A Marxist Critic on the Keynesian Analysis of the Economic Crisis

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Abstract

Two main theories exist about crisis: the Keynesian and the Marxist one. In this article, we
try to analyze what can be the pertinence of the Keynesian analysis in a Marxist perspective. Keynes
was in favor of regulated capitalism, not for a change of society. His main task as he defines it for
himself was to find everything which can save the capitalist system. But his vision is fundamentally
a short term one. Then he proposes a revival of investments, if not by private businessmen, by the
State. But the effects, because he neglects the long term, are no new and durable growth and the
development of public debt. It’s why Keynes’s theory cannot really solve crisis.
Original languageEnglish
Pages (from-to)219-234
Number of pages16
JournalWorld Review of Political Economy
Volume2
Issue number2
Publication statusPublished - 2011

Keywords

  • Marxism
  • Keynes
  • economic crisis
  • investment
  • public debt

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