IDEAS home Printed from https://ideas.repec.org/a/mes/ijpoec/v39y2010i2p5-9.html
   My bibliography  Save this article

Has "It" Happened Again?

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.2753/IJP0891-1916390201
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.2753/IJP0891-1916390201?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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. 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.
    3. 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.
    4. 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.
    5. 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).
    6. 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.
    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.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mes:ijpoec:v:39:y:2010:i:2:p:5-9. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/MIJP20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.