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Money and Development in Schumpeter

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  • Riccardo Bellofiore

    (Dipartimento di Scienze Economiche, Istituto Universitario di Bergamo, Bergamo, Italy.)

Abstract

In Schumpeter's model of economic development money plays an essential role and capitalism is seen as a structurally unstable process. These distinctive features of Schumpeterian theory are due to the endogeneity of innovations and, as a consequence, of money supply. The endogenous nature of technical change and the picture of the capitalist process as a monetary circuit are also important elements in the Marxian critique of political economy. This paper reviews the Schumpeterian system, confronts it with Marx's theory, and proposes Schumpeter (as well as the heterodox stream in monetary analysis in which he must be placed) as a more appropriate critical reference for a renewal of Marxian theory of value, money and capital than Ricardian or neo-Ricardian theories.

Suggested Citation

  • Riccardo Bellofiore, 1985. "Money and Development in Schumpeter," Review of Radical Political Economics, Union for Radical Political Economics, vol. 17(1-2), pages 21-40, March.
    • Handle: RePEc:sae:reorpe:v:17:y:1985:i:1-2:p:21-40
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    Cited by:

    1. Eugenio Caverzasi & Daniele Tori, 2018. "The Financial Innovation Hypothesis: Schumpeter, Minsky and the sub-prime mortgage crisis," Working Papers PKWP1815, Post Keynesian Economics Society (PKES).
    2. Randall Wray, 1993. "Government Deficits, Liquidity Preference, and Schumpeterian Innovation," Economics Working Paper Archive wp_99, Levy Economics Institute.
    3. Jan Toporowski, 2013. "The Elgar Companion to Hyman Minsky," Review of Political Economy, Taylor & Francis Journals, vol. 25(1), pages 175-177, January.
    4. Dimitri B. Papadimitriou & L. Randall Wray, 2010. "Introduction: Minsky on Money, Banking and Finance," Chapters, in: Dimitri B. Papadimitriou & L. Randall Wray (ed.), The Elgar Companion to Hyman Minsky, chapter 1, Edward Elgar Publishing.

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