On Graziani’s monetary theory of production

Author/s Ferruccio Marzano
Publishing Year 2015 Issue 2014/112 Language English
Pages 8 P. 90-97 File size 33 KB
DOI 10.3280/STE2014-112007
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In the paper it is underlined that, building on previous German and French literature, in various outstanding contributions Graziani analyses the working of a credit capitalist economy, that is an economy in which banks’ decisions on the amount of credit provided to firms are the starting point in the functioning of the economy. In particular, in Graziani’s vision, the power of banks and that of firms conflict each other, whereas the role of workers is a residual one.

Keywords: Monetary theory, circuit approach, banks’ credit.

Jel codes: B31, E51

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Ferruccio Marzano, On Graziani’s monetary theory of production in "STUDI ECONOMICI " 112/2014, pp 90-97, DOI: 10.3280/STE2014-112007