Anticipations of the Crisis: On the Similarities between post-Keynesian Economics and Regulation Theory
This paper explores the similarities between post-Keynesian Economics (PKE) and Regulation Theory (RT). It is argued that, despite important differences between these traditions, the analytical contents of PKE and RT display broad similarities with respect to their treatments of the income-generatin...
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| Format: | Article |
| Language: | English |
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Association Recherche & Régulation
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| Series: | Revue de la Régulation |
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| Online Access: | https://journals.openedition.org/regulation/9366 |
| _version_ | 1797314966845390848 |
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| author | Mark Setterfield |
| author_facet | Mark Setterfield |
| author_sort | Mark Setterfield |
| collection | DOAJ |
| description | This paper explores the similarities between post-Keynesian Economics (PKE) and Regulation Theory (RT). It is argued that, despite important differences between these traditions, the analytical contents of PKE and RT display broad similarities with respect to their treatments of the income-generating process, the crisis-prone nature of capitalism, and the institutional contingency of capitalist growth and development. This thesis is then exemplified and substantiated with reference to the 2007—2009 financial crisis and “Great Recession”. Specifically, it is shown that important strands of both PKE and RT characterize and were successful in anticipating the crisis as resulting from the exhaustion of a financialized growth process. |
| first_indexed | 2024-03-08T02:53:41Z |
| format | Article |
| id | doaj.art-069f701e1f8e4ac79ee65204fe6adc13 |
| institution | Directory Open Access Journal |
| issn | 1957-7796 |
| language | English |
| last_indexed | 2024-03-08T02:53:41Z |
| publisher | Association Recherche & Régulation |
| record_format | Article |
| series | Revue de la Régulation |
| spelling | doaj.art-069f701e1f8e4ac79ee65204fe6adc132024-02-13T13:02:16ZengAssociation Recherche & RégulationRevue de la Régulation1957-77961010.4000/regulation.9366Anticipations of the Crisis: On the Similarities between post-Keynesian Economics and Regulation TheoryMark SetterfieldThis paper explores the similarities between post-Keynesian Economics (PKE) and Regulation Theory (RT). It is argued that, despite important differences between these traditions, the analytical contents of PKE and RT display broad similarities with respect to their treatments of the income-generating process, the crisis-prone nature of capitalism, and the institutional contingency of capitalist growth and development. This thesis is then exemplified and substantiated with reference to the 2007—2009 financial crisis and “Great Recession”. Specifically, it is shown that important strands of both PKE and RT characterize and were successful in anticipating the crisis as resulting from the exhaustion of a financialized growth process.https://journals.openedition.org/regulation/9366financial crisisRegulation Theorypost-Keynesian EconomicsGreat Recession |
| spellingShingle | Mark Setterfield Anticipations of the Crisis: On the Similarities between post-Keynesian Economics and Regulation Theory Revue de la Régulation financial crisis Regulation Theory post-Keynesian Economics Great Recession |
| title | Anticipations of the Crisis: On the Similarities between post-Keynesian Economics and Regulation Theory |
| title_full | Anticipations of the Crisis: On the Similarities between post-Keynesian Economics and Regulation Theory |
| title_fullStr | Anticipations of the Crisis: On the Similarities between post-Keynesian Economics and Regulation Theory |
| title_full_unstemmed | Anticipations of the Crisis: On the Similarities between post-Keynesian Economics and Regulation Theory |
| title_short | Anticipations of the Crisis: On the Similarities between post-Keynesian Economics and Regulation Theory |
| title_sort | anticipations of the crisis on the similarities between post keynesian economics and regulation theory |
| topic | financial crisis Regulation Theory post-Keynesian Economics Great Recession |
| url | https://journals.openedition.org/regulation/9366 |
| work_keys_str_mv | AT marksetterfield anticipationsofthecrisisonthesimilaritiesbetweenpostkeynesianeconomicsandregulationtheory |