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Cited by 10,730

The DOI matches its Crossref record.

The Economic Institutions of Capitalism

·1986·The Antitrust Bulletin
DOI 10.1177/0003603x8603100308
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Abstract

The 2008 crash has left all the established economic doctrines - equilibrium models, real business cycles, disequilibria models - in disarray. Part of the problem is due to Smith’s veil of ignorance: individuals unknowingly pursue society’s interest and, as a result, have no clue as to the macroeconomic effects of their actions: witness the Keynes and Leontief multipliers, the concept of value added, fiat money, Engel’s law and technical progress, to name but a few of the macrofoundations of microeconomics. A good viewpoint to take bearings anew lies in comparing the post-Great Depression institutions with those emerging from Thatcher and Reagan’s economic policies: deregulation, exogenous vs. endoge- nous money, shadow banking vs. Volcker’s Rule. Very simply, the banks, whose lending determined deposits after Roosevelt, and were a public service became private enterprises whose deposits determine lending. These underlay the great moderation preceding 2006, and the subsequent crash.

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Metadata

Venue
The Antitrust Bulletin
Publisher
SAGE Publications
Published
1986-09
Volume
31
Issue
3
Pages
827-834
ISSN
  • 0003-603X (ISSN-L)
  • 1930-7969
DOI
10.1177/0003603x8603100308
OpenAlex
W1684540946
Cited by
10,730
References
0
FWCI
151.70
Type
journal article
Language
en
Open access
closed

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.