Development of the Theory of Capitalist Crises: Political Economy Traditions and Modernity

Viktor Timofeyevich Ryazanov

Abstract


The article discusses the development history of the theory of economic crises under capitalism conditions. The author believes that economic science is being developed in two directions. The first direction is represented by science schools that deny any objective grounds for crises of overproduction in the market economy and develop new models of crisis-free growth. The opposite direction is supported by science schools acknowledging the existence of objective causes of crises, which is of practical significance for development of effective anti-crisis measures. The study is summarized by the conclusion about actualization of the political economy approach to analysis of the recent global crisis and its consequences. Its implementation anticipates special attention to different versions of overaccumulation of capital which played a key role in the origin of crisis processes in the world economy.

Keywords


economic crisis; causes of crisis; economic schools and crises; accumulation of capital; current crisis and political economy

Full Text:

PDF

References


Sismondi, J. S. (1936). Novyye nachala politicheskoy ekonomii ili o bogatstve v ego otnoshenii k narodonaseleniyu [New principles of political economy: of wealth in its relation to population]. Moscow: Sotsekizdat.

Ricardo, D. (1955). Nachalo politicheskoy ekonomii i oblozheniya [The principles of political economy and taxation]. Moscow: Gospolitizdat.

Smith, A. (1993). Issledovanie o prirode i prichinakh bogatstva narodov [An inquiry into the nature and causes of the wealth of nations], B. 1-3. Moscow: Nauka.

Marx, K. (1961). Kapital [Capital]. Vol. 3. Book III. Protsess kapitalisticheskogo proizvodstva, vzyatyy v tselom [The Process of Capitalist Production as a Whole]. K. Marx, F. Engels, works, 2d ed., vol. 25, P. I. Moscow: Politizdat, 265-405.

Leontiev, V.V (1990). Ekonomicheskie esse [Economic essay]. Moscow: Politizdat, 102-103.

Mankiw, N.G. (2009). Makroekonomist kak uchyonyy i inzhener [The macroeconomist as scientist and engineer]. Voprosy Ekonomiki [Questions of Economy], 5, 86-103.

Schumpeter, J. (2007). Teoriya ekonomicheskogo razvitiya. Kapitalizm, sotsializm, demokratiya [The theory of economic development. Capitalism, socialism, democracy]. Moscow: Eksmo, 179.

Haberler, G. (2005). Protsvetanie i depressiya. Teoreticheskiy analiz tsiklicheskikh kolebaniy [Prosperity and Depression: A Theoretical Analysis of Cyclical Movements]. Chelyabinsk: Sotsium, 474.

Varga, E.S. (1974). Ekonomicheskie krizisy [Economic crises]. Moscow: Nauka, 504.

Mendelson, L. A. (1959-1964). Teoriya i istoriya ekonomicheskikh krizisov i tsiklov [Theory and history of economic crises and cycles], B. 1-3. Moscow: Sotsialno-Ekonomicheskaya Literatura.

Ekonomicheskiy tsikl. Analiz avstriyskoy shkoly [Economic cycle. Analysis of the austrian school]. (2005). Chelyabinsk: Sotsium, 78- 159.

Mises, L. (1994). Liberalizm v klassicheskoy traditsii [Liberalism: in the classical tradition]. Moscow: Nachala-Press, 87.

Friedman, M. (1998). Esli by dengi zagovorili [If money could talk]. Moscow: Delo, 160.

Krugman, P. (2013). Vykhod is krizisa est! [End this depression now!]. Moscow: Azbuka Biznesa, 138.

Keynes, J. M. (1978). Obshchaya teoriya zanyatosti, protsenta i deneg [The general theory of employment, interest, and money]. Moscow: Progress, 200-389.

Ryazanov, V. T. (2014). Ekonomicheskaya politika posle krizisa. Stanet li ona snova kesianskoy? [Economic Policy after Crisis. Will it again Keynesian?]. Ekonomika Ukrainy [Economy of Ukraine], 5, 4-27.

Krugman, P. How Did Economists Get It So Wrong? Available at: http://www.nytimes.com/2009/09/06/magazine/ (date of access: 07.19.2014).

Skidelsky, R. (2011). Keyns. Vozvrashchenie mastera [Keynes. The return of the master]. Moscow: United Press, 208.

Ryazanov, V. T. (2012). Politicheskaya ekonomiya. Iz proshlogo v buduscheye [Political economy. From the past to the future]. Problemy Sovremennoi Economiki [Problems of Modern Economy], 2. 81-98.

Brenner, R. (2014). Ekonomika globalnoy turbulentnosti: razvityye kapitalisticheskie ekonomiki ot dolgogo buma do dolgogo spade, 1945-2005 [The economics of global turbulence: the advanced capitalist economies from long boom to long downturn, 1945-2005]. Moscow: Publishing House of the Higher School of Economics, 552.

Greenspan, A. (2010). Epokha potryaseniy. Problemy i perspektivy mirovoy finansovoy sistemy [The Age of Turbulence. Problems and Prospects of the World Financial System]. Moscow: United Press, 479.




DOI: https://doi.org/10.15826/recon.2015.2.003

Copyright (c) 2018 Viktor Timofeyevich Ryazanov

Сertificate of registration media Эл № ФС77-80764 от 23.04.2021
Online ISSN 2412-0731