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Implications of the recent financial crisis for firm innovation

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  • William Milberg
  • Nina Shapiro

Abstract

This paper shifts the focus of discussion on the 2008 financial crisis from the problems of the financial sector to its effects on the real economy. We step back from the immediate facts of the crisis to consider the reason for finance and its importance in firm innovation, both theoretically and historically, and argue that (1) innovation has special financing requirements, being dependent on equity finance, and (2) while stock markets have promoted innovation in the past, the financialization of enterprises has changed the relation between stock prices and innovation, with adverse consequences for the growth of economies.

Suggested Citation

  • William Milberg & Nina Shapiro, 2013. "Implications of the recent financial crisis for firm innovation," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 36(2), pages 207-230.
    • Handle: RePEc:mes:postke:v:36:y:2013:i:2:p:207-230
    DOI: 10.2753/PKE0160-3477360202
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    Cited by:

    1. Radhika Balakrishnan & William Milberg, 2019. "Firm innovation and capitalist dialectics: The economics of Nina Shapiro," The Economic and Labour Relations Review, , vol. 30(4), pages 467-477, December.
    2. Alberto Botta, 2017. "The Complex Inequality–Innovation–Public Investment Nexus: What We (Don’t) Know, What We Should Know and What We Have to Do," Forum for Social Economics, Taylor & Francis Journals, vol. 46(3), pages 275-298, July.
    3. Zora Kovacic & Marcello Spanò & Samuele Lo Piano & Alevgul H. Sorman, 2018. "Finance, energy and the decoupling: an empirical study," Journal of Evolutionary Economics, Springer, vol. 28(3), pages 565-590, August.
    4. Shan Xu & Lili Guo, 2023. "Financialization and Corporate Performance in China: Promotion or Inhibition?," Abacus, Accounting Foundation, University of Sydney, vol. 59(3), pages 776-817, September.
    5. Xiaoye Liu & Kedong Yin & Yun Cao, 2021. "Contribution of the Optimization of Financial Structure to the Real Economy: Evidence from China’s Financial System Using TVP-VAR Model," Mathematics, MDPI, vol. 9(18), pages 1-21, September.
    6. Yingying Zhou & Yuehan Du & Fengyi Lei & Ziru Su & Yifei Feng & Jie Li, 2021. "Influence of Financialization of Heavily Polluting Enterprises on Technological Innovation under the Background of Environmental Pollution Control," IJERPH, MDPI, vol. 18(24), pages 1-21, December.
    7. Robert H. Wade, 2014. "‘Market versus State’ or ‘Market with State’: How to Impart Directional Thrust," Development and Change, International Institute of Social Studies, vol. 45(4), pages 777-798, July.

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