Finance and the Realization Problem in Rosa Luxemburg: a ‘Circuitist’ Reappraisal

Abstract

The article shows that Rosa Luxemburg’s analysis of capitalist accumulationis framed within a ‘circuitist’ macroeconomic reading of capitalism as a monetaryproduction economy. Authors examine Luxemburg’s reading of the enlargedreproduction scheme introduced in volume II of Marx’s Capital and summarizecritiques of Luxemburg’s approach by Nikolai Bukharin, Michał Kalecki and JoanRobinson. Authors argue that Rosa Luxemburg cannot be reduced to the status ofan ‘under-consumptionist’ but she presents a clear picture of the macro-monetaryand sequential working of the capitalist process.

Keywords

• Róża Luksemburg
• obieg pieniężny
• akumulacja kapitału
• reprodukcja rozszerzona
• efektywny popyt
• Michał Kalecki
• Joan Robinson