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Long-Term Stagnation And Financialisation. A Theoretical Comparison Between Kaleckian And Neo-Marxist Approaches

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  • Giovanni Scarano

Abstract

Subsequent to the financial crisis of 2007-2008 there has been a revival of theories on the possibility of a “secular stagnation”. Some of these theories hark back to Alvin Hansen’s doctrine, developed on Keynesian bases. Nevertheless, they have shifted attention toward a disproportion between saving and investment only explained on the basis of demographic and technological factors, typical of a neoclassical framework of growth theory. However, the idea that neo-capitalist economies have an inherent tendency to stagnation has also long been the main research objective of many heterodox economists, in particular Kaleckian and neo-Marxist, who found stagnation to be a major result of the monopolistic nature of big corporations and the features of their monopolistic forms of competition. The paper deals with some of these theories and focuses on the role that corporate governance in big corporations can play in producing growing corporate savings and putting them into financial channels.

Suggested Citation

  • Giovanni Scarano, 2017. "Long-Term Stagnation And Financialisation. A Theoretical Comparison Between Kaleckian And Neo-Marxist Approaches," Departmental Working Papers of Economics - University 'Roma Tre' 0231, Department of Economics - University Roma Tre.
    • Handle: RePEc:rtr:wpaper:0231
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    File URL: http://dipeco.uniroma3.it/db/docs/WP%20231.pdf
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    More about this item

    Keywords

    Stagnation; Capacity Utilization; Corporate Savings; Financialisation; Financial Crises.;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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