The Capitalist Economy as a Credit Economy

Joseph Stiglitz

Chapter 3 in Towards a General Theory of Deep Downturns: Presidential Address from the 17th World Congress of the International Economic Association in 2014, 2016, pp 47-60 from Palgrave Macmillan

Abstract: Abstract Since excessive credit expansions have preceded many deep downturns, particularly important is an understanding of finance, the credit creation process and banking, which in a modern economy are markedly different from the way envisioned in more traditional models.

Keywords: Interest Rate; Monetary Policy; Aggregate Demand; Credit Default Swap; Capitalist Economy (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/978-1-137-58691-9_4

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