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The Review of Evolutionary Political Economy inaugural issue, part 2

Author

Listed:
  • Silvano Cincotti

    (University of Genoa)

  • Wolfram Elsner

    (University of Bremen)

  • Nathalie Lazaric

    (Université Côte d’Azur, CNRS)

  • Anastasia Nesvetailova

    (City University London)

  • Engelbert Stockhammer

    (King’s College London)

Abstract

The present REPE issue 2-2020 is the second part of our inaugural "double pack". We were lucky to receive more papers for the inaugural issue than we could accommodate in one issue. So please enjoy another set of challenging original research papers gauging the field of evolutionary political economy. In Financialisation and the periodisation of capitalism: appearances and processes, Jan Toporowski argues that the analysis of financial processes is essential for understanding changes in the financial system. Only these processes give rise to appearances such as the statistical data that are the basis of most studies of financialization. Those processes are fundamentally determined by the structure of the financial system. Following Minsky, Toporowski focuses on corporate finance which, through its effect on business investment, influences the dynamics of the capitalist system. As financial structures change, this gives rise to particular phases of capitalist development. The paper thus builds on Minsky's historical institutional analysis, but offers a more systematic analysis. It offers a periodization of capitalism through mercantile capitalism, classic, bank-based capitalism, finance capital, state finance capitalism, to pension fund capitalism and capital market inflation. It shows how each period ends with financial difficulties that are overcome with financial innovation leading to a new financial structure with corresponding changes in financial processes. Specifically, the paper argues that the phase of capital market inflation, inaugurated by funded pension schemes in the last decades of the twentieth century, has come to an end in the illiquidity of capital markets that lies behind the 2008 financial crisis. The paper suggests that the measures of "unconventional monetary policy", or "Quantitative Easing", mark a new period of state finance capital with a return to the state support of a structurally illiquid capital market tha
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Suggested Citation

  • Silvano Cincotti & Wolfram Elsner & Nathalie Lazaric & Anastasia Nesvetailova & Engelbert Stockhammer, 2020. "The Review of Evolutionary Political Economy inaugural issue, part 2," Review of Evolutionary Political Economy, Springer, vol. 1(2), pages 145-148, August.
    • Handle: RePEc:spr:revepe:v:1:y:2020:i:2:d:10.1007_s43253-020-00020-5
    DOI: 10.1007/s43253-020-00020-5
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