- Florya Chronicles of Political Economy
- Volume:3 Issue:1
- The Bilateral Relationship between the Dynamics of Economic Crises in Capitalism and the Role of the...
The Bilateral Relationship between the Dynamics of Economic Crises in Capitalism and the Role of the Financial Sector
Authors : Onur ÖZDEMİR
Pages : 131-162
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Publication Date : 2017-04-01
Article Type : Research Paper
Abstract :This study focuses on three different approaches to the role of finance and the financial sector in economy-wide relations and in specific conditions of economic crises. First, we investigate the Minskyan framework in dealing with the roots and the reasons of financial crises. Second, we look at Crooty’s research on financial relations in order to understand the role of money, credit, and financial intermediation in Marx’s crisis theory. Third, we summarise the position of Schumpeter in this debate and his two basic approaches which are the increase in the rate of total output and the term ‘creative destruction’ in order to analyse the dynamics of capitalist crisesKeywords : Capitalism, Financial Crisis, Financial Intermediation, Financial Sector, Money
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