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Communication Dans Un Congrès Année : 2014

How to guide the economy towards socially desirable directions ? Some institutional lessons from the 2007 financial turmoil

Faruk Ülgen

Résumé

This article maintains that capitalist market economies have a threefold composite characteristic (the central role of money and financial relations, the crucial role of institutional patterns, and the macro nature of stability and viability concerns) that makes social control a consistent way of designing an efficient macro environment. Institutional economics precisely relies on such a triptych and reveals to be an appropriate theoretical and practical reference to deal with today's major economic issues such as the 2007-08 systemic crisis. Therefore the article suggests an institutional analysis that points to the role of institutional-regulatory framework and the rationale of social control principles in the stabilization of the working of capitalist finance. It then advocates for an alternative organization of the banking and financial system in order to ensure systemic sustainability and to guide the economy towards socially efficient directions.
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Dates et versions

halshs-00957598 , version 1 (10-03-2014)

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  • HAL Id : halshs-00957598 , version 1

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Faruk Ülgen. How to guide the economy towards socially desirable directions ? Some institutional lessons from the 2007 financial turmoil. Annual meeting "Reimagining social sontrol for the 21st century", Association for evolutionary economics, Jan 2014, Philadelphia, United States. ⟨halshs-00957598⟩

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