Keywords
monetary circuit
accumulation
enlarged reproduction
effective demand
Michał Kalecki
Joan Robinson
How to Cite
Abstract
The article shows that Rosa Luxemburg’s analysis of capitalist accumulation
is framed within a ‘circuitist’ macroeconomic reading of capitalism as a monetary
production economy. Authors examine Luxemburg’s reading of the enlarged
reproduction scheme introduced in volume II of Marx’s Capital and summarize
critiques of Luxemburg’s approach by Nikolai Bukharin, Michał Kalecki and Joan
Robinson. Authors argue that Rosa Luxemburg cannot be reduced to the status of
an ‘under-consumptionist’ but she presents a clear picture of the macro-monetary
and sequential working of the capitalist process.
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