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Cryptocurrency in Heterodox Economic Theory and Institutional Practice

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  • Eichacker, Nina

Abstract

While cryptocurrencies have existed since 1990, they have come to increasing prominence after 2009, when BitCoin was created. Since 2009, a proliferation of cryptocurrencies has emerged, prompting both debate and dramatic flurries of economic activity. While some argue that cryptocurrencies may present an alternative to state-backed fiat currencies, others characterize them as volatile financial assets that are used to exploit particularly vulnerable demographic groups. This chapter examines cryptocurrencies through two lenses: a historic-institutionalist account of how they have developed as both a financial asset and an alternative to the traditional centralized financial system based on banks, and a Keynesian analysis of crypto currencies as financial assets particularly prone to the generation of bubbles and crashes. It considers both the ecological and economic fallout from the creation of these assets, as well as lessons that traditional financial institutions may learn from cryptocurrencies and the institutions through which purchasers may access these assets.

Suggested Citation

  • Eichacker, Nina, 2024. "Cryptocurrency in Heterodox Economic Theory and Institutional Practice," SocArXiv 7kyrm, Center for Open Science.
    • Handle: RePEc:osf:socarx:7kyrm
    DOI: 10.31219/osf.io/7kyrm
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    References listed on IDEAS

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    1. Juliet Elu & Miesha Williams, 2023. "COVID-19 Cryptocurrency Investment: Wealth Disparities and Portfolio Diversification," Journal of Economics, Race, and Policy, Springer, vol. 6(1), pages 53-59, March.
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    3. Gonzálvez-Gallego, Nicolás & Pérez-Cárceles, María Concepción, 2021. "Cryptocurrencies and illicit practices: The role of governance," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 203-212.
    4. Lisa Mohanty & Gary Dymski, 1999. "Credit and Banking Structure: Asian and African-American Experience in Los Angeles," American Economic Review, American Economic Association, vol. 89(2), pages 362-366, May.
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