What is it about?
The paper reviews some common schools of thought on credit cycles and concludes that Marx's perspective of the operation of capitalism provides a refreshing analysis of their operation in this post-crisis global economy.
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Why is it important?
The paper contrasts with the financialisation discourse that explains the operation of credit cycles with reference to financial factors.
Perspectives
Evidence is provided that reveals a falling rate of profit in the post-Bretton Woods era in the UK. This is posited as supporting evidence to the Marx proposition that financial instabilities are indirectly driven by production sector factors.
Associate Professor in Economics Simon Mouatt
University of Chichester
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This page is a summary of: Credit cycles: freewheeling, driving or driven?, International Journal of Social Economics, July 2015, Emerald,
DOI: 10.1108/ijse-01-2014-0002.
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