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Demand and growth regimes in finance-dominated capitalism and a progressive equality-, sustainability- and domestic demand-led alternative: A post-Keynesian simulation approach

Eckhard Hein, Franz Prante and Alessandro Bramucci

PSL Quarterly Review, 2023, vol. 76, issue 305, 181-202

Abstract: Making use of a post-Keynesian/Kaleckian two-country stock-flow consistent (SFC) simulation model, we shed light on different regimes in modern finance-dominated capitalism, their interaction at the global scale, and then on the changes in regimes after the 2007-09 crises. Most importantly, we present the main features of a progressive and more stable equality-, sustainability- and domestic demand-led regime. We show that the main features of such a regime will have to focus on a 'reformed capitalism' with regulated finance, a more equal distribution of income and active government fiscal policies, as guide posts for progressive social democracy.

Keywords: post-Keynesian macroeconomics; financialisation; growth regimes; inequality; debt; social capitalism; stock-flow consistent model (search for similar items in EconPapers)
JEL-codes: B59 E02 E11 E12 E25 E65 F41 O41 (search for similar items in EconPapers)
Date: 2023
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