Finance, Instability and Economic Crisis: The Marx, Keynes and Minsky Problems in Contemporary Capitalism
No 307, Working Papers from University of Crete, Department of Economics
This paper introduces a political-economy framework to investigate the role of finance in economic instability and crisis. It is argued that the rise in income of rentiers, private bankers and other groups of financial capitalists merits responsibility for the economic and financial instability, unemployment and an increasing risk of deflation and crisis that many capitalist countries face today. The paper considers a Marx, Keynes and Minsky problem associated with a rise in financial profits and argues that the impact of finance on economic activity is, to a large extent, determined by institutional and structural factors
Keywords: Finance; Income Distribution; Aggregate Demand; Instability; Crisis (search for similar items in EconPapers)
JEL-codes: B22 D33 E12 (search for similar items in EconPapers)
Pages: 27 pages
References: Add references at CitEc
Citations: View citations in EconPapers (3) Track citations by RSS feed
Downloads: (external link)
http://economics.soc.uoc.gr/wpa/docs/CAMBRIDGE.doc First version (application/msword)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:crt:wpaper:0307
Access Statistics for this paper
More papers in Working Papers from University of Crete, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Kostis Pigounakis ().