Abstract
Since excessive credit expansions have preceded many deep downturns, particularly important is an understanding of finance, the credit creation process and banking, which in a modern economy are markedly different from the way envisioned in more traditional models.
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© 2016 Joseph E. Stiglitz
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Stiglitz, J.E. (2016). The Capitalist Economy as a Credit Economy. In: Towards a General Theory of Deep Downturns: Presidential Address from the 17th World Congress of the International Economic Association in 2014. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-137-58691-9_4
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DOI: https://doi.org/10.1007/978-1-137-58691-9_4
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-88768-2
Online ISBN: 978-1-137-58691-9
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