Re: [OPE] Two queries, from a friend

From: Michael Heinrich <>
Date: Thu Jan 27 2011 - 16:45:17 EST

> An acquaintance writes to me with two questions (which I of course
> can't answer; at least the first one). I thought I might ask the
> intrepid scholars of OPE whether they have any information/insights on
> these that I might share.
> David
> =================================================================
> I pose to you two questions that, I am sure, will require no more than
> five minutes to answer. (Of course, I will completely understand if
> this is asking too much of your busy day.)
> (1) On p. 21 of /Crisis Economics (2010)/, authors Nouriel Roubini
> and Stephen Mihm state that one of Marx's prominent British
> contemporaries, Walter Bagehot, argued in an 1873 book ". . . that a
> central bank should act as a lender of last resort when a panic and
> bank run occurs [/sic/] . . . ." Question: Given Marx's encyclopedic
> awareness of all things politico-economic, did he ever respond to such
> as Bagehot's claim, which claim amounts to a proto-Keynesian rebuttal
> to at least the financial side of Marx's crisis theory?

In the past I checked, if there are any traces of Bagehot's book
(Lombard Street. A Description of the Money market) in the works of
Marx. In the original manuscripts of "Capital" published in the second
section of MEGA the book is not mentioned. There is also an incomplete
list of books, possessed by Marx (see MEGA IV/32) but this list doesn't
include Bagehot's book. Still many excerpts are unpublished and there is
a possibility that he mentioned the book there. But I suppose he didn't,
because (as far as I know) Marx didn't mention Bagehot's book in his
letters. Probably Marx didn't know the book.


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Received on Thu Jan 27 16:49:57 2011

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