Horst Hanusch, Florian Wackermann
Global Financial Crisis: Causes and Lessons - A Neo-Schumpeterian perspective
Abstract:
This paper analyses the current financial crisis from a
Neo-Schumpeterian perspective. We postulate four linkages that led to
the crisis, and that will help us find our way out of the crisis.
Therefore, we show that the current evolution is very similar to the
Japanese crisis in the beginning of the 1990s. Furthermore, we address
the issue why the world was faced with this crisis in such an
unprepared way and look at the deficiencies in current economic
theories that are responsible for the fact that we did not foresee this
development. Besides, we elaborate that the crisis is not a systemic
default of the capitalistic system but that it is rather a consequence
of its enormous success. Finally, we propose the Neo-Schumpeterian
Corridor as a theoretical framework that can help avoid such dramatic
evolutions as the current crisis and look at possibilities to overcome
this situation.
JEL: B 52, G 01, H 11, N 20, O 20
Paper:
Paper available as pdf-file.
Beitrag Nr. 303, Volkswirtschaftliche Diskussionsreihe, Institut
für
Volkswirtschaftslehre der Universität Augsburg
Contact:
Horst Hanusch, University of Augsburg, Department of Economics, D-86135 Augsburg, phone +49-821-598-4179,
Fax
+49-821-598-4229
E-Mail: horst.hanusch@wiwi.uni-augsburg.de
Florian
Wackermann, University of Augsburg, Department of Economics,
D-86135
Augsburg,
Germany
v.
K., 12.02.2009