Banking and Financial Circuits and the Role of the State
Edited by Louis-Philippe Rochon and Mario Seccareccia
Chapter 6: Is there room for bulls, bears and States in the circuit?
The title of this chapter is a play on the title of Jan Kregel’s (1986) paper, ‘Shylock and Hamlet, or are there bulls and bears in the circuit?’, which is appropriate as I drafted this in Copenhagen only a few kilometers from ‘Elsinor’ castle. Of additional relevance is that we had just finished the Fifth Post-Keynesian Conference (13–14 May 2011, Roskilde University, Denmark) at which Alain Parguez gave a masterful presentation of the problems with the set-up of the European Union – a topic to which I will turn near the end of this chapter. I will not replicate in detail the arguments made in Kregel’s article. Briefly, his complaint was that the circuit approach is confined to Keynes’s industrial circulation and gives short shrift to the financial circulation. Somewhat ironically, I had moved to Bologna in 1986 – shortly after his paper was published – to write my dissertation on the relation between the two spheres of circulation, attempting a synthesis between a Circuitiste /Neo-Ricardian view of the industrial sphere and a Minskian approach to the financial sphere.
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