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Great crises of the twentieth and twenty-first centuries: a Schumpeterian perspective on financial innovations

Author

Listed:
  • Faruk Ülgen

    (CREG - Centre de recherche en économie de Grenoble - UGA - Université Grenoble Alpes)

  • Lyubov Klapkiv

    (UMCS - Maria Curie-Sklodowska University)

Abstract

This entry provides a comparative study on the roots of the two great crises of contemporary capitalism: the Great Depression of the 1930s and the Great Crisis of 2007–2008. To this end, we draw upon the Schumpeterian analysis of the evolutionary dynamics of a capitalist economy and put forward the characteristics of financial innovations as a significant source of instability leading to systemic crises.

Suggested Citation

  • Faruk Ülgen & Lyubov Klapkiv, 2023. "Great crises of the twentieth and twenty-first centuries: a Schumpeterian perspective on financial innovations," Post-Print hal-04477096, HAL.
    • Handle: RePEc:hal:journl:hal-04477096
    DOI: 10.4337/9781800377363.ch42
    as

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