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Social provisioning and financial regulation: An Institutionalist-Minskyian agenda for reform

Listed author(s):
  • Faruk Ulgen

    ()

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

This article seeks to put social provisioning into perspective with regard to the financial instability issue in capitalism. The analysis rests on an institutionalist-Minskyian endogenous instability assumption and maintains that monetary/financial stability is a peculiar public good or specific commons since it concerns the whole society and its viability conditions in time and not only the individuals involved in private financial relations. Consequently, the provision of financial stability becomes essentially a matter of public policy and requires the intervention of public power in order to prevent finance from becoming a public bad. This result relies on the distinction between private "normal" goods and ambivalent/transversal money (and related financial relations). It then points to the necessity of a public organization and tight regulation of finance and financial markets while standard equilibrium models assume that social optimum and stability can be provided by private self-adjustment and market prices mechanisms.

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File URL: https://halshs.archives-ouvertes.fr/halshs-01111183/document
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Paper provided by HAL in its series Post-Print with number halshs-01111183.

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Date of creation: 02 Jan 2015
Publication status: Published in ASE at ASSA annual meetings "Commodities, commodification and alternatives to exchange", Jan 2015, Boston, United States. 2015
Handle: RePEc:hal:journl:halshs-01111183
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01111183
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  1. C. Lindsay & William Dougan, 2013. "Efficiency in the provision of pure public goods by private citizens," Public Choice, Springer, vol. 156(1), pages 31-43, July.
  2. Jo, Tae-Hee, 2011. "Social Provisioning Process and Socio-Economic Modeling," MPRA Paper 28969, University Library of Munich, Germany.
  3. Marilyn Power, 2004. "Social Provisioning As A Starting Point For Feminist Economics," Feminist Economics, Taylor & Francis Journals, vol. 10(3), pages 3-19.
  4. Zdravka Todorova, 2013. "Connecting social provisioning and functional finance in a post-Keynesian–Institutional analysis of the public sector," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 61-75.
  5. Frederic S. Lee, 2011. "Modeling the Economy as a Whole: An Integrative Approach," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(5), pages 1282-1314, November.
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