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Published in:
1999 | OriginalPaper | Chapter
Monetary and Financial Aspects of the Business Cycle
Authors : Makoto Itoh, Costas Lapavitsas
Published in: Political Economy of Money and Finance
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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In the work of the classical school the capitalist economy represents a natural and harmonious social order. For Marx, on the other hand, the capitalist economy is inherently unstable. Economic instability has several monetary and financial aspects. The following three levels can be identified in Marx’s analysis of monetary and financial stability.