Bernácer’s Critical Analysis of Actual Capitalism: “A Free Economy Without Crisis and Without Unemployment”

  • Henri Savall


Bernácer could be considered a forerunner, as he criticized both speculative capitalism and Marxism. He recommends social liberalism by suggesting some improvements to capitalism, as presented in this chapter. He proposes a theory of Economic Crises and Underemployment based on the criticism of the so-called financial market, the roots of which are unearned income and hoarding. His extended concept of financial market incorporates speculative stock exchange operations, land, real estate, and pieces of art. He encourages a very low or null interest rate and fosters the entrepreneurial profit as a key mechanism of economic dynamics


Social liberalism Speculative capitalism criticism Financial market criticism Unearned income Hoarding Disposable funds theory Unearned income-yielding assets Disequilibria theory Period analysis Full employment proposal 


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  • Henri Savall
    • 1

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