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- Title
A Keynesian–Minskian perspective on the transformation of industrial into financial capitalism.
- Authors
Heise, Arne
- Abstract
During the past decades, industrial capitalism has been transformed into something which has been dubbed 'Casino Capitalism', 'Turbo Capitalism' or 'Money Manager Capitalism' by different authors: financial accumulation has outpaced real accumulation. This process of 'financialisation' has been discussed quite intensively in the literature with respect to its historical determinants and its macroeconomic effects, yet it has not been studied thoroughly whether the shift from the production and allocation of commodities and services towards the origination and distribution of loans and assets as the main activity of non-financial companies challenges our theoretical principles and, therefore, demands a new macroeconomic approach. The objective of this paper is to argue in a preliminary way that financialisation is not merely to be understood as the relative growth of the financial sector based on a deepening of financial intermediation but as a structural transformation of the core business of non-financial firms. This is based on an extended post-Keynesian theory of monetary production and an application of Minskian short- and long-term instability cycles.
- Subjects
KEYNES, John Maynard, 1883-1946; CAPITALISM; INTERMEDIATION (Finance); LOAN originations; FINANCIALIZATION; MACROECONOMICS
- Publication
Journal of Evolutionary Economics, 2023, Vol 33, Issue 4, p963
- ISSN
0936-9937
- Publication type
Article
- DOI
10.1007/s00191-023-00840-8