What I would like to know more about is the Max Adler/Rudolf Hilferding debate about the nature of the state in the 1920s.
best, rakesh
On Thu, 8 Oct 1998, Greg Nowell wrote:
> Guess who wrote this:
>
> A monetary crisis is not an absolutely necessary
> feature of the crisis, and may not always occur. Even
> during a crisis the turnover of commodities continues,
> even though on a much reduced scale. Within these
> limits circulation can be carried on with credit money,
> all the more so since the crisis does not affect all
> branches of production simultaneously or with equal
> force. Indeed, the slump in sales seems to reach its
> lowest point only when the situation is complicated by
> a monetary and banking crisis. If the necessary credit
> money is made available for circulation the monetary
> crisis can be averted; and even a single bank whose
> credit position is unimpaired can do this by advancing
> credit to industrialists against their collateral. In
> fact, monetary crises have been avoided whenever such
> an expansion of the ciruclation was possible, and on
> the other hand they have always occured when banks
> whose credit remained unimpaired were prevented from
> making credit money unavailable.
>
> (p. 274)
> --
> Gregory P. Nowell
> Associate Professor
> Department of Political Science, Milne 100
> State University of New York
> 135 Western Ave.
> Albany, New York 12222
>
> Fax 518-442-5298
>
>
>