This is a prepublication version of the German language version of the entry on ‘Money’ (‘Geld’) in the ‘Historisch Kritisch Wörterbuch des Marxismus’, a comprehensive dictionary of Marxist terminology being produced as an accompaniment to the Marx-Engels-Gesamt-Arbeite (Marx-Engels...

The ability of a nation to resist a crisis depends on the institutional or spatio-temporal fixes it possesses, which can buffer the effects of the crisis, switch the crisis to other nations or defer its effects to the future. Corporate governance configurations in a given country can function as...

Der ökonomische Mainstream steht seit Ausbruch der Finanzkrise 2007/08 vermehrt unter Kritik, hatten doch nur wenige Fachwissenschaftler die Krise vorhergesehen. In der entstandenen Debatte über Ausrichtung und Methoden in der Volkswirtschaftslehre wird auch eine Rückbesinnung auf...

In the 1970s, U.S. capitalism suffered a legitimacy crisis as the economy was mired in high inflation, unemployment, and slower growth. The rate of profit had been decreasing since the late 1960s and by the mid-1970s Wall Street was in poor shape. Capitalists politically mobilized in the 1970s...

In spite of the detailed work, done by Keynes in 1908 ,1921,and 1936 in his second Fellowship dissertation for Cambridge University, A Treatise on Probability, and the General Theory, respectively ,and by Knight in 1921 in Risk, Uncertainty and Profit ,that argued convincingly that uncertainty...

This article starts with definitions of value and profit and constructs a new interpretation of the economic crisis. Exchange of goods stems from different people's different judgments on the value of goods, and twice exchanges of goods lead to commercial profits. Production profit is...

Alan Greenspan's approach to dealing with the problem of uncertainty, as opposed to risk, appears to be extremely close to the approach advocated by J.M. Keynes himself in both the A Treatise on Probability (1921) and General Theory (1936). Greenspan provides an improved, general definition of...

Adam Smith recognized that there was a severe problem in all free market economies that no “Invisible Hand of the Market” could ever deal with effectively. Based on his readings of Plato (Socrates) and Aristotle, Smith explicitly identified a certain segment of upper income class individuals...

This paper examines the causes and consequences of the current global financial crisis. It largely relies on the work of Hyman Minsky, although analyses by John Kenneth Galbraith and Thorstein Veblen of the causes of the 1930s collapse are used to show similarities between the two crises. K.W....