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Schumpeter on money, banking and finance: an institutionalist perspective

Agnès Festré () and Eric Nasica

The European Journal of the History of Economic Thought, 2009, vol. 16, issue 2, 325-356

Abstract: In this paper we provide an institutional interpretation of Schumpeter's analysis of money, banking and finance. We justify this interpretation by considering first Schumpeter's overall methodological perspective, in particular the role played by economic sociology in his approach, and second by showing that the way Schumpeter describes the successive steps of economic development - circular flow, steady state and development - provides a good illustration of how institutional change is progressively introduced into his analytical framework and of the leading role of the banking system in the overall evolution of the financial system.

Keywords: Banking system; economic development; institutional change; economic sociology; economic rationality (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1080/09672560902891101

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