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Marx on Public Debt: Fiscal Expropriation and Capital Reproduction

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  • Guglielmo Forges Davanzati
  • Rosario Patalano

Abstract

Marx devoted little attention to the functions of the State (and, particularly, to the role of public debt) in the capitalist system, and in more recent times, little attention has been devoted to this issue on the part of Marxist scholars. Starting from a reconstruction of Marx’s view on this issue, this article aims to analyze the effects of the expansion of public debt on capital reproduction in Marx’s thought and to derive a criterion of public debt sustainability consistent with Marx’s view.

Suggested Citation

  • Guglielmo Forges Davanzati & Rosario Patalano, 2017. "Marx on Public Debt: Fiscal Expropriation and Capital Reproduction," International Journal of Political Economy, Taylor & Francis Journals, vol. 46(1), pages 50-64, January.
    • Handle: RePEc:mes:ijpoec:v:46:y:2017:i:1:p:50-64
    DOI: 10.1080/08911916.2017.1310474
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    References listed on IDEAS

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    1. Graziani,Augusto, 2003. "The Monetary Theory of Production," Cambridge Books, Cambridge University Press, number 9780521812115, September.
    2. L. Randall Wray, 1999. "Theories of Value and the Monetary Theory of Production," Economics Working Paper Archive wp_261, Levy Economics Institute.
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    Cited by:

    1. Charles Bahr & Lee Hui Shan & Alfred Lam, 2020. "The Macroeconomic Effects of Public Debt: An Empirical Analysis of Evidence from Canada," Journal of Accounting, Business and Finance Research, Scientific Publishing Institute, vol. 10(1), pages 1-9.
    2. Carolina Alves, 2023. "Fictitious capital, the credit system, and the particular case of government bonds in Marx," New Political Economy, Taylor & Francis Journals, vol. 28(3), pages 398-415, May.

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