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Notes and Communications: The Financial Crisis: Origins and Remedies in a Critical Institutionalist Perspective

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  • Helge Peukert

Abstract

First, 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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  • Helge Peukert, 2010. "Notes and Communications: The Financial Crisis: Origins and Remedies in a Critical Institutionalist Perspective," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(3), pages 830-838.
  • Handle: RePEc:mes:jeciss:v:44:y:2010:i:3:p:830-838 DOI: 10.2753/JEI0021-3624440313
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