Global Financial Crisis: Causes and Lessons - A Neo-Schumpeterian perspective

Horst Hanusch () and Florian Wackermann
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Horst Hanusch: University of Augsburg, Department of Economics

No 303, Discussion Paper Series from Universitaet Augsburg, Institute for Economics

Abstract: This paper analyses the current financial crisis from a Neo-Schumpeterian perspective. We postulate four linkages that led to the crisis, and that will help us find our way out of the crisis. Therefore, we show that the current evolution is very similar to the Japanese crisis in the beginning of the 1990s. Furthermore, we address the issue why the world was faced with this crisis in such an unprepared way and look at the deficiencies in current economic theories that are responsible for the fact that we did not foresee this development. Besides, we elaborate that the crisis is not a systemic default of the capitalistic system but that it is rather a consequence of its enormous success. Finally, we propose the Neo-Schumpeterian Corridor as a theoretical framework that can help avoid such dramatic evolutions as the current crisis and look at possibilities to overcome this situation.

Keywords: financial crisis; Neo-Schumpeterian Corridor; crisis evolution; governmental role (search for similar items in EconPapers)
JEL-codes: B52 G01 H11 N20 O20 (search for similar items in EconPapers)
Date: 2009-02
New Economics Papers: this item is included in nep-fmk, nep-pke and nep-rmg
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:aug:augsbe:0303

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