Putting the money back in capitalism: towards a financial Keynesian institutional economic geographic synthesis

Daniel Haberly

Chapter 3 in A Research Agenda for Economic Geography, 2025, pp 27-46 from Edward Elgar Publishing

Abstract: In the years following the global financial crisis, heterodox Keynesian and post-Keynesian economic approaches, and in particular those derived from Hyman Minsky, have become increasingly influential within as well as beyond the field of economics. However, despite their largely shared intellectual and ideological proclivities, economic geographers have continued to engage in only a limited manner with heterodox economics. Building on the post-Keynesian global financial network (GFN) framework, this chapter proposes an economic geography research agenda derived from the situation of Minsky's self-described “financial Keynesian”-Schumpeterian model of endogenous credit money production and interconnected financial and technological innovation, at the center of a “variegated” economic geographic Polanyian and Veblenian institutional evolutionary synthesis. Following Minsky and Veblen, this synthesis views capitalism as fundamentally a “financial system” governed by “pecuniary rationality,” which is centered on the unstable dynamics of credit money production and accumulation as chiefly predicated on forward-looking rent monetization.

Keywords: Post-Keynesian economic geography; Minsky; Veblen; Financialization; Institutional and evolutionary economic geography; Global financial networks (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035339914
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