Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/312831 
Authors: 
Year of Publication: 
2023
Citation: 
[Journal:] Journal of Evolutionary Economics [ISSN:] 1432-1386 [Volume:] 33 [Issue:] 4 [Publisher:] Springer [Place:] Berlin, Heidelberg [Year:] 2023 [Pages:] 963-990
Publisher: 
Springer, Berlin, Heidelberg
Abstract: 
During the past decades, industrial capitalism has been transformed into something which has been dubbed 'Casino Capitalism', 'Turbo Capitalism' or 'Money Manager Capitalism' by different authors: financial accumulation has outpaced real accumulation. This process of 'financialisation' has been discussed quite intensively in the literature with respect to its historical determinants and its macroeconomic effects, yet it has not been studied thoroughly whether the shift from the production and allocation of commodities and services towards the origination and distribution of loans and assets as the main activity of non-financial companies challenges our theoretical principles and, therefore, demands a new macroeconomic approach. The objective of this paper is to argue in a preliminary way that financialisation is not merely to be understood as the relative growth of the financial sector based on a deepening of financial intermediation but as a structural transformation of the core business of non-financial firms. This is based on an extended post-Keynesian theory of monetary production and an application of Minskian short- and long-term instability cycles.
Subjects: 
John Maynard Keynes
Hyman P. Minsky
Monetary production economy
Industrial capitalism
Financial capitalism
Financial Instability Hypothesis
JEL: 
G01
G20
E12
E32
E44
E5
E60
N10
P16
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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