Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/178654
Authors: 
Dünhaupt, Petra
Hein, Eckhard
Year of Publication: 
2018
Series/Report no.: 
Working Paper No. 104/2018
Abstract: 
Since the early 1980s, financialisation has become an increasingly important trend in developed capitalist countries, with different beginnings, speed and intensities in different countries. Rising inequality has been a major feature of this trend. Shares of wages in national income have declined and personal income inequality has increased. Against this background unsustainable demand and growth regimes have developed and dominated the major economies before the crisis: the "debt-led private demand boom" and the "export-led mercantilist" regime. The current paper applies this post-Keynesian approach on the macroeconomics of finance-dominated capitalism to three Baltic Sea countries, Denmark, Estonia and Latvia, both for the pre-crisis and the post-crisis period. First, the macroeconomics of finance-dominated capitalism are briefly reiterated. Second, the financialisation-distribution nexus is examined for the three countries. Third, macroeconomic demand and growth regimes are analysed, both before and after the crisis.
Subjects: 
finance-dominated capitalism
financialisation
distribution
financial and economic crisis
Kaleckian theory of distribution
JEL: 
D31
D33
D43
F40
F43
G01
Document Type: 
Working Paper

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