The 2007-2009 Economic and Financial Crisis: An Analysis in Terms of Monetary Circuits

Louis-Philippe Rochon and Sergio Rossi
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Sergio Rossi: University of Fribourg

European Journal of Economic and Social Systems, 2010, vol. 23, issue 1, 7-23

Abstract: The 2007-2009 economic and financial crisis has been the result of systemic events and failures. Understanding its ultimate origins requires therefore a systemic approach. This is provided by monetary circuit theory, also known as the monetary theory of production, for it considers the workings of a monetary economy of production from a macroeconomic point of view. The selected papers in this issue explain the causes of the 2007-2009 crisis referring to the (disorderly) working of monetary circuits in our finance-dominated capitalist systems. Moving from a positive to a normative analysis, the contributions to this special issue point out a number of economic-policy reforms at a structural level, designed to avert that a further systemic crisis might occur in any monetary economies of production and exchange.

Keywords: Financial crises; Monetary Circuit; Monetary Theory of Production (search for similar items in EconPapers)
JEL-codes: B51 E32 E44 G01 P16 (search for similar items in EconPapers)
Date: 2010
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