Finance and the Realization Problem in Rosa Luxemburg: a ‘Circuitist’ Reappraisal

Abstract

The aim of this chapter is to show that Rosa Luxemburg’s analysis of capitalist accumulation is framed within a ‘circuitist’ macroeconomic reading of capitalism as a monetary production economy. The strengths and limits of her approach are to be found elsewhere than suggested by usual criticisms, especially those advocated by Marxist authors. Rosa Luxemburg cannot be reduced to the uncertain theoretical status of an ‘under-consumptionist’. On the contrary, she presents a clear (although incomplete) picture of the macro-monetary and sequential working of the capitalist process.KeywordsPolitical EconomyWage EarnerCapitalist SystemEffective DemandIndustrial CapitalistThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.