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The 2007-2009 Economic and Financial Crisis: An Analysis in Terms of Monetary Circuits


  • Rochon, Louis-Philippe

    (Laurentian University)

  • Rossi, Sergio

    (University of Fribourg)


The 2007-2009 economic and financial crisis has been the result of systemic events and failures. Understanding its ultimate origins requires therefore a systemic approach. This is provided by monetary circuit theory, also known as the monetary theory of production, for it considers the workings of a monetary economy of production from a macroeconomic point of view. The selected papers in this issue explain the causes of the 2007-2009 crisis referring to the (disorderly) working of monetary circuits in our finance-dominated capitalist systems. Moving from a positive to a normative analysis, the contributions to this special issue point out a number of economic-policy reforms at a structural level, designed to avert that a further systemic crisis might occur in any monetary economies of production and exchange.

Suggested Citation

  • Rochon, Louis-Philippe & Rossi, Sergio, 2010. "The 2007-2009 Economic and Financial Crisis: An Analysis in Terms of Monetary Circuits," European Journal of Economic and Social Systems, Lavoisier, vol. 23(1), pages 7-23.
  • Handle: RePEc:ris:ejessy:0040

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    More about this item


    Financial crises; Monetary Circuit; Monetary Theory of Production;

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G01 - Financial Economics - - General - - - Financial Crises
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism


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