Capitalism's inherent contradictions: Why it drives toward crisis
Geopolitical Economy Report
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The Contradictions of Capitalism: From Keynes to Minsky
This chapter explores the attempts to reconcile various schools of economics with capitalism, from neo-classical synthesis to new Keynesianism. It discusses Keynes' views on limited longevity of capitalism and the need for socialization of investment, as well as Minsky's recognition of inherent contradictions and the role of state oversight. The chapter also delves into the trend towards monopolization and financialization, highlighting the distinction between industrial capitalism and financial capitalism.
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