Great crises of the twentieth and twenty-first centuries: a Schumpeterian perspective on financial innovations

Faruk Ülgen and Lyubov Klapkiv
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Lyubov Klapkiv: UMCS - Maria Curie-Sklodowska University

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Abstract: This entry provides a comparative study on the roots of the two great crises of contemporary capitalism: the Great Depression of the 1930s and the Great Crisis of 2007–2008. To this end, we draw upon the Schumpeterian analysis of the evolutionary dynamics of a capitalist economy and put forward the characteristics of financial innovations as a significant source of instability leading to systemic crises.

Keywords: Entrepreneurial innovations; Financial innovations; Reckless finance; Schumpeter (search for similar items in EconPapers)
Date: 2023
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Published in Hsu, Sara. Elgar Encyclopedia of Financial Crises, Edward Elgar, pp.181-188, 2023, 978-1-80037-735-6. ⟨10.4337/9781800377363.ch42⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04477096

DOI: 10.4337/9781800377363.ch42

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