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Les innovations financières s'inscrivent-elles dans un processus schumpeterien de destruction créatrice ?


  • Faruk Ülgen

    () (CREG - Centre de recherche en économie de Grenoble - UPMF - Université Pierre Mendès France - Grenoble 2 - UGA - Université Grenoble Alpes)


This paper asks the question to know if financial innovations can be thought within the framework of a creative destruction process. In this aim, the Schumpeterian dynamics of the capitalist economy is studied in terms of a monetary economy where banking and financial innovations affect structurally entrepreneurs' activities and play a crucial role on the macroeconomic stability. Contrary to the effects, usually assumed to be positive, of innovations of the Schumpeterian entrepreneurs on the growth, liberalized financial markets generate accumulated imbalances through the development of a speculative financialization which can be studied in terms of the second wave of Schumpeterian business cycles. The process of creative destruction of innovations may turn to be a destructive creation. Then, redefining of regulatory mechanisms in a Minskian perspective seems to be necessary in view of macroeconomic disequilibria.

Suggested Citation

  • Faruk Ülgen, 2012. "Les innovations financières s'inscrivent-elles dans un processus schumpeterien de destruction créatrice ?," Post-Print halshs-00753595, HAL.
  • Handle: RePEc:hal:journl:halshs-00753595
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    References listed on IDEAS

    1. Carpenter, Jeffrey P., 2007. "The demand for punishment," Journal of Economic Behavior & Organization, Elsevier, vol. 62(4), pages 522-542, April.
    2. Laurent Denant-Boemont & David Masclet & Charles Noussair, 2007. "Punishment, counterpunishment and sanction enforcement in a social dilemma experiment," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 33(1), pages 145-167, October.
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