How to guide the economy towards socially desirable directions ? Some institutional lessons from the 2007 financial turmoil
This article maintains that capitalist market economies have a threefold composite characteristic (the central role of money and financial relations, the crucial role of institutional patterns, and the macro nature of stability and viability concerns) that makes social control a consistent way of designing an efficient macro environment. Institutional economics precisely relies on such a triptych and reveals to be an appropriate theoretical and practical reference to deal with today's major economic issues such as the 2007-08 systemic crisis. Therefore the article suggests an institutional analysis that points to the role of institutional-regulatory framework and the rationale of social control principles in the stabilization of the working of capitalist finance. It then advocates for an alternative organization of the banking and financial system in order to ensure systemic sustainability and to guide the economy towards socially efficient directions.
|Date of creation:||03 Jan 2014|
|Publication status:||Published in Annual meeting "Reimagining social sontrol for the 21st century", Association for evolutionary economics, Jan 2014, Philadelphia, United States|
|Note:||View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00957598|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
References listed on IDEAS
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- Michael Kosfeld & Akira Okada & Arno Riedl, 2009.
"Institution Formation in Public Goods Games,"
American Economic Review,
American Economic Association, vol. 99(4), pages 1335-1355, September.
- Kosfeld Michael & Okada Akira & Riedl Arno, 2006. "Institution Formation in Public Goods Games," Research Memorandum 029, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
- Kosfeld, Michael & Okada, Akira & Riedl, Arno, 2006. "Institution Formation in Public Goods Games," IZA Discussion Papers 2288, Institute for the Study of Labor (IZA).
- Michael Kosfeld & Akira Okada & Arno Riedl, 2006. "Institution Formation in Public Goods Games," IEW - Working Papers 299, Institute for Empirical Research in Economics - University of Zurich.
- Michael Kosfeld & Akira Okada & Arno Riedl, 2006. "Institution Formation in Public Goods Games," CESifo Working Paper Series 1794, CESifo Group Munich.
- Kosfeld, Michael & Okada, Akira & Riedl, Arno, 2006. "Institution Formation in Public Goods Games," Discussion Papers 2006-02, Graduate School of Economics, Hitotsubashi University.
- Rutherford,Malcolm, 2013.
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Cambridge University Press, number 9781107626089.
- Rutherford,Malcolm, 2011. "The Institutionalist Movement in American Economics, 1918â€“1947," Cambridge Books, Cambridge University Press, number 9781107006997.
- Georgios Papadopoulos, 2009. "Between Rules and Power: Money as an Institution Sanctioned by Political Authority," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 43(4), pages 951-969.
- Commons, John R., 1931. "Institutional Economics," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 21, pages 648-657. Full references (including those not matched with items on IDEAS)
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