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Schumpeter on money, banking and finance: An institutionalist perspective

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  • Agnès Festré

    () (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - UCA - Université Côte d'Azur - CNRS - Centre National de la Recherche Scientifique)

  • Eric Nasica

    () (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - UCA - Université Côte d'Azur - CNRS - Centre National de la Recherche Scientifique)

Abstract

In this paper, we provide an institutional interpretation of Schumpeter's analysis of money, banking and finance. This interpretation is founded on an overall investigation into Schumpeter's writings addressing those issues from different perspectives.In section 1, we discuss the widespread evolutionist interpretation of Schumpeter and rather assert an institutionalist perspective. In support of our interpretation, we highlight the specific role played by economic sociology in Schumpeter's methodological approach. Economic sociology, indeed, provides the foundations of a theory of institutions and institutional change, which is often undermined by the usual evolutionary interpretation. We believe, however, that taking this dimension seriously into account may have implications for our understanding of economic and institutional change in Schumpeter. Section 2 illustrates this general statement by focusing on Schumpeter's analysis of money, banking and finance, and their respective roles in the process of economic development.

Suggested Citation

  • Agnès Festré & Eric Nasica, 2009. "Schumpeter on money, banking and finance: An institutionalist perspective," Post-Print halshs-00272405, HAL.
  • Handle: RePEc:hal:journl:halshs-00272405
    DOI: 10.1080/09672560902891101
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00272405
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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, April.
    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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    Keywords

    Schumpeter; Money; Credit; Financial system; Institutional change; Economic sociology;

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