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The Economic Institutions of Capitalism
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
- OpenAlex
- W1684540946
- Cited by
- 10,730
- References
- 0
- FWCI
- 151.70
- Type
- journal article
- Language
- en
- Open access
- closed
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