Artikel
Credit expansion and development – A Schumpeterian and Keynesian view of the Chinese miracle
In neoclassical thinking, insufficient development is considered the result of a lack of resources, and an inefficient allocation. Deregulated markets have to guarantee a better allocation of resources as well as a net resource inflow to augment the domestic physical capital stock. From a Schumpeterian-Keynesian perspective, it is not the lack of physical resources and optimal allocation which prevent development. It is first and foremost the lack of a sufficient credit-investment mechanism which leads to the perpetuation of underdevelopment. It is shown here that the Schumpeterian-Keynesian perspective gives a much more plausible interpretation of the Chinese development than the neoclassical perspective. It is also shown under which regulations and conditions a credit-investment process in developing countries is possible.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Intervention. European Journal of Economics and Economic Policies ; ISSN: 2195-3376 ; Volume: 07 ; Year: 2010 ; Issue: 1 ; Pages: 71-89
- Klassifikation
-
Wirtschaft
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Financial Markets and the Macroeconomy
Financial Aspects of Economic Integration
Economic Growth of Open Economies
- Thema
-
credit
economic development
Schumpeter
Keynes
China
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Herr, Hansjörg
- Ereignis
-
Veröffentlichung
- (wer)
-
Metropolis-Verlag
- (wo)
-
Marburg
- (wann)
-
2010
- DOI
-
doi:10.4337/ejeep.2010.01.08
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Herr, Hansjörg
- Metropolis-Verlag
Entstanden
- 2010
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