Skip to main content
SpringerLink
Log in

A Keynesian Perspective on ‘Financialisation’

  • Chapter
21st Century Keynesian Economics

Part of the book series: International Papers in Political Economy Series ((IPPE))

Abstract

Keynesian and Kaleckian demand driven distribution and growth models, based on the notion of distribution conflict between different groups, have been critical regarding the macroeconomic effects of ‘financialisation’. In the present paper, firstly, we attempt to identify theoretically and empirically the main channels of influence of ‘financialisation’ on investment, saving and distribution in order to obtain a precise macroeconomic meaning of ‘financialisation’ in a distribution and growth context. Secondly, we analyse the effects of ‘financialisation’ in a simple stock-flow consistent distribution and growth model and we show that with ‘normal’ parameter constellations ‘financialisation’ generates systemic instability.

This study summarises some results of a research project at the Macroeconomic Policy Institute (IMK), Hans Boeckler Foundation, on ‘Financial systems and economic growth’. For helpful discussions and comments, and for assistance in the collection of literature and data, I would like to thank Katharina Dröge, Petra Dünhaupt, Till van Treeck, and Klara Zwickl. I am also grateful for the comments and suggestions by the participants in the conferences at the School of Oriental and African Studies (SOAS), London, and at the University of the Basque Country, Bilbao, and in particular by Philip Arestis and Malcolm Sawyer. Remaining errors are, of course, my own.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 84.99
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 109.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 109.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Aglietta, M. (2000), ‘Shareholder value and corporate governance: some tricky questions’, Economy and Society, 29, pp. 146–59.

    Article  Google Scholar 

  • Arestis, P., Baddeley, M. and Sawyer, M. (2006), ‘Is capital stock a determinant of unemployment?’, in E. Hein, A. Heise and A. Truger (eds), Wages, Employment, Distribution and Growth. International Perspectives, Basingstoke: Palgrave Macmillan.

    Google Scholar 

  • Arestis, P., Baddeley, M. and Sawyer, M. (2007), ‘The relationship between capital stock, unemployment and wages in nine EMU countries’, Bulletin of Economic Research, 59, pp. 125–39.

    Article  Google Scholar 

  • Arestis, P. and Biefang-Frisancho Mariscal, I. (2000), ‘Capital stock, unemployment and wages in the UK and Germany’, Scottish Journal of Political Economy, 47, pp. 487–503.

    Article  Google Scholar 

  • Arestis, P. and Sawyer, M. (2005a), ‘Financial liberalization and the finance-growth nexus: what have we learned?’, in P. Arestis and M. Sawyer (eds), Financial Liberalization. Beyond Orthodox Concerns, Basingstoke: Palgrave Macmillan.

    Chapter  Google Scholar 

  • Arestis, P. and Sawyer, M. (2005b), ‘Aggregate demand, conflict and capacity in the inflationary process’, Cambridge Journal of Economics, 29, pp. 959–74.

    Article  Google Scholar 

  • Argitis, G. and Pitelis, C. (2001), ‘Monetary policy and the distribution of income: evidence for the United States and the United Kingdom’, Journal of Post Keynesian Economics, 23, pp. 617–38.

    Article  Google Scholar 

  • Bhaduri, A., Laski, K. and Riese, M. (2006), ‘A model of interaction between the virtual and the real economy’, Metroeconomica, 57, pp. 412–27.

    Article  Google Scholar 

  • Bhaduri, A. and Marglin, S. (1990), ‘Unemployment and the real wage: the economic basis for contesting political ideologies’, Cambridge Journal of Economics, 14, pp. 375–93.

    Google Scholar 

  • Bhaskar, V. and Glyn, A. (1995), ‘Investment and profitability: the evidence from the advanced capitalist countries’, in G.A. Epstein and H.M. Gintis (eds), Macroeconomic Policy after the Conservative Era, Cambridge/UK: Cambridge University Press.

    Google Scholar 

  • Boone, L., Giorno, C. and Richardson, P. (1998), ‘Stock market fluctuations and consumption behaviour—some recent evidence’, OECD Economics Department Working Papers No. 208, Paris.

    Google Scholar 

  • Boone, L. and Girouard, N. (2002), ‘The stock market, the housing market and consumer behaviour’, OECD Economic Studies, no. 35, pp. 175–200.

    Google Scholar 

  • Boyer, R. (2000), ‘Is a finance-led growth regime a viable alternative to Fordism? A preliminary analysis’, Economy and Society, 29, pp. 111–45.

    Article  Google Scholar 

  • Brainard, W. and Tobin, J. (1968), ‘Pitfalls in financial model building’, American Economic Review. Papers and Proceedings, 58, pp. 99–122.

    Google Scholar 

  • Chirinko, R.S. (1993), ‘Business fixed investment spending: modelling strategies, empirical results and policy implications’, The Journal of Economic Literature, 31, pp. 1875–911.

    Google Scholar 

  • Cordonnier, L. (2006), ‘Le profit sans l’accumulation: la recette du capitalisme domin par la finance’, Innovations. Cahiers d’Economie de l’Innovation, 23, pp. 51–72.

    Google Scholar 

  • Crotty, J. (1990), ‘Owner-management conflict and financial theories of investment instability: a critical assessment of Keynes, Tobin, and Minsky’, Journal of Post Keynesian Economics, 12, pp. 519–42.

    Article  Google Scholar 

  • Dallery, T. (2008), ‘Post-Keynesian theories of the firm under financialization’, paper presented at the Workshop ‘Financialization: Post-Keynesian Approaches’, University of Lille 1 (April).

    Google Scholar 

  • Davis, M.A. and Palumbo, M. (2001), ‘A primer on the economics and time series econometrics of wealth effects’, Finance and Economics Discussion Series, 2001–09, Federal Reserve Board, Washington, DC.

    Google Scholar 

  • Demetriades, P. and Adrianova, S. (2004), ‘Finance and growth: what we know and what we need to know’, in C. Goodhart (ed.), Financial Development and Economic Growth. Explaining the Links, Basingstoke: Palgrave Macmillan.

    Google Scholar 

  • Dreger, C. and Slacalek, J. (2007), ‘Finanzmarktentwicklung, Immobilienpreise und Konsum’, DIW Wochenbericht, 74, pp. 533–6.

    Google Scholar 

  • Dumnil, G. and Lvy, D. (2001), ‘Costs and benefits of neoliberalism: a class analysis’, Review of International Political Economy, 8, pp. 578–607.

    Article  Google Scholar 

  • Dumnil, G. and Lvy, D. (2004a), ‘The real and financial components of profitability (USA 1948–2000)’, Review of Radical Political Economics, 36, pp. 82–110.

    Article  Google Scholar 

  • Dum nil, G. and L vy, D. (2004b), ‘Neoliberal income trends. Wealth, class and ownership in the USA’, New Left Review, 30, pp. 105–33.

    Google Scholar 

  • Dumnil, G. and Lvy, D. (2005), ‘Costs and benefits of neoliberalism: a class analysis’, in G.A. Epstein (ed.), Financialization and the World Economy, Cheltenham: Edward Elgar.

    Google Scholar 

  • Dutt, A.K. (1995): ‘Internal finance and monopoly power in capitalist econo mies: a reformulation of Steindl’s growth model’, Metroeconomica, 46, pp. 16–34.

    Article  Google Scholar 

  • Dutt, A.K. (2005), ‘Conspicuous consumption, consumer debt and economic growth’, in M. Setterfield (ed.), Interactions in Analytical Political Economy: Theory, Policy and Applications, Armonk, New York: M.E. Sharpe.

    Google Scholar 

  • Dutt, A.K. (2006), ‘Maturity, stagnation and consumer debt: a Steindlian approach’, Metroeconomica, 57, pp. 339–64.

    Article  Google Scholar 

  • Eatwell, J. and Taylor, L. (2000), Global Finance at Risk, Cambridge, UK: Polity Press.

    Google Scholar 

  • Edison, H. and Slok, T. (2001), ‘Wealth effects and the new economy’, IMF Working Papers 01/77, Washington, DC: International Monetary Fund.

    Google Scholar 

  • Epstein, G.A. (ed.) (2005), Financialization and the World Economy, Cheltenham: Edward Elgar.

    Google Scholar 

  • Epstein, G.A. and Jayadev, A. (2005), ‘The rise of rentier incomes in OECD countries: financialization, central bank policy and labor solidarity’, in G.A. Epstein (ed.), Financialization and the World Economy, Cheltenham: Edward Elgar.

    Google Scholar 

  • Epstein, G.A. and Power, D. (2003), ‘Rentier incomes and financial crises: an empirical examination of trends and cycles in some OECD countries’, Working Paper Series No. 57, Political Economy Research Institute, University of Massachusetts, Amherst.

    Google Scholar 

  • Godley, W. and Lavoie, M. (2007), Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth, Basingstoke: Palgrave Macmillan.

    Google Scholar 

  • Graziani, A. (1989), ‘The theory of the monetary circuit’, Thames Paper in Political Economy, Spring, London.

    Google Scholar 

  • Graziani, A. (1994), ‘Monetary circuits’, in P. Arestis and M. Sawyer (eds), The Elgar Companion to Radical Political Economy, Aldershot: Edward Elgar.

    Google Scholar 

  • Hannsgen, G. (2004), ‘Gibson’s paradox, monetary policy, and the emergence of cycles’, Working Paper no. 410, The Levy Economics Institute at Bard College, Annandale-on-Hudson, New York.

    Google Scholar 

  • Hannsgen, G. (2006a), ‘Gibson’s paradox II’, Working Paper no. 448, The Levy Economics Institute at Bard College, Annandale-on-Hudson, New York.

    Google Scholar 

  • Hannsgen, G. (2006b), ‘The transmission mechanism of monetary policy: a critical review’, in P. Arestis and M. Sawyer (eds), A Handbook of Alternative Monetary Economics, Cheltenham: Edward Elgar.

    Google Scholar 

  • Harrod, R.F. (1939), ‘An essay in dynamic theory’, The Economic Journal, 49, pp. 14–33.

    Article  Google Scholar 

  • Hein, E. (2005), ‘Finanzstruktur und Wirtschaftswachstum—theoretische und empirische Aspekte’, IMK Studies 1/2005, Macroeconomic Policy Institute (IMK) at Hans Boeckler Foundation, Duesseldorf.

    Google Scholar 

  • Hein, E. (2007), ‘Interest rate, debt, distribution and capital accumulation in a post-Kaleckian model’, Metroeconomica, 57, pp. 310–39.

    Article  Google Scholar 

  • Hein, E. (2008a), Money, Distribution Conflict and CapitalAccumulation: Contributions to ‘Monetary Analysis’, Basingstoke: Palgrave Macmillan.

    Google Scholar 

  • Hein, E. (2008b), ‘Rising shareholder power: effects on distribution, capacity utilisation and capital accumulation in Kaleckian/Post-Kaleckian models’, in E. Hein, T. Niechoj, P. Spahn and A. Truger (eds), Finance-led Capitalism? Macroeconomic Effects of Changes in the Financial Sector, Marburg: Metropolis.

    Google Scholar 

  • Hein, E. (2009), ‘“Financialisation”, distribution, capital accumulation and productivity growth in a Post-Kaleckian model’, Berlin School of Economics and Law, Institute for International Political Economy, Working Paper, 1/2009.

    Google Scholar 

  • Hein, E. (2010), ‘Shareholder value orientation, distribution and growth—short-and medium-run effects in a Kaleckian model’, Metroeconomica, 61, 302–32.

    Article  Google Scholar 

  • Hein, E. and Stockhammer, E. (2010), ‘Macroeconomic policy mix, employment and inflation in a Post-Keynesian alternative to the New Consensus model’, Review of Political Economy, forthcoming.

    Google Scholar 

  • Hein, E. and van Treeck, T. (2010a), ‘“Financialisation” in Post-Keynesian models of distribution and growth—a systematic review’, in M. Setterfield (ed.), Handbook of Alternative Theories of Economic Growth, Cheltenham: Edward Elgar, forthcoming.

    Google Scholar 

  • Hein, E. and van Treeck, T. (2010b), ‘Financialisation and rising shareholder power in Kaleckian/Post-Kaleckian models of distribution and growth’, Review of Political Economy, forthcoming.

    Google Scholar 

  • Kaldor, N. (1966), ‘Marginal productivity and the macro-economic theories of growth and distribution’, Review of Economic Studies, 33, pp. 309–19.

    Article  Google Scholar 

  • Kaldor, N. (1970), ‘The new monetarism’, Lloyds Bank Review, 97, pp. 1–17.

    Google Scholar 

  • Kaldor, N. (1982), The Scourge of Monetarism, Oxford: Oxford University Press.

    Google Scholar 

  • Kaldor, N. (1985), ‘How Monetarism failed’, Challenge, 28 (2), pp. 4–13.

    Article  Google Scholar 

  • Kalecki, M. (1937), ‘The principle of increasing risk’, Economica, 4, pp. 440–7.

    Article  Google Scholar 

  • Kalecki, M. (1954), Theory of Economic Dynamics, London: George Allen and Unwin.

    Google Scholar 

  • Krippner, G.R. (2005), ‘The financialization of the American economy’, Socio-Economic Review, 3, pp. 173–208.

    Article  Google Scholar 

  • Lavoie, M. (1984), ‘The endogenous flow of credit and the post-Keynesian theory of money’, Journal of Economic Issues, 18, pp. 771–97.

    Article  Google Scholar 

  • Lavoie, M. (1992), Foundations of Post-Keynesian Economic Analysis, Aldershot: Edward Elgar.

    Google Scholar 

  • Lavoie, M. (1995): ‘Interest rates in post-Keynesian models of growth and distribution’, Metroeconomica, 46, pp. 146–77.

    Article  Google Scholar 

  • Lavoie, M. (1996), ‘Horizontalism, structuralism, liquidity preference and the principle of increasing risk’, Scottish Journal of Political Economy, 43, pp. 275–300.

    Article  Google Scholar 

  • Lavoie, M. (1998), ‘The Neo-Pasinetti theorem in Cambridge and Kaleckian models of growth and distribution’, Eastern Economic Journal, 24, pp. 417–34.

    Google Scholar 

  • Lavoie, M. (2008), ‘Financialisation issues in a Post-Keynesian stock-flow consistent model’, Intervention. European Journal of Economics and Economic Policies, 5, pp. 331–56.

    Article  Google Scholar 

  • Lavoie, M. (2009), ‘Cadrisme within a Post-Keynesian model of growth and distribution’, Review of Political Economy, 21, pp. 369–91.

    Article  Google Scholar 

  • Lavoie, M. and Godley, W. (2001–2), ‘Kaleckian models of growth in a coherent stock-flow monetary framework: a Kaldorian view’, Journal of Post Keynesian Economics, 22, pp. 277–311.

    Article  Google Scholar 

  • Lazonick, W. and O’Sullivan, M. (2000), ‘Maximizing shareholder value: a new ideology for corporate governance’, Economy and Society, 29 (1), pp. 13–35.

    Article  Google Scholar 

  • Levine, R. (2003), ‘More on finance and growth: more finance, more growth?’, Federal Reserve Bank of St. Louis Review, 85 (4), pp. 31–46.

    Google Scholar 

  • Levine, R. (2005), ‘Finance and growth: theory and evidence’, in P. Aghion and S. Durlauf (eds), Handbook of Economic Growth, Amsterdam: Elsevier.

    Google Scholar 

  • Lima, G.T. and Setterfield, M. (2008), Pricing behaviour and the cost-push channel of monetary policy, manuscript, http://www.trincoll.edu/~setterfimark_setterfield.htm.

    Google Scholar 

  • Ludvigson, S. and Steindel, C. (1999), ‘How important is the stock market effect on consumption?’, Federal Reserve Bank of New York Economic Policy Review, July, pp. 29–51.

    Google Scholar 

  • Ludwig, A. and Slok, T. (2001), ‘The impact of changes in stock prices and in house prices on consumption’, IMF Working Papers 02/1, Washington, DC: International Monetary Fund.

    Google Scholar 

  • Ludwig, A. and Slok, T. (2004), ‘The relationship between stock, house prices and consumption in OECD countries’, MEA Discussion Paper Series 04044, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim.

    Google Scholar 

  • Medlen, C. (2003), ‘The trouble with Q’, Journal of Post Keynesian Economics, 25, pp. 693–8.

    Google Scholar 

  • Mehra, Y.P. (2001), ‘The wealth effect in empirical life-cycle aggregate consumption equations’, Federal Reserve Bank of Richmond Economic Quarterly, 87 (2), pp. 45–68.

    Google Scholar 

  • Moore, B.J. (1988), Horizontalists and Uerticalists: The Macroeconomics of Credit Money, Cambridge, UK: Cambridge University Press.

    Google Scholar 

  • Moore, B.J. (1989), ‘The endogeneity of credit money’, Review of Political Economy, 1, pp. 65–93.

    Article  Google Scholar 

  • Ndikumana, L. (1999), ‘Debt service, financing constraints, and fixed investment: evidence from panel data’, Journal of Post Keynesian Economics, 21, pp. 455–78.

    Article  Google Scholar 

  • Orhangazi, Ö. (2008), ‘Financialisation and capital accumulation in the nonfinancial corporate sector: a theoretical and empirical investigation on the US economy: 1973–2003’, Cambridge Journal of Economics, 32, pp. 863–86.

    Article  Google Scholar 

  • Palley, T. (1994), ‘Debt, aggregate demand, and the business cycle: an analysis in the spirit of Kaldor and Minsky’, Journal of Post Keynesian Economics, 16, pp. 371–90.

    Article  Google Scholar 

  • Palley, T. (1996), Post Keynesian Economics. Debt, Distribution and the Macro Economy, Basingstoke: Macmillan.

    Book  Google Scholar 

  • Palley, T. (2006), ‘Class conflict and the Cambridge theory of income distribution’, in E. Hein, A. Heise and A. Truger (eds), Wages, Employment, Distribution and Growth. International Perspectives, Basingstoke: Palgrave Macmillan.

    Google Scholar 

  • Palley, T. (2008), ‘Financialisation: what it is and why it matters’, in E. Hein, T. Niechoj, P. Spahn and A. Truger (eds), Finance-led Capitalism? Macroeconomic Effects of Changes in the Financial Sector, Marburg: Metropolis.

    Google Scholar 

  • Pasinetti, L.L. (1974), Growth and Income Distribution, Cambridge, UK: Cambridge University Press.

    Google Scholar 

  • Piketty, T. and Saez, E. (2003), ‘Income inequality in the United States, 1913–1998’, The Quarterly Journal of Economics, 143, pp. 1–39.

    Article  Google Scholar 

  • Piketty, T. and Saez, E. (2006), ‘The evolution of top incomes: a historical and international perspective’, American Economic Review: Papers and Proceedings, 96, pp. 200–5.

    Article  Google Scholar 

  • Poterba, J.M. (2000), ‘Stock market wealth and consumption’, Journal of Economic Perspectives, 14 (2), pp. 99–118.

    Article  Google Scholar 

  • Rowthorn, R.E. (1995), ‘Capital formation and unemployment’, Oxford Review of Economic Policy, 11 (1), pp. 26–39.

    Article  Google Scholar 

  • Rowthorn, R.E. (1999), ‘Unemployment, wage bargaining and capital-labour substitution’, Cambridge Journal of Economics, 23, pp. 413–25.

    Article  Google Scholar 

  • Sawyer, M. (2002), ‘The NAIRU, aggregate demand and investment’, Metroeconomica, 53, pp. 66–94.

    Article  Google Scholar 

  • Seccareccia, M. (1996), ‘Post Keynesian fundism and monetary circulation’, in G. Deleplace and E. Nell (eds), Money in Motion, London: Macmillan.

    Google Scholar 

  • Seccareccia, M. (2003), ‘Pricing, investment and the financing of production within the framework of the monetary circuit: some preliminary evidence’, in L.-P. Rochon and S. Rossi (eds), Modern Theories of Money, Cheltenham: Edward Elgar.

    Google Scholar 

  • Skott, P. (1988), ‘Finance, saving and accumulation’, Cambridge Journal of Economics, 12, pp. 339–54.

    Google Scholar 

  • Skott, P. (1989), Conflict and Effective Demand in Economic Growth, Cambridge, UK: Cambridge University Press.

    Book  Google Scholar 

  • Skott, P. and Ryoo, S. (2008a), ‘Macroeconomic implications of financialization’, Cambridge Journal of Economics, 32, pp. 827–62.

    Article  Google Scholar 

  • Skott, P. and Ryoo, S. (2008b), ‘Financialization in Kaleckian economics with and without labor constraints’, Intervention. European Journal of Economics and Economic Policies, 5, pp. 357–86.

    Article  Google Scholar 

  • Steindl, J. (1976), Maturity and Stagnation in American Capitalism, 2nd edition, New York and London: Monthly Review Press.

    Google Scholar 

  • Stockhammer, E. (2004), ‘Financialisation and the slowdown of accumulation’, Cambridge Journal of Economics, 28, pp. 719–41.

    Article  Google Scholar 

  • Stockhammer, E. (2005–6), ‘Shareholder value orientation and the investmentprofit puzzle’, Journal of Post Keynesian Economics, 28, pp. 193–215.

    Google Scholar 

  • Stockhammer, E. (2008), ‘Some stylized facts on the finance-dominated accumulation regime’, Competition and Change, 12, pp. 189–207.

    Google Scholar 

  • Taylor, L. (2004), Reconstructing Macroeconomics: Structuralists Proposals and Critiques of the Mainstream, Cambridge, Mass.: Harvard University Press.

    Google Scholar 

  • Tobin, J. (1969), ‘A general equilibrium approach to monetary theory’, Journal of Money, Credit and Banking, 1, pp. 15–29.

    Article  Google Scholar 

  • Tobin, J. and Brainard, W. (1990), ‘On Crotty’s critique of Q-theory’, Journal of Post Keynesian Economics, 12, pp. 543–9.

    Article  Google Scholar 

  • van Treeck, T. (2008), ‘Reconsidering the investment-profit nexus in finance-led economies: an ARDL-based approach’, Metroeconomica, 59, pp. 371–404.

    Article  Google Scholar 

  • van Treeck, T. (2009a), ‘A synthetic stock-flow consistent macroeconomic model of financialisation’, Cambridge Journal of Economics, 33, pp. 467–93.

    Article  Google Scholar 

  • van Treeck, T. (2009b), ‘The political economy debate on “financialisation”—a macroeconomic perspective’, Review of International Political Economy, 16, pp. 907–44.

    Article  Google Scholar 

  • van Treeck, T., Hein, E. and Dünhaupt, P. (2007), ‘Finanzsystem und wirtschaftliche Entwicklung: neuere Tendenzen in den USA und in Deutschland’, IMK Studies 5/2007, Macroeconomic Policy Institute ( IMK) at Hans Boeckler Foundation, Duesseldorf.

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Berlin School of Economics and Law, Germany

    Eckhard Hein

Authors
  1. Eckhard Hein
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Editors and Affiliations

  1. Honorary Senior Departmental Fellow, Cambridge Centre for Economics and Public Policy, UK

    Philip Arestis (Professor of Economics, Distinguished Adjunct Professor of Economics, Senior Scholar, Visiting Professor) (Professor of Economics, Distinguished Adjunct Professor of Economics, Senior Scholar, Visiting Professor)

  2. Department of Land Economy, University of Cambridge, UK

    Philip Arestis (Professor of Economics, Distinguished Adjunct Professor of Economics, Senior Scholar, Visiting Professor) (Professor of Economics, Distinguished Adjunct Professor of Economics, Senior Scholar, Visiting Professor)

  3. Department of Applied Economics V, University of the Basque Country, Spain

    Philip Arestis (Professor of Economics, Distinguished Adjunct Professor of Economics, Senior Scholar, Visiting Professor) (Professor of Economics, Distinguished Adjunct Professor of Economics, Senior Scholar, Visiting Professor)

  4. Department of Economics, University of Utah, USA

    Philip Arestis (Professor of Economics, Distinguished Adjunct Professor of Economics, Senior Scholar, Visiting Professor) (Professor of Economics, Distinguished Adjunct Professor of Economics, Senior Scholar, Visiting Professor)

  5. Levy Economics Institute, New York, USA

    Philip Arestis (Professor of Economics, Distinguished Adjunct Professor of Economics, Senior Scholar, Visiting Professor) (Professor of Economics, Distinguished Adjunct Professor of Economics, Senior Scholar, Visiting Professor)

  6. Leeds Business School, University of Leeds, UK

    Philip Arestis (Professor of Economics, Distinguished Adjunct Professor of Economics, Senior Scholar, Visiting Professor) (Professor of Economics, Distinguished Adjunct Professor of Economics, Senior Scholar, Visiting Professor)

  7. University of Leeds, UK

    Malcolm Sawyer (Professor of Economics) (Professor of Economics)

Copyright information

© 2010 Eckhard Hein

About this chapter

Cite this chapter

Hein, E. (2010). A Keynesian Perspective on ‘Financialisation’. In: Arestis, P., Sawyer, M. (eds) 21st Century Keynesian Economics. International Papers in Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1057/9780230285415_4

Download citation

Publish with us

Policies and ethics

Search

Navigation