Theoretical study of financialization: from the perspective of post Keynesian and cognitive capitalism

2016 Fiscal Year Final Research Report

• Project/Area Number: 26380265
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic doctrine/Economic thought
• Research Institution: Ohtsuki City College
• Principal Investigator: Naito Atsushi 大月短期大学, 経済科, 教授 (40461868)
• Project Period (FY): 2014-04-01 – 2017-03-31
• Keywords: 金融化 / ポスト・ケインジアン / 認知資本主義 / ケインズ / 金利生活者の安楽死 / ミンスキー / 金融不安定性仮説 / 流動性選好

Outline of Final Research Achievements

The aim of this study is to try to construct a theory of “financialization” from the perspective of post Keynesian and macroeconomic regime. Financialization means a phenomenon that finance becomes more importance in economy and society. The results of this study is as follows: First, we examine macroeconomic regime of cognitive capitalism centering on financialization, and contemplate the factors of its instability. Second, we investigate the long-term vision of Keynes's policy of “euthanasia of the rentier”, and consider financialization as a reason that Keynes's vision did not actualize. Third, we discuss Minsky's hypothesis of financial fragility in relation to liquidity preference, and examine the status as a basis of the theory of financialization.

Free Research Field

経済理論、経済思想史