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Financialization, distribution, and macroeconomic regimes before and after the crisis: a post-Keynesian view on Denmark, Estonia, and Latvia

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  • Petra Dünhaupt
  • Eckhard Hein

Abstract

Since the early 1980s, financialization has become an increasingly important trend in developed capitalist countries, with different timing, speed, and intensities in different countries. Rising inequality has been a major feature of this trend. Shares of wages in national income have declined and personal income inequality has increased. Against this background unsustainable demand and growth regimes have developed that dominated the major economies before the crisis: the ‘debt-led private demand boom’ and the ‘export-led mercantilist’ regime. The article applies this post-Keynesian approach to the macroeconomics of finance-dominated capitalism of three Baltic Sea countries, Denmark, Estonia, and Latvia, both for the pre-crisis and the post-crisis period. First, the macroeconomics of finance-dominated capitalism are briefly reiterated. Second, the financialization-distribution nexus is examined for the three countries. Third, macroeconomic demand and growth regimes are analyzed, both before and after the crisis.

Suggested Citation

  • Petra Dünhaupt & Eckhard Hein, 2019. "Financialization, distribution, and macroeconomic regimes before and after the crisis: a post-Keynesian view on Denmark, Estonia, and Latvia," Journal of Baltic Studies, Taylor & Francis Journals, vol. 50(4), pages 435-465, October.
  • Handle: RePEc:taf:rbalxx:v:50:y:2019:i:4:p:435-465
    DOI: 10.1080/01629778.2019.1680403
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    Cited by:

    1. Benjamin Jungmann, 2023. "Growth drivers in emerging capitalist economies: building blocks for a post-Keynesian analysis and an empirical exploration of the years before and after the Global Financial Crisis," Review of Evolutionary Political Economy, Springer, vol. 4(2), pages 349-386, July.
    2. Hein, Eckhard & van Treeck, Till, 2024. "Financialisation and demand and growth regimes: A review of post-Keynesian contributions," ifso working paper series 32, University of Duisburg-Essen, Institute for Socioeconomics (ifso).
    3. Eckhard Hein & Franz Prante & Alessandro Bramucci, 2023. "Demand and growth regimes in finance-dominated capitalism and a progressive equality-, sustainability- and domestic demand-led alternative: A post-Keynesian simulation approach," PSL Quarterly Review, Economia civile, vol. 76(305), pages 181-202.

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