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

The article shows that Rosa Luxemburg’s analysis of capitalist accumulation is framed within a ‘circuitist’ macroeconomic reading of capitalism as a monetary production economy. Authors examine Luxemburg’s reading of the enlarged reproduction scheme introduced in volume II of Marx’s Capital and summarize critiques of Luxemburg’s approach by Nikolai Bukharin, Michał Kalecki and Joan Robinson. Authors argue that Rosa Luxemburg cannot be reduced to the status of an ‘under-consumptionist’ but she presents a clear picture of the macro-monetary and sequential working of the capitalist process.... Mehr ...