Compare Minsky And Marxist Economic Crisis Theory

Periodic outbreak economic crisis is a peculiar economic phenomenon to the capitalistsystem，and both Minsky and Marx have their deep research in this field．There are someessential differences in crisis theories between Minsky and Marx，which includes ofresearch background，ideological origins，theoretical perspective，the crisis substance andcauses．Minsky stands on the point of the nature of capitalism，which is the inherentinstability of the financial system，elaborates the reasons of the outbreak of the economiccrisis through his “financial instability hypothesis”theory．Marx deeply explored the rootcauses of the economic crisis in the capitalist economic relations and economicsystems．By combing Minsky’s theory of economic crisis and Marx’s theory of economiccrisis， this article analyzes the differences between the two economists’ crisistheories．Then basing on objective，fair and comprehensive evaluation of two economists’crisis theories，we obtain an evaluation of them．They not only help us to understand theroot causes of economic crisis better，but also provide a theoretical basis for us tocompletely adhere to Marxist economic theory，meanwhile more positive an open to learnfrom Western economic theory．This article includes five parts．Chapter one：Introduction．This chapter discusses about the research theoretical andpractical significance of Minsky’s and Marx’s economic crisis theories，present researchprogress，the research methods and innovation and imperfections of this paper．Chapter two： The historical background， ideological origins and theoreticalperspective of Minsky’s and Marx’s economic crisis theories．This chapter is divided intothree sections，respectively from the historical background，ideological，theoretical visionto compare similarities and differences in Minsky’s and Marx’s economic crisistheories．Just because of these，their economic crisis theories have many differences．Chapter three：Compare Minsky’s and Marx’s theories，regarding of the essence of theeconomic crisis．Minsky explains the essence of the economic crisis by “financialinstability hypothesis”，while Marx believes that the essence of the economic crisis isproduction of relative surplus．This chapter analyzes the similarities and differences in theessence of the economic crisis of Minsky’s and Marx’s theories．Chapter four：Compare Minsky’s and Marx’s theories，in terms of the reasons of theeconomic crisis．At first，this chapter analyzes Minsky’s theory，“financial instability hypothesis”theory；then analyzes Marx’s theory，including the possibility of the crisis，abstraction，inevitability and cyclist．Through the study of the comparative analysis of thetwo economists’ crisis theories，we identify the similarities and differences of theirtheories．Chapter five：the Interpretation of2008Economic Crisis from Minsky to Marx．Onthe basis of the above comparative analysis of their economic crisis theories，this chapterfirstly parses from a realistic point of the economic crisis in2008，and then attempts tocombine the two economists theories，from another point to explain the reasons of theoutbreak of the crisis．The article conclusion：Minsky’s “financial instability hypothesis” and the theory ofMarx’s organic composition of capital and profit margins downward trend can explain thecurrent crisis．However，Minsky’s explanation of the economic crisis，is not relate to thesystem，especially the capitalist economic system，and the real economy is not involvedyet，so Minsky’s crisis theory also has some limitations．Although his theory can explainsome financial crisis such as the current U.S.“subprime crisis”，which are asset bubblefactors are responsible，but it is difficult to interpret other types of economic crisis，as oftenoccurs in developing countries．...