internal consistency does not prove whether or not Marx was correct, that requires empirical and other study, but it removes the lame excuse given by right wing economics for ignoring Marx's work on the grounds that it is inconsistent. Klinman sets out his views on the current financial crisis on the website The Commune and in International Socialism.
Rick Kuhn is winner of the 2007 Isaac Deuscher prize for his Henryk Grossman and the Recovery of Marxism. He presents his analysis of the financial crisis on MR zine.
The International Socialist Tendency has presented its view here.
As SEB does not have the resources to follow all the many analyses that are being presented it very much welcomes readers drawing them to its attention both in their own comments or in emails.

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