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| | MARXIAN ECONOMICS |
 | | Soon after the death of Karl Marx, a Marxian school of economics emerged under the leadership of Marx's inner circle of companions and co-writers, notably Friedrich Engels and Karl Kautsky, both of whom were German. |
 | | For instance, Karl Kautsky first replied that there was no theory of breakdown in Marx's work at all, and then, in 1902, Kautsky acknowledged there was a theory of "chronic depression" -- not a big-bang breakdown, but rather one that stressed the increasing severity of recurrent crises. |
 | | In Austria, Karl Renner became Chancellor (later President), while Otto Bauer served as secretary of state for foreign affairs (their minister of finance was, once again, Joseph Schumpeter, on whose unlucky shoulders the blame for the ensuing hyperinflation was placed). |
| cepa.newschool.edu /het/schools/marxian.htm (2381 words) |
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