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The Origins of the 2007-2009 Economic and Financial Crisis

Author

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  • Figuera, Stefano

    (Università di Catania)

Abstract

The 2007-2009 economic and financial crisis revealed the structural fragility of the capitalist economy, particularly with regard to monetary and credit systems. This raises the need to reconsider the role of monetary policy and the limits imposed upon it. An awareness of the monetary essence of our capitalist economies, and of the role played by both money and banks is essential for appropriate regulation. The intrinsic limitations of the neoclassical approach, which also characterize the so-called new-consensus model, lead us to search for a hypothesis of reform based on recognition of the essential role played by credit money, as suggested by monetary circuit as well as monetary production theories, in light of Keynes's intuitions.

Suggested Citation

  • Figuera, Stefano, 2010. "The Origins of the 2007-2009 Economic and Financial Crisis," European Journal of Economic and Social Systems, Lavoisier, vol. 23(1), pages 97-117.
    • Handle: RePEc:ris:ejessy:0045
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    More about this item

    Keywords

    Financial Crisis; Monetary Circuit; New Consensus Model;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G01 - Financial Economics - - General - - - Financial Crises

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