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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.

Suggested Citation

  • Agnes Festre & Eric Nasica, 2009. "Schumpeter on money, banking and finance: an institutionalist perspective," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 16(2), pages 325-356.
  • Handle: RePEc:taf:eujhet:v:16:y:2009:i:2:p:325-356
    DOI: 10.1080/09672560902891101
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    References listed on IDEAS

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    1. Eric Nasica, 2002. "Financing economic activity: Schumpeter vs Keynes," Post-Print halshs-00468593, HAL.
    2. Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
    3. 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.
    4. North, Douglass C, 1994. "Economic Performance through Time," American Economic Review, American Economic Association, vol. 84(3), pages 359-368, June.
    5. Shionoya,Yuichi, 1997. "Schumpeter and the Idea of Social Science," Cambridge Books, Cambridge University Press, number 9780521430340, May.
    6. 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.
    7. Powell, Walter W, 1996. "Weber and Schumpeter: Turbulent Lives, Ideas Never at Rest," Industrial and Corporate Change, Oxford University Press, vol. 5(3), pages 917-924.
    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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    Cited by:

    1. Festré, Agnès & Garrouste, Pierre, 2016. "Wieser As A Theorist Of Institutional Change," Journal of the History of Economic Thought, Cambridge University Press, vol. 38(04), pages 463-483, December.
    2. Philippe Aghion & Agnès Festré, 2017. "Schumpeterian growth theory, Schumpeter, and growth policy design," Journal of Evolutionary Economics, Springer, vol. 27(1), pages 25-42, January.
    3. Mário Graça Moura, 2017. "Schumpeter and the meanings of rationality," Journal of Evolutionary Economics, Springer, vol. 27(1), pages 115-138, January.
    4. repec:ksa:szemle:1725 is not listed on IDEAS

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