Neoinstytucjonalne aspekty interpretacji światowego kryzysu finansowego

Marian Turek

Published : 2014-06-30

Vol. 54 No. 3 (2014)

A Neo-institutional Interpretation of the Global Financial Crisis

Marian Turek

Abstract

The paper presents a neo-institutional economics outlook on the 2008 financial crisis. The first part of the article offers a brief account of institutionalism, with special attention to where it differs from neoclassical economics. The second part provides a neo-institutional explanation of the global financial crisis. Section three identifies some economic policy measures that could help materialize the much awaited, improved modern version of the welfare state. The strand of economics that has inspired this paper may be termed as "post-Keynesian institutionalism," which is particularly strong in the USA and originates in the ideas of Thorstein B. Veblen, Wesley C. Mitchell, and John R. Commons. In addition, some of John M. Keynes's and Joseph A. Schumpeter's contributions to economics have been drawn upon. The well-received works of Hyman P. Minsky are, on the other hand, the main source of post-Keynesian neo-institutionalist citations.(original abstract)

Keywords:

Financial crisis, Institutionalism, New institutionalism, Institutional economics

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Turek, M. (2014). A Neo-institutional Interpretation of the Global Financial Crisis. Zeszyty Naukowe Wyższej Szkoły Bankowej W Poznaniu, 54(3). Retrieved from https://journals.wsb.poznan.pl/index.php/znwsb/article/view/1121

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