Establishment of the Marxist Theory Model of Loan Capital Reproduction:On the Reasons for the Outbreak of Contemporary Capitalist Debt Crisis
Karl Marx used industrial capital as an example to reveal the equilibrium conditions and optimal ratios required for the circulation of total social capital in the social reproduction theory.However,he did not include idle capital and loan capital deposited in the capital circulation in the model of the two major depart-ments of social reproduction.The article expands Marx's interpretation of two major departments of social re-production,establishes a model of loan capital reproduction,and explores the reasons for capitalist debt crisis.Firstly,with the assumption that expanding investment in reproduction is not entirely effective,idle capital is introduced into the model of social capital expansion reproduction,and the continuous accumulation of idle capital will lead to overproduction.Secondly,loan capital is introduced on the basis of idle capital to establish a model of loan capital expansion reproduction,and the dynamics of idle capital and loan capital in expansion reproduction is investigated.After the introduction of loan capital,the reproduction model can be employed to analyze debt.The results indicate that capitalist production inevitably leads to the accumulation of debt,trig-gering a debt crisis and ultimately leading to the outbreak of an economic crisis.Economic growth rate,inter-est rate,and leverage ratio from the last year are the main factors affecting the outbreak and scale of an eco-nomic crisis.
Two Major DepartmentsIdle CapitalLoan CapitalDebt CrisisEconomic Crisis
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