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'Marxism Gone Mad': Tugan-Baranovsky on crises, their possibility and their periodicity

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  • Daniele Besomi

Abstract

Tugan-Baranovsky's theory of crises has two components: a theory of markets, defining the condition under which expanded reproduction can take place, and a theory of crises proper, explaining how any rupture of equilibrium is amplified and extended to the whole system and gives rise to periodical fluctuations. The former, based on the Marxian schemes of reproduction, is logically preliminary to the latter, which relies on the accumulation and depletion of loanable funds. In spite of Tugan's insistence on this nexus, academic commentators have ignored Tugan's theory of markets, while Marxist critics have focused exclusively on this aspect and charged Tugan with upholding Say's Law. While this reading is not entirely justified, there is indeed a deep difference between Tugan's and Marx's interpretation of crises. While Marx considers crises as the necessary corrective to the systematic and necessary breaches of equilibrium, Tugan sees equilibrium as the norm and crises a deviation from it, albeit recurring and periodical.

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  • Daniele Besomi, 2006. "'Marxism Gone Mad': Tugan-Baranovsky on crises, their possibility and their periodicity," Review of Political Economy, Taylor & Francis Journals, vol. 18(2), pages 147-171.
    • Handle: RePEc:taf:revpoe:v:18:y:2006:i:2:p:147-171
    DOI: 10.1080/09538250600571338
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    References listed on IDEAS

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    1. Barnett, Vincent, 2001. "Tugan-Baranovsky as a Pioneer of Trade Cycle Analysis," Journal of the History of Economic Thought, Cambridge University Press, vol. 23(4), pages 443-466, December.
    2. Bernice Shoul, 1957. "Karl Marx and Say's Law," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 71(4), pages 611-629.
    3. I. S. Koropeckyj, 1991. "The Contribution of Mykhailo Tuhan-Baranovsky to Monetary Economics," History of Political Economy, Duke University Press, vol. 23(1), pages 61-78, Spring.
    4. Kenway, Peter, 1980. "Marx, Keynes and the Possibility of Crisis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 4(1), pages 23-36, March.
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    1. François Allisson, 2021. "Tugan‑Baranovsky and the West," Russian Journal of Economics, ARPHA Platform, vol. 7(1), pages 19-33, March.
    2. Michaelides, Panayotis G. & Milios, John G. & Vouldis, Angelos, 2007. "Schumpeter and Lederer on Growth, Technology, Credit and Business Cycles," MPRA Paper 74486, University Library of Munich, Germany.
    3. Colacchio, Giorgio, 2005. "On the origins of non-proportional economic dynamics: A note on Tugan-Baranowsky's traverse analysis," Structural Change and Economic Dynamics, Elsevier, vol. 16(4), pages 503-521, December.
    4. Angelos Vouldis & Panayotis Michaelides & John Milios, 2011. "Emil Lederer and the Schumpeter-Hilferding-Tugan-Baranowsky Nexus," Review of Political Economy, Taylor & Francis Journals, vol. 23(3), pages 439-460.

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