Towards a Non-Conventional Circuit Approach: Credit, Microcredit and Property Rights

Lilia Costabile

Chapter 13 in The Monetary Theory of Production, 2005, pp 203-216 from Palgrave Macmillan

Abstract: Abstract In the circuit approach, as developed by Augusto Graziani (1980, 1988, 1996, 2004), credit plays a fundamental role, as firms open up the monetary circuit by buying the services of labour, in exchange for the money which they receive as credit from the banking system. Graziani’s approach assumes that the banking sector adopts conventional principles, thus ensuring that some agents have privileged access to credit, while others undergo severe ‘credit rationing’.

Keywords: Bargaining Power; Real Wage; Banking Sector; Capability Approach; Relative Deprivation (search for similar items in EconPapers)
Date: 2005
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DOI: 10.1057/9780230523074_14

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