抄録
This paper consists of three chapters. The first one explains briefly the contents of K. Marx's "The capital" regarding the economic crisis. He treated this subject all over the book. As the causes of crisis he indicated the over-production of capital, the over-production of commodities, the disproportion among social production, the restricted consumption of the masses, etc. The second one explains briefly the contents of R. Hilferding's "The financing capital" regarding the transformations of economic crisis in the stage of the financial capitalism. He pointed out that the transformation was brought about by the imperfect market-competition organized by big enterprises, the control of the big banks, the regulations by the central bank, etc. In the third one, we emphasize that the Marxian arguments about the causes of the financial crises are more effective than the arguments of other economic theory. Of course, the process of the business fluctuations have changed in various aspects in the recent stage of the financial capitalism compared with former stages. The causes of the changes are, besides above-mentioned factors, for instance, the influence of political interventions to the economy by the state, or the peculiar enlargement of speculative financial behaviors among companies suffering from declining business. According to the Marxian theories, especially Unoist's arguments, the core of the causes is the crash between the decline of profit-rate due to the over-investment and the rise of interest rate or the tightening of finance due to the decreasing prospect of refund. In spite of many changes, this opinion is effective for approaching to the recent financial crises as well.
