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Schumpeter on money, banking and finance: An institutionalist perspective

  • Agnès Festré

    ()

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS : UMR6227 - Université de Nice Sophia-Antipolis)

  • Eric Nasica

    ()

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS : UMR6227 - Université de Nice Sophia-Antipolis)

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.

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Paper provided by HAL in its series Post-Print with number halshs-00272405.

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Date of creation: 2009
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Publication status: Published, European Journal of the History of Economic Thought, 2009, 16, 2, 325-356
Handle: RePEc:hal:journl:halshs-00272405
Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00272405/en/
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  1. 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.
  2. 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.
  3. 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.
  4. North, Douglass C., 1993. "Economic Performance through Time," Nobel Prize in Economics documents 1993-2, Nobel Prize Committee.
  5. Powell, Walter W, 1996. "Weber and Schumpeter: Turbulent Lives, Ideas Never at Rest," Industrial and Corporate Change, Oxford University Press, vol. 5(3), pages 917-24.
  6. repec:ner:tilbur:urn:nbn:nl:ui:12-3106566 is not listed on IDEAS
  7. Eric Nasica, 2002. "Financing economic activity: Schumpeter vs Keynes," Post-Print halshs-00468593, HAL.
  8. Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
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