Theories of Finance in Marx’s Systematic Theory
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In his Theories of Financial Disturbance Jan Toporowski distinguishes threetypes of financial theory. Equilibrium theories postulate that activities in the‘real’ economy and the financial system bring about a mutually determinedequilibrium in which any or all variables can cause change. In reflective theoriesfinancial markets are viewed as determined by circumstances in the ‘real’economy. Critical theories of finance explore how finance can systematicallydisturb the ‘real’ economy. Toporowski argues that Marx’s position in Capital,and the main line of development of Marxian theory after Marx, exemplifies areflective theory of finance. Properly understood, however, Marx’s systematicdialectical theory provides a comprehensive framework within which both areflective and critical account of financial capital can be incorporated.
Abstract
In his Theories of Financial Disturbance Jan Toporowski distinguishes threetypes of financial theory. Equilibrium theories postulate that activities in the‘real’ economy and the financial system bring about a mutually determinedequilibrium in which any or all variables can cause change. In reflective theoriesfinancial markets are viewed as determined by circumstances in the ‘real’economy. Critical theories of finance explore how finance can systematicallydisturb the ‘real’ economy. Toporowski argues that Marx’s position in Capital,and the main line of development of Marxian theory after Marx, exemplifies areflective theory of finance. Properly understood, however, Marx’s systematicdialectical theory provides a comprehensive framework within which both areflective and critical account of financial capital can be incorporated.
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