A very voguish theory now. Cf. Shiller and Akerlof, Animal Spirits: How
Human Psychology Drives the Economy, and Why It Matters for Global
Capitalism
----- Original Message -----
From: "michael a. lebowitz" <[email protected]>
To: "Progressive Economics" <[email protected]>
Sent: Wednesday, April 29, 2009 2:31 PM
Subject: Re: [Pen-l] my radio debate in Oz: What Would Marx Say? - Late
NightLive - 14 April 2009
A bit like passionate sunspots on wall street as an explanation of the
present crisis if not rooted in a focus upon the real economy [although
I sometimes wonder what is real and what is ideal for Ted].
On 29/04/2009 11:39 AM, Ted Winslow wrote:
Michael's contribution to this debate ignores Marx's idea, derived
from Hegel, of the "passions", an idea that, in the form of his idea
of the capitalist "passions", underpin his representation of
capitalism as M-C-M'.
Marx's particular idea of the capitalist "passions" is the basis,
among other things, of his idea of "monetary crises" as a regression
from a more "civilized" to a more "barbaric" expression of them. This
form of crisis is additional, and not reducible, to crises caused by a
lack of effective demand or a long-term fall in the rate of profit.
The present crisis is a "monetary crisis" in this sense, i.e. its
explanation is found in the particular nature of the "passions"
dominant in capitalism.
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