Abstract

MARX'S CRISES THEORY: SCARCITY, LABOR AND FINANCE by Michael Perelman New York: Praeger, 1987. 250 pp., $37.95 Perelman shows that Marx assigns a major role to money in bringing about instability under capitalism. The ideology of cheap credit promotes malinvestment and overproduction, which cause the economic crises that will eventually lead to the revolution that will overthrow capitalism. Yet cheap credit serves the interests of capitalists and the state. After a survey of the nineteenth? and twentieth?century literature on Marx's monetary theory, parallels between that theory and the views of Austrian?school economists are pursued