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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