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ABSTRACTS
PROKLA 123 Michael Heinrich: Monetary Value Theory. Money and Crisis in Marxian Theory. In contrast to the traditional labor embodied theory of value a monetary approach to Marxian value theory is presented, stressing the ideas of value form analysis. Its implications for the theories of credit and crisis are discussed. It is shown, that Marx' "law of the tendency of the rate of profit to fall" cannot be held, but that this does no harm to a theory of crisis, developed on the basis of monetary value theory. Klaus Dräger: Neomarxism - a Construction Site. The Regulation School and Robert Brenner on Turbulences in the World Economy. The current slowdown of the US- and European economies alike and the persistent stagnation of the Japanese economy revitalized the debates on crisis theory. Explanations of "stages of capitalism" offered by the Paris Regulation School on the one hand and of the neomarxist debate inspired by the work of Robert Brenner on the other hand are reviewed. The notion of the viability of a new finance led accumulation regime (shareholder capitalism), put forward by Aglietta and Boyer, is strongly contested. The author criticizes as well the neomarxist debate as offering no alternative perspectives to exit the long downswing of the global economy. Neomarxism is portrayed as a construction site, with a strong need of input from politcal ecology and feminism to provide a proper analysis of contemporary capitalism as well as perspectives for alternative solutions. Hansjörg Herr: Keynes and his interpretations. Keynes started to develop a new economic paradigm that is different form the classical and neoclassical school. He stressed the role of effective demand, money, uncertainty and subjective expectations. Only the postkeynesian interpretation of Keynes follows the original ideas of Keynes. The IS-LM-model together with the neoclassical syntheses, the neokeynesian and the newkeynesian models reduce Keynes to short-run disturbances of the long-run neoclassical equilibrium. Victoria Chick: Money and Theories on Money. Different ways of studying monetary theory are discussed. Chick compares the roles and functions, money acquires in the neoclassical general equilibrium model, in Keynesian as well as in circular flow theories. She argues in favour of an economic theory, which is open to historical time and the evolution of institutions. Otherwise economic theory will be depleted of social relevance. Bernhard Edmunds: Financial Keynesianism in the tradition of Hyman Minsky. Financial Keynesian with his emphasis on a broad definition of liquidity preference is presented. In addition, this article discusses financial influences on the business cycle. According to Hyman P. Minsky (1919-1996), the U.S. financial system amplifies economic upturns and downturns and widespread financial difficulties cause or accelerate the upper turning point. However, in countries with extensive stock and real estate markets, another financial influence seems to be possible today: intensive speculation slows down the upturn because the enormous amounts of money that are used to speculate worsen the lending conditions of investing firms. Arne Heise: Post-Keynesian politics of public finance. The public budget has always been a much debated object at the political level as well as in academia. This is not surprising as it mirrors the political intentions and ideologies of those running the government on the one hand and taking into account that economics is a multiparadigmatic science on the other hand. Against this backcloth, the current unambiguity of budgetary restriction in recent political and scientific debates seems curious. The paper aims at explaining this development and questions its validity by framing a concept of budgetary sustainability on the grounds of a heterodox, post Keynesian model. Elke Muchlinski: Monetary Coordination - Considering Historical Aspects This paper introduces a theoretical outline defining the old and new configuration of tripo-la-ri-ty of currencies as an important framework to monetary coordination. The theoretical outline en-com-passes three dimensions: (i) the designation of unequal, but dominant currencies, which (ii) is itself determined by the international functions of money, and (iii) monetary coordination addressed to central bank policy and exchange rate management. The paper is limited to special remarks regarding these dimensions against certain historical backgrounds. It reviews literature em-pha-sizing that economic interdependencies are no longer identified merely as restrictions on domestic macropolicy as it were throughout the past decades. Christof Parnreiter: Globalization, Transformation and Neoliberalism in Latin America. With the debt crisis of 1982 fundamental transformations began in Latin America. State centered forms of development were abandoned in favour of liberal strategies, oriented to the world market. New literature discussing this transformation process and its outcomings is reviewed. Zu den Autoren Victoria Chick lehrt Ökonomie am University College London Bernhard Emunds, kath. Theologe und Ökonom, ist Studienleiter der Katholischen Akademie Rabanus Maurus in Frankfurt/M Klaus
Dräger ist Sozialwissenschaftler und wiss. Mitarbeiter der Fraktion
der Vereinten Europäischen Linken/ Michael Heinrich ist Mathematiker und Politologe, Mitglied der PROKLA-Redaktion Hansjörg Herr lehrt Volkswirtschaft an der Fachhochschule für Wirtschaft Berlin Arne Heise lehrt Ökonomie an der Wirtschaftsuniversität Wien Elke Muchlinski arbeitet am Fachbereich Wirtschaftswissenschaft der FU Berlin Christof Parnreiter ist Wirtschaftshistoriker, arbeitet am Institut für Stadt- und Regionalforschung an der Österreichischen Akademie der Wissenschaften |