Progressive Post-Keynesian Economics
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Progressive Post-Keynesian Economics

Dealing with Reality

Edited by Jesper Jespersen and Finn Olesen

This book is devoted to the progression of Post-Keynesian economics, taking stock of the previous 10 years of persistent imbalances in many dimensions of macroeconomic ‘reality’. This has given inspiration to Post-Keynesian scholars to make innovative contributions in areas like methodology, macroeconomic modelling and teaching. One challenge discussed in several chapters is how to model a complex macro-system where microeconomic uncertainty is increasing? This aspect is elaborated in a number of contributions which focus on the role of the financial sector and financialization for macroeconomic disruptions. Additional chapters deal with teaching and the use of case-studies for a better understanding of the real world economy.
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Chapter 7: Recognition of early financialisation in the writings of John Maynard Keynes

Diego Guevara, Christos Pierros and Apostolos Fasianos


This chapter associates Keynes’s insights with the process of financialisation. First, we underline the relevance of his analyses on studying the current period of financialisation, i.e. the neoliberal era. Second, we use his analytical framework to demonstrate that the period between 1900 and 1933 corresponded to a phase of (early) financialisation, since similar conditions prevailed then and now. We give particular emphasis to how financial interests and motives shaped policy decisions and altered firms’ behaviour.

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