Financialization in the Light of Keynesian Theory

Bhaduri, Amit

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Financialization in the Light of Keynesian Theory

PSL Quarterly Review, Vol. 64, No. 256, pp. 7-21, 2011

15 Pages Posted: 18 May 2011

See all articles by Amit Bhaduri

Amit Bhaduri

Jawaharlal Nehru University

Date Written: 2011

Abstract

Episodes of financial crises are usually recognizable as belonging to a general pattern despite their different historical specificities. The present essay attempts to isolate and understand the recurring common features of several recent crises in advanced market economies in the light of Keynesian theory with some crucial modifications introduced later particularly by Kaldor and Minsky with respect to the financial sector.

Keywords: financialization, Keynes, Minsky, Kaldor, aggregate demand, capital gains

JEL Classification: E11, E40, G1

Suggested Citation: Suggested Citation

Bhaduri, Amit, Financialization in the Light of Keynesian Theory (2011). PSL Quarterly Review, Vol. 64, No. 256, pp. 7-21, 2011, Available at SSRN: https://ssrn.com/abstract=1837363