Arbeitspapier
Causes and consequences of the financial crisis and the implications for a more resilient financial and economic system
The increasing dominance of finance starting in the late 1970s/early 1980s in the US and the UK, and somewhat later in other countries, was associated with two fundamental and structural processes generating the contradictions of this phase of development and finally the financial and economic crises starting in 2007: the deregulation of the financial (and economic) system and the massive redistribution of income at the expense of labour and low income households. These fundamental processes provided the conditions for the generation of major imbalances within some of the national economies, on the one hand, and at the international level, on the other hand. These imbalances and contradictions led eventually to the deep financial and economic crisis, starting in 2007. Therefore, a more resilient financial and economic system requires the re-regulation and downsizing of the financial sector, the re-distribution of income (and wealth) from top to bottom and from capital to labour, the re-orientation of macroeconomic policies towards stabilizing domestic demand at non-inflationary full employment levels, and the re-creation of international monetary and economic policy coordination.
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Paper ; No. 61/2016
- Classification
-
Wirtschaft
Distribution: General
Institutions and the Macroeconomy
General Aggregative Models: Marxian; Sraffian; Kaleckian
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Macroeconomics: Consumption; Saving; Wealth
Investment; Capital; Intangible Capital; Capacity
Aggregate Factor Income Distribution
Financial Markets and the Macroeconomy
Policy Objectives; Policy Designs and Consistency; Policy Coordination
Studies of Particular Policy Episodes
Financial Crises
- Subject
-
financialisation
distribution
growth
financial and economic crisis
resilient financial and economic system
- Event
-
Geistige Schöpfung
- (who)
-
Hein, Eckhard
- Event
-
Veröffentlichung
- (who)
-
Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE)
- (where)
-
Berlin
- (when)
-
2016
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Hein, Eckhard
- Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE)
Time of origin
- 2016
Other Objects (12)
Distribution, 'financialisation' and the financial and economic crisis: Implications for post-crisis economic policies
Finance-dominated capitalism, re-distribution and the financial and economic crises: A European perspective
Financialisation and tendencies towards stagnation: The role of macroeconomic regime changes in the course of and after the financial and economic crisis 2007-9
Financialisation and the financial and economic crises: The case of Germany
Finance-dominated capitalism, re-distribution, household debt and financial fragility in a Kaleckian distribution and growth model
The trading behaviour in financial markets and the impacts on the real economy became the theme of my life'
Institutions and macroeconomic performance: Central bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union
Institutions and macroeconomic performance: Central Bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union
Inequality and growth: Marxian and post-Keynesian/Kaleckian perspectives on distribution and growth regimes before and after the Great Recession
Demand and growth regimes in finance-dominated capitalism and the role of the macroeconomic policy regime: a post-Keynesian comparative study on France, Germany, Italy and Spain before and after the Great Financial Crisis and the Great Recession
Welfare models and demand-led growth regimes before and after the financial and economic crisis
Financialisation and the financial and economic crises: Theoretical framework and empirical analysis for 15 countries
Distribution, 'financialisation' and the financial and economic crisis: Implications for post-crisis economic policies
Finance-dominated capitalism, re-distribution and the financial and economic crises: A European perspective
Financialisation and tendencies towards stagnation: The role of macroeconomic regime changes in the course of and after the financial and economic crisis 2007-9
Financialisation and the financial and economic crises: The case of Germany
Finance-dominated capitalism, re-distribution, household debt and financial fragility in a Kaleckian distribution and growth model
The trading behaviour in financial markets and the impacts on the real economy became the theme of my life'
Institutions and macroeconomic performance: Central bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union
Institutions and macroeconomic performance: Central Bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union
Inequality and growth: Marxian and post-Keynesian/Kaleckian perspectives on distribution and growth regimes before and after the Great Recession
Demand and growth regimes in finance-dominated capitalism and the role of the macroeconomic policy regime: a post-Keynesian comparative study on France, Germany, Italy and Spain before and after the Great Financial Crisis and the Great Recession
Welfare models and demand-led growth regimes before and after the financial and economic crisis
Financialisation and the financial and economic crises: Theoretical framework and empirical analysis for 15 countries
Distribution, 'financialisation' and the financial and economic crisis: Implications for post-crisis economic policies
Finance-dominated capitalism, re-distribution and the financial and economic crises: A European perspective
Financialisation and tendencies towards stagnation: The role of macroeconomic regime changes in the course of and after the financial and economic crisis 2007-9
Financialisation and the financial and economic crises: The case of Germany
Finance-dominated capitalism, re-distribution, household debt and financial fragility in a Kaleckian distribution and growth model
The trading behaviour in financial markets and the impacts on the real economy became the theme of my life'
Institutions and macroeconomic performance: Central bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union
Institutions and macroeconomic performance: Central Bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union
Inequality and growth: Marxian and post-Keynesian/Kaleckian perspectives on distribution and growth regimes before and after the Great Recession
Demand and growth regimes in finance-dominated capitalism and the role of the macroeconomic policy regime: a post-Keynesian comparative study on France, Germany, Italy and Spain before and after the Great Financial Crisis and the Great Recession
Welfare models and demand-led growth regimes before and after the financial and economic crisis