This survey of Marxian writing presents an analysis of the business cycle that involves both real developments, which determine the rate of profit, and financial factors, which have an impact through the availability of credit and the rate of interest. The paper also draws on the work of recent post-Keynesians, who have developed illuminating insights into how modern capitalist financial systems function. But in contrast to the impression created by some post-Keynesians, it argues that business cycles are not just a result of financial instability, and that while it might be possible to modify or ameliorate their effects, they cannot be eliminated.
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