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Showing posts from May, 2010

Marx on Religion.

" The foundation of irreligious criticism is: Man makes religion, religion does not make man. Religion is, indeed, the self-consciousness and self-esteem of man who has either not yet won through to himself, or has already lost himself again. But man is no abstract being squatting outside the world. Man is the world of man – state, society. This state and this society produce religion, which is an inverted consciousness of the world, because they are an inverted world. Religion is the general theory of this world, its encyclopaedic compendium, its logic in popular form, its spiritual point d’honneur, its enthusiasm, its moral sanction, its solemn complement, and its universal basis of consolation and justification. It is the fantastic realization of the human essence since the human essence has not acquired any true reality. The struggle against religion is, therefore, indirectly the struggle against that world whose spiritual aroma is religion.

Religious suffering is, at one and…

Minsky and the Financial Crisis.

Hyman P. Minsky’s “Financial Instability Hypothesis” has received renewed interest in light of the current malaise. Minsky attempted to formulate an endogenous theory of financial instability and in this pursuit he focused primarily on income-debt relations and the negotiation between bankers and businessman. This hypothesis is predicated upon the existence of an intricate and highly evolved financial system operating within a capitalist economy. Based upon this assumption Minsky’s hypothesis is a partial explanation of the current crisis. The scope of analysis presented in the hypothesis does not venture to explain the interconnections between the financial sector and the real economy. The increased relative importance of finance and the process of financialization that underlay the current financial crisis are completely outside of the parameters of the financial instability hypothesis. From the perspective of policy formation, explanations of the crisis in terms of both its proxim…