Doug Henwood writes: >> There are frequent affinities of this sort. Many, maybe most, >> Marxists share the Austrian view of credit and state bailouts - that >> easy credit and bailouts only postpone the inevitable crisis, and >> ensure that it will be worse when it finally arrives. For both, >> Keynes is the enemy (and gold the only authentic money).
Chapter 29 of Alan Ebenstein's Hayek biography contains a collection of quotations and citations to the Austrian/Marxist affinity. For example: "In an early LSE lecture, 'The Marxian Theory of Crises', Hayek praised book II of Marx's Capital in his lecture notes, emphasized it in his lecture bibliography, and placed Marx at almost the level of Adam Smith in general economics. Hayek's praise of book II of Capital followed Bohm-Bawerk's, who, while strongly faulting other parts of Marx's system, held of the second part of Capital that these 'parts of the system ... by their extraordinary logical consistency permanently establish the author as an intellectual force of the first rank. This long middle part of his work is really faultless.' " "Marxian writer Karl Kuhne wrote that "Marxian ideas have had certain repercussions in conservative circles. The great conservative von Hayek has had the courage to admit that he has been influenced by Marx via Tugan-Baranowsky and Spiethoff." Kuhne continued that "Marxian theory and over-capitalisation theories overlap. The true heir to this theory is an arch-conservative, von Hayek, who paradoxically and honestly recognized Marx's paternity ... The essential point is not to be found in von Hayek's conservative conclusions, but in his analysis of the causes of the boom and depression, which strongly resembles the Marxian one." David Shemano
