The 2007-2009 Economic and Financial Crisis An Analysis in Terms of Monetary Circuits
The 2007-2009 economic and financial crisis has been the result of systemic events and failures. Understanding its ultimate origins requires therefore a systemic approach. This is provided by monetary circuit theory, also known as the monetary theory of production, for it considers the workings of a monetary economy of production from a macroeconomic point of view. The selected papers in this issue explain the causes of the 2007-2009 crisis referring to the (disorderly) working of monetary circuits in our finance-dominated capitalist systems. Moving from a positive to a normative analysis, the contributions to this special issue point out a number of economic-policy reforms at a structural level, designed to avert that a further systemic crisis might occur in any monetary economies of production and exchange.
Louis-Philippe ROCHON, Sergio ROSSI
Financial crises, Monetary Circuit, Monetary Theory of Production