LONG-TERM STAGNATION AND FINANCIALISATION. A THEORETICAL COMPARISON BETWEEN KALECKIAN AND NEO-MARXIST APPROACHES

Giovanni Scarano ()

No 231, Departmental Working Papers of Economics - University 'Roma Tre' from Department of Economics - University Roma Tre

Abstract: Subsequent to the financial crisis of 2007-2008 there has been a revival of theories on the possibility of a “secular stagnation”. Some of these theories hark back to Alvin Hansen’s doctrine, developed on Keynesian bases. Nevertheless, they have shifted attention toward a disproportion between saving and investment only explained on the basis of demographic and technological factors, typical of a neoclassical framework of growth theory. However, the idea that neo-capitalist economies have an inherent tendency to stagnation has also long been the main research objective of many heterodox economists, in particular Kaleckian and neo-Marxist, who found stagnation to be a major result of the monopolistic nature of big corporations and the features of their monopolistic forms of competition. The paper deals with some of these theories and focuses on the role that corporate governance in big corporations can play in producing growing corporate savings and putting them into financial channels.

Keywords: Stagnation; Capacity Utilization; Corporate Savings; Financialisation; Financial Crises. (search for similar items in EconPapers)
JEL-codes: B51 E11 E12 E32 G35 (search for similar items in EconPapers)
Pages: 21
Date: 2017-12
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac and nep-pke
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