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Global Financial Crisis: Causes and Lessons - A Neo-Schumpeterian perspective

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Abstract

This paper analyses the current financial crisis from a Neo-Schumpeterian perspective. We postulate four linkages that led to the crisis, and that will help us find our way out of the crisis. Therefore, we show that the current evolution is very similar to the Japanese crisis in the beginning of the 1990s. Furthermore, we address the issue why the world was faced with this crisis in such an unprepared way and look at the deficiencies in current economic theories that are responsible for the fact that we did not foresee this development. Besides, we elaborate that the crisis is not a systemic default of the capitalistic system but that it is rather a consequence of its enormous success. Finally, we propose the Neo-Schumpeterian Corridor as a theoretical framework that can help avoid such dramatic evolutions as the current crisis and look at possibilities to overcome this situation.

Suggested Citation

  • Horst Hanusch & Florian Wackermann, 2009. "Global Financial Crisis: Causes and Lessons - A Neo-Schumpeterian perspective," Discussion Paper Series 303, Universitaet Augsburg, Institute for Economics.
    • Handle: RePEc:aug:augsbe:0303
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    File URL: https://vwl.wiwi.uni-augsburg.de/vwl/institut/paper/303.pdf
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    Cited by:

    1. Horst Hanusch & Florian Wackermann, 2011. "Can a Progressive Capital Gains Tax Help Avoid the Next Crisis? Public Sector Governance in a Comprehensive Neo-Schumpeterian System," Chapters, in: Steven Kates (ed.), The Global Financial Crisis, chapter 3, Edward Elgar Publishing.
    2. Horst Hanusch & Andreas Pyka & Florian Wackermann, 2009. "A Neo-Schumpeterian Approach towards Public Sector Economics," Discussion Paper Series 306, Universitaet Augsburg, Institute for Economics.
    3. Dieter Gramlich & Mikhail V. Oet & Stephen J. Ong, 2013. "Policy in adaptive financial markets—the use of systemic risk early warning tools," Working Papers (Old Series) 1309, Federal Reserve Bank of Cleveland.
    4. Romar Correa, 2010. "Regime-Changes in a Stock-Flow-Consistent Model," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 8(1), pages 24-33.

    More about this item

    Keywords

    financial crisis; Neo-Schumpeterian Corridor; crisis evolution; governmental role;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • G01 - Financial Economics - - General - - - Financial Crises
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General

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