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Bill Dunn

Introduction In a similar vein to the previous chapter on unemployment, this chapter and the next argue that there are problems and lacunae in Marx’s understanding of money and finance which a critical engagement with Keynes can help to address. This chapter again begins with Marx and assumes a degree of familiarity and sympathy with Marxist political economy in general and Marx’s views on money in particular. Marx said profound things about money, some of which anticipate Keynes. But as de Brunhoff’s ( 1976 ) sympathetic and honest account acknowledges

in Keynes and Marx
Mike Buckle and John Thompson

9.1   Introduction The sterling money market located in London is a wholesale market for short-term funds and consequently provides facilities for economic units to adjust their cash position quickly. The rationale for its existence is that receipts of and payments in cash are not generally synchronised. Quite large cash balances are needed if

in The UK financial system (fifth edition)
Bill Dunn

Introduction This chapter builds on the basic arguments of the two previous chapters. Money is an inherently imperfect and shifting measure of value. It is endogenous to capitalism but this is not equivalent to seeing it as ‘non-state’, because the state itself needs to be conceived as within, not without, the capitalist system as a whole. Institutional forms change how money works, and the actions of these institutions, particularly of states, matter in the sense of making a real difference not only to monetary forms but to accumulation. The next section

in Keynes and Marx
Jack Mosse

doors to all these foreign people, they're given houses, they're given furniture, they're given this that and the other. And then you've got someone that was born and bred here, I worked until I became ill, and now I have to basically beg for my little bit of money. They know exactly what they're doing! My mum's one of them pensioners that's looking at cuts. My mum is 77, she started working from the age of 10. I think she's entitled to her money, and I think if they took some of their own pay cuts they wouldn't have to tax us so much. Because, trust me, they could

in The pound and the fury
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Myth in the political sphere
Jack Mosse

It would be hard to overstate how important economic narratives have become to governments and political parties. These narratives, and the myths that they are founded upon, can justify key policy shifts and win or lose elections. Consider the ‘magic money tree’ rhetoric, which was used to great effect in the 2017 and 2019 general elections. The population was relentlessly told, first by Theresa May and then by Boris Johnson, that if elected, Labour's reckless policies would bankrupt the nation; that there is no magic money

in The pound and the fury
Abstract only
Author: Bill Dunn

This book sees Keynes as neither villain nor hero and develops a sympathetic ‘left’ critique. Keynes was an avowedly elitist and pro-capitalist economist, whom the left should appropriate with caution. But his analysis provides insights at a level of concreteness which Marx’s analysis largely ignored and which were concerned with issues of the modern world which Marx could not have foreseen. A critical Marxist engagement can simultaneously increase the power of Keynes’s insight and enrich Marxism. To understand Keynes, whose work is liberally invoked but seldom read, the book first puts Keynes in context, explaining his biography and the extraordinary times in which he lived, his philosophy and his politics. The book describes Keynes’s developing critique of ‘the classics’, of mainstream economics as he found it, and summarises the General Theory. It shows how Keynes provides an enduringly valuable critique of orthodoxy but vital insights rather than a genuinely general theory. The book then develops a Marxist appropriation of Keynes’s insights. It argues that Marxist analysis of unemployment, of money and interest, and of the role of the state can be enriched through such a critical engagement. The book addresses Keynesianism after Keynes, critically reviewing the practices that came to be known as ‘Keynesianism’ and different theoretical traditions that have claimed his legacy. It considers the crisis of the 1970s, the subsequent anti-Keynesian turn, the economic and ecological crises of the twenty-first century, and the prospects of returning to Keynes and Keynesianism.

Not a pot of money
Jack Mosse

, to a job. This problem is deeply connected to the pot of money myth as it concerns the question of how money is created and allocated. Money for nothing A recent poll of 100 MPs demonstrated that 71% wrongly believed that: ‘Only the government – via the Bank of England or Royal Mint – has the authority to create money, including coins, notes and the electronic money in your bank account’. 1 However, in fact less than 3% of money in

in The pound and the fury
Bill Dunn

like Jevons and Marshall and many of Keynes’s contemporaries. In doing this, Keynes is emphasising what he sees as common failings, notably an acceptance of the quantity theory of money and Say’s Law. This characterisation of ‘the classics’ downplays other concerns of the earlier (pre)classical tradition, concerns with production, dynamic change and economic aggregates. Keynes enjoyed his unconventional choices of whom to approve and disapprove and sometimes ‘misrepresented his predecessors disgracefully’ (Hollander 2011 : 27). He was extremely erudite but

in Keynes and Marx
Bill Dunn

“Classics”’, would have it, here the attempted reconciliation with the mainstream is overt and Keynes’s criticisms become a special case of the system he was criticising. Second, the chapter looks at market imperfections, considering alternative New Keynesian and ‘post-Keynesian’ accounts, with briefer notes on money and financial instability. Despite declarations of mutual hostility, the relatively moderate New Keynesians and the putatively more radical post-Keynesians have much in common. As Shaikh ( 2016 ) has argued, the emphasis for both remains on imperfections

in Keynes and Marx
Bill Dunn

Introduction Keynes’s General Theory of Employment, Interest and Money is a notoriously difficult book, which this chapter tries to explain as simply as possible. Keynes could be a great stylist and the General Theory’s many quotable passages have enhanced its appeal. Elsewhere, however, Keynes’s prose is dense and the arguments highly technical and convoluted. Sympathetic critics give a flavour of the difficulty. Heilbroner says the book has ‘a forbidding title … and a still more forbidding interior’ ( 1999 : 269). De Vroey and Hoover see it as ‘elegant

in Keynes and Marx