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Unemployment and unequal income distribution were singled out by J.M. Keynes, in the General Theory, as major faults of capitalist
economies. This paper argues that there is a negative relationship between financialization and unemployment. In particular,
we develop a simple Post Keyneian/Kaleckian model and explore distribution as well as institutional channels through which
financialization might have negatively affected the employment performance of capitalist economies, undermining the social
cohesion and egalitarian development. Furthermore, we argue that in the face of financialization full employment is likely
to be attainable under the institutionalization of an Employer of Last Resort (hereafter ELR) policy strategy. 相似文献
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Giorgos Argitis 《Journal of economic issues》2016,50(3):834-850
The purpose of this article is to provide an exposition of Thorstein Veblen’s contribution to financial macroeconomics. I argue that Veblen conceptualizes and contextualizes how the financial structure of effective demand is predisposed to endogenous non-sustainable leverage processes, manipulation, and speculation. I stress that Veblen advances a cultural-financial theory of investment and brings forward the role that pecuniary and emulation instincts play in institutionalizing predatory and fraudulent activities which destabilize the macroevolution of monetary production economies. I underline that Veblen patterns financial macroeconomic fragility and instability within the institutions of the business enterprise system. 相似文献
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The appreciation of the consequences of financial globalizationis an important task for contemporary political economy. Thispaper maintains that industrial and macroeconomic instabilityfaced by many developed and developing countries is likely tobe attributed, to an extent, to changes in income distributionin favour of rentiers, financiers and other groups of financialcapitalists. We elaborate on Marx's and Keynes's ideas and arguethat a rise in rentiers' income might have been an obstacleto industry's investment decisions, and detrimental to capitalaccumulation. The econometric analysis conducted provides evidencein line with the paper's major hypothesis for the United Statesand the UK. 相似文献
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Unemployment and unequal income distribution were singled out by J.M. Keynes, in the General Theory, as major faults of capitalist economies. This paper argues that there is a negative relationship between financialization and unemployment. In particular, we develop a simple Post Keyneian/Kaleckian model and explore distribution as well as institutional channels through which financialization might have negatively affected the employment performance of capitalist economies, undermining the social cohesion and egalitarian development. Furthermore, we argue that in the face of financialization full employment is likely to be attainable under the institutionalization of an Employer of Last Resort (hereafter ELR) policy strategy. 相似文献
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The purpose of this paper is to develop Minskyan financial fragility indices for the government sector and to examine the financial structure of the Greek government before and after the onset of the sovereign debt crisis in 2009. We provide empirical evidence that clearly shows the growing financial fragility of the Greek public sector in the 2000s. We also assess the effectiveness of the implemented bailout adjustment programmes in Greece and claim that the conducted austerity measures and fiscal consolidation have not significantly improved the financial posture of the Greek government sector. We argue that the implementation of fiscal and wage austerity in an economy that lacks structural competitiveness produces prolonged recession and unemployment with adverse feedback effects on the financial fragility of the government. 相似文献
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