James Crotty is emeritus professor of economics at the University of Massachusetts Amherst. Along with his colleague Sam Bowles, he is one of the few radical heterodox economists to gain tenure at a leading American university.
Crotty’s main contribution to economics has been to try and synthesise Marx and Keynes. This ended up with Crotty arguing in his 1985 article “The Centrality of Money, Credit, and Financial Intermediation in Marx’s Crisis Theory”, “that Marx’s vision of capitalist crises cannot be understood except in terms of the development of the credit and the financial system, and that his discussion of these ideas anticipated the ideas on financial fragility later developed by Minsky and other Post Keynesians.” (quoted in an interview with JW Mason) In other words, Marx was really a post-Keynesian Minskyite.
I won’t discuss the validity of that view here because Crotty has a new book out, entitled
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