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Has "It" Happened Again?

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  • Louis-Philippe Rochon
  • Sergio Rossi

Abstract

The ongoing global financial crisis, which originated in the United States, quickly spread to a number of countries around the world. Since it began to unravel in the summer of 2007, it has spread with an intensity rarely seen and claimed a great number of victims. The rise of a finance-dominated capitalist system implies profound changes in the way domestic economies operate. In particular, financialization contributed to the decoupling of finance from production as we moved away from a Keynesian production economy to a "predatory" type of financial capitalism, in which the role of banks in particular changed significantly: the bank-firm relationship inherent in the monetary circuit was replaced with a bank-financial market relationship. The financialization of the economy had many important consequences, notably on income distribution, and it is particularly through income distribution that financialization affects economic activity. Throughout this crisis, the profession has rediscovered both Keynes and Minsky, or so it seems. It is against a backdrop of financialization that the Keynesian/Minskyian dimension of the current crisis is discussed in this issue.

Suggested Citation

  • Louis-Philippe Rochon & Sergio Rossi, 2010. "Has "It" Happened Again?," International Journal of Political Economy, Taylor & Francis Journals, vol. 39(2), pages 5-9.
    • Handle: RePEc:mes:ijpoec:v:39:y:2010:i:2:p:5-9
    DOI: 10.2753/IJP0891-1916390201
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    Citations

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    Cited by:

    1. Pasquale TRIDICO, 2013. "The impact of the economic crisis on EU labour markets: A comparative perspective," International Labour Review, International Labour Organization, vol. 152(2), pages 175-190, June.
    2. Yulia Vymyatnina & Mikhail Pakhnin, 2014. "Application of Minsky's Theory to State-Dominated Economies," EUSP Department of Economics Working Paper Series 2014/03, European University at St. Petersburg, Department of Economics.
    3. Ferguson, Jodie L., 2014. "Implementing price increases in turbulent economies: Pricing approaches for reducing perceptions of price unfairness," Journal of Business Research, Elsevier, vol. 67(1), pages 2732-2737.
    4. Simone Berardi & Gabriele Tedeschi, 2016. "How banks’ strategies influence financial cycles: An approach to identifying micro behavior," Working Papers 2016/24, Economics Department, Universitat Jaume I, Castellón (Spain).
    5. Recchioni, Maria Cristina & Tedeschi, Gabriele & Gallegati, Mauro, 2015. "A calibration procedure for analyzing stock price dynamics in an agent-based framework," Journal of Economic Dynamics and Control, Elsevier, vol. 60(C), pages 1-25.
    6. Ruggero Grilli & Gabriele Tedeschi & Mauro Gallegati, 2015. "Markets connectivity and financial contagion," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 10(2), pages 287-304, October.
    7. Tedeschi, Gabriele & Recchioni, Maria Cristina & Berardi, Simone, 2019. "An approach to identifying micro behavior: How banks’ strategies influence financial cycles," Journal of Economic Behavior & Organization, Elsevier, vol. 162(C), pages 329-346.
    8. Yulia Vymyatnina & Mikhail Pakhnin, 2014. "Application of Minsky's Theory to State-Dominated Economies," EUSP Department of Economics Working Paper Series Ec-03/14, European University at St. Petersburg, Department of Economics.

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