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Schumpeter on money, banking and finance: an institutionalist perspective

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  • Agnes Festre
  • Eric Nasica

Abstract

In this paper we provide an institutional interpretation of Schumpeter's analysis of money, banking and finance. We justify this interpretation by considering first Schumpeter's overall methodological perspective, in particular the role played by economic sociology in his approach, and second by showing that the way Schumpeter describes the successive steps of economic development�-�circular flow, steady state and development�-�provides a good illustration of how institutional change is progressively introduced into his analytical framework and of the leading role of the banking system in the overall evolution of the financial system.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal The European Journal of the History of Economic Thought.

Volume (Year): 16 (2009)
Issue (Month): 2 ()
Pages: 325-356

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Handle: RePEc:taf:eujhet:v:16:y:2009:i:2:p:325-356

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Related research

Keywords: Banking system; economic development; institutional change; economic sociology; economic rationality;

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  1. Hodgson, Geoffrey M. & Knudsen, Thorbjorn, 2006. "Why we need a generalized Darwinism, and why generalized Darwinism is not enough," Journal of Economic Behavior & Organization, Elsevier, vol. 61(1), pages 1-19, September.
  2. Eric Nasica, 2002. "Financing economic activity: Schumpeter vs Keynes," Post-Print halshs-00468593, HAL.
  3. North, Douglass C., 1993. "Economic Performance through Time," Nobel Prize in Economics documents 1993-2, Nobel Prize Committee.
  4. Powell, Walter W, 1996. "Weber and Schumpeter: Turbulent Lives, Ideas Never at Rest," Industrial and Corporate Change, Oxford University Press, vol. 5(3), pages 917-24.
  5. Da Rin, M., 1996. "Understanding the development of German kreditbanken, 1850-1914: An approach from the economics of information," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3106566, Tilburg University.
  6. Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
  7. Schumpeter, Joseph A., 1947. "The Creative Response in Economic History," The Journal of Economic History, Cambridge University Press, vol. 7(02), pages 149-159, November.
  8. Markus C. Becker & Thorbjørn Knudsen & James G. March, 2006. "Schumpeter, Winter, and the sources of novelty," Industrial and Corporate Change, Oxford University Press, vol. 15(2), pages 353-371, April.
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