Financialisation, distribution & the macroeconomic regimes before & after the crisis: A post-Keynesian view on Denmark, Estonia & Latvia
Since the early 1980s, financialisation has become an increasingly important trend in developed capitalist countries, with different beginnings, speed and intensities in different countries. Rising inequality has been a major feature of this trend. Shares of wages in national income have declined and personal income inequality has increased. Against this background unsustainable demand and growth regimes have developed and dominated the major economies before the crisis: the "debt-led private demand boom" and the "export-led mercantilist" regime. The current paper applies this post-Keynesian approach on the macroeconomics of finance-dominated capitalism to three Baltic Sea countries, Denmark, Estonia and Latvia, both for the pre-crisis and the post-crisis period. First, the macroeconomics of finance-dominated capitalism are briefly reiterated. Second, the financialisation-distribution nexus is examined for the three countries. Third, macroeconomic demand and growth regimes are analysed, both before and after the crisis.
Year of publication: |
2018
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Authors: | Dünhaupt, Petra ; Hein, Eckhard |
Publisher: |
Berlin : Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE) |
Subject: | finance-dominated capitalism | financialisation | distribution | financial and economic crisis | Kaleckian theory of distribution |
Saved in:
freely available
Series: | Working Paper ; 104/2018 |
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Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Working Paper |
Language: | English |
Other identifiers: | 1022319221 [GVK] hdl:10419/178654 [Handle] RePEc:zbw:ipewps:1042018 [RePEc] |
Classification: | D31 - Personal Income, Wealth and Their Distributions ; D33 - Factor Income Distribution ; D43 - Oligopoly and Other Forms of Market Imperfection ; F40 - Macroeconomic Aspects of International Trade and Finance. General ; F43 - Economic Growth of Open Economies ; G01 - Financial Crises |
Source: |
Persistent link: https://www.econbiz.de/10011847074