European and Latin American Experiences
New Directions in Post-Keynesian Economics series
Edited by Noemi Levy and Etelberto Ortiz
In the chapter, ‘Transformations of entrepreneurial capitalism, crises and the need for a radical change in economic policy,’ the authors argue that the financial and economic crisis that began in 2007 is part of a general breakdown in the corporate capitalist order that affects real and financial sectors alike. They identify two practices that have generated profound changes in the capitalist system, which altered the practices of financial and banking institutions, enabling financiers to concentrate their wealth independently of the productive sector. This has combined with austerity-based economic policies that have caused productive activity to stagnate below full employment levels.
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