Notes and Communications: The Financial Crisis: Origins and Remedies in a Critical Institutionalist Perspective
AbstractFirst, Veblen's distinction between industrial and pecuniary employments with special regard to speculation is introduced. Second, investment banking as a prime example for pecuniary activities is presented. Third, a dominant fundamentalist, market efficiency and a heterodox speculation paradigm of financial markets are distinguished. Fourth, ten proposals for financial market reform (e.g., decentralization) are proposed. Finally, it is asked why these reforms, which should support a productive-serviceable function of finance, will not be realized. This is due to a capturing of the public sector and the prevailing scientific and ideological habits of thought.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.
Volume (Year): 44 (2010)
Issue (Month): 3 (September)
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Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei
financial crisis; financial markets; regulation; speculation; Veblen;
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