Marx on money, public debt and the management of accumulation
This article offers a Marxist analysis of forms of value in capitalist economies, and their implications for accumulation, (in)stability, and economic policy. The study argues, first, that there is an intrinsic tendency towards an increasing complexity of value forms in capitalism. Examination of th...
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| Formato: | Online |
| Idioma: | português |
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Universidade Estadual de Campinas. Instituto de Filosofia e Ciências Humanas
2025
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| Acesso em linha: | https://econtents.sbu.unicamp.br/inpec/index.php/cma/article/view/20413 |
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| _version_ | 1864368574407114752 |
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| author | Saad Filho, Alfredo Saad Filho, Alfredo |
| author_facet | Saad Filho, Alfredo Saad Filho, Alfredo |
| author_sort | Saad Filho, Alfredo |
| collection | Portal da Incubadora de Periódicos Científicos, Acadêmicos e Educacionais |
| container_reference | Crítica Marxista; Vol. 32 No. 59 (2025); 7-28 |
| description | This article offers a Marxist analysis of forms of value in capitalist economies, and their implications for accumulation, (in)stability, and economic policy. The study argues, first, that there is an intrinsic tendency towards an increasing complexity of value forms in capitalism. Examination of the development of these forms of value helps to map the contradictions of accumulation at increasingly complex and concrete levels of analysis, and trace the emergence of specifically financial forms of instability and crisis. Second, state management of accumulation through fiscal and monetary policy and the domestic public debt are essential for economic stability, but their effectiveness remains limited, and crises may be transformed or postponed, but not always avoided. Third, monetary and financial structures, their relationship with production, and capacity to stabilise (or destabilise) accumulation are historically and institutionally specific. Fourth, government policy can affect the level and composition of output and employment, and the distributional and other outcomes of accumulation. |
| first_indexed | 2025-11-26T21:06:30Z |
| format | Online |
| id | ojs-article-20413 |
| institution | Universidade Estadual de Campinas |
| issn | 0104-9321 |
| language | por |
| last_indexed | 2026-04-27T21:00:52Z |
| publishDate | 2025 |
| publisher | Universidade Estadual de Campinas. Instituto de Filosofia e Ciências Humanas |
| record_format | ojs |
| spelling | ojs-article-204132026-04-27T14:57:41Z Marx on money, public debt and the management of accumulation Marx sobre o dinheiro, a dívida pública e o gerenciamento da acumulação Saad Filho, Alfredo Saad Filho, Alfredo Dinheiro Sistema de crédito Capital fictício Política econômica Dívida pública Money Credit system Fictitious capital Economic policy Public debt This article offers a Marxist analysis of forms of value in capitalist economies, and their implications for accumulation, (in)stability, and economic policy. The study argues, first, that there is an intrinsic tendency towards an increasing complexity of value forms in capitalism. Examination of the development of these forms of value helps to map the contradictions of accumulation at increasingly complex and concrete levels of analysis, and trace the emergence of specifically financial forms of instability and crisis. Second, state management of accumulation through fiscal and monetary policy and the domestic public debt are essential for economic stability, but their effectiveness remains limited, and crises may be transformed or postponed, but not always avoided. Third, monetary and financial structures, their relationship with production, and capacity to stabilise (or destabilise) accumulation are historically and institutionally specific. Fourth, government policy can affect the level and composition of output and employment, and the distributional and other outcomes of accumulation. Este artigo oferece uma análise marxista das formas do valor nas economias capitalistas e suas implicações para a acumulação, a estabilidade econômica, e as políticas públicas. O artigo argumenta, em primeiro lugar, que há uma tendência intrínseca rumo a uma complexidade crescente das formas de valor no capitalismo. O exame do desenvolvimento dessas formas de valor ajuda a mapear as contradições da acumulação em níveis cada vez mais complexos e concretos de análise, e permite rastrear o surgimento de formas especificamente financeiras de instabilidade e crise. Em segundo lugar, a gestão estatal da acumulação por meio da política fiscal e monetária e da dívida pública é essencial para a estabilidade econômica, mas sua eficácia é sempre limitada, e as crises podem ser transformadas ou adiadas, mas nem sempre podem ser evitadas. Terceiro, as estruturas monetárias e financeiras, sua relação com a produção e a capacidade de estabilizar (ou desestabilizar) a acumulação são histórica e institucionalmente específicas. Quarto, as políticas públicas podem afetar o nível e a composição da produção e do emprego, a distribuição, e outros resultados do processo de acumulação. Universidade Estadual de Campinas. Instituto de Filosofia e Ciências Humanas 2025-11-26 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Artigo avaliado pelos Pares Texto Text application/pdf https://econtents.sbu.unicamp.br/inpec/index.php/cma/article/view/20413 10.53000/cma.v32i59.20413 Crítica Marxista; Vol. 32 No. 59 (2025); 7-28 Crítica Marxista; v. 32 n. 59 (2025); 7-28 2966-0165 0104-9321 por https://econtents.sbu.unicamp.br/inpec/index.php/cma/article/view/20413/14955 Mundo; Contemporâneo World; Contemporary Copyright (c) 2025 Alfredo Saad Filho https://creativecommons.org/licenses/by/4.0 |
| spellingShingle | Saad Filho, Alfredo Saad Filho, Alfredo Dinheiro Sistema de crédito Capital fictício Política econômica Dívida pública Money Credit system Fictitious capital Economic policy Public debt Marx on money, public debt and the management of accumulation |
| title | Marx on money, public debt and the management of accumulation |
| title_full | Marx on money, public debt and the management of accumulation |
| title_fullStr | Marx on money, public debt and the management of accumulation |
| title_full_unstemmed | Marx on money, public debt and the management of accumulation |
| title_short | Marx on money, public debt and the management of accumulation |
| title_sort | marx on money, public debt and the management of accumulation |
| topic | Dinheiro Sistema de crédito Capital fictício Política econômica Dívida pública Money Credit system Fictitious capital Economic policy Public debt |
| url | https://econtents.sbu.unicamp.br/inpec/index.php/cma/article/view/20413 |
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