A Keynesian-Minskian perspective on the transformation of industrial into financial capitalism

Arne Heise

No 96, ZÖSS-Discussion Papers from University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS)

Abstract: The capitalism John Maynard Keynes struggled to analyse was clearly an industrial capitalism in which the investor used physical capital only to end up with more money than he started with. It is particularly the post Keynesian school of 'monetary or fundamentalist Keynesianism' which elaborated Keynes's monetary theory of production into an alternative economic paradigm that replaces the exchange ontology with an ontology based on nominal obligations. As economic history reports a higher speed of financial than real asset accumulation over the past half a century - a process often dubbed "financialisation" -, doubts have been raised as to whether this transformation of industrial capitalism into financialised capitalism demands for a new macroeconomic approach.

Keywords: John Maynard Keynes; Hyman P. Minsky; monetary production economy; industrialcapitalism; financial capitalism; Financial Instability Hypothesis (search for similar items in EconPapers)
Date: 2022
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe, nep-mon and nep-pke
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/266415/1/1822520053.pdf (application/pdf)

Related works:
Journal Article: A Keynesian–Minskian perspective on the transformation of industrial into financial capitalism (2023)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:cessdp:96

Access Statistics for this paper

More papers in ZÖSS-Discussion Papers from University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS) Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().