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与新古典主流经济学关于金融不稳定性源于外生冲击因素的理论观点不同,马克思认为资本主义市场经济存在着内生的不稳定性,经济的不稳定与货币金融的风险紧密相关。马克思能比别的经济学家更早、更明确地指出市场经济存在危机的可能性,在于他对资本主义经济的本质——货币经济及其包含的矛盾具有深刻的认识。马克思关于经济周期与货币金融风险的分析可以分为两个层次:一是在简单商品流通条件下,经济不稳定的可能性产生于货币的社会功能;二是在资本主义市场经济中,资本积累的周期性运动会不可避免地导致金融风险的累积甚至爆发金融危机。马克思主义的货币金融理论将货币与金融不稳定的最终原因放置在资本积累过程自身之中,这又使马克思与后凯恩斯主义的金融不稳定性假说划清了界线。
Unlike the neoclassical mainstream economics’s theoretical view that financial instability stems from exogenous factors, Marx believes that the capitalist market economy is endogenous instability. Economic instability is closely linked with the risk of monetary finance. Marx could earlier than other economists point out more clearly the possibility of a crisis in the market economy because he has a profound understanding of the nature of the capitalist economy - the monetary economy and the contradictions it contains. Marx’s analysis of the economic cycle and monetary and financial risks can be divided into two levels: First, under the condition of simple commodity circulation, the possibility of economic instability arises from the social function of money; second, in capitalist market economy, capital accumulation The cyclical movement will inevitably lead to the accumulation of financial risks and even the financial crisis. Marxist theory of monetary finance placed the ultimate cause of monetary and financial instability in the process of capital accumulation itself, which in turn demarcated the hypothesis of financial instability between Marx and Post-Keynesianism.