[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/p/hal/journl/halshs-01111183.html
   My bibliography  Save this paper

Social provisioning and financial regulation: An Institutionalist-Minskyian agenda for reform

Author

Listed:
  • Faruk Ulgen

    (CREG - Centre de recherche en économie de Grenoble - UPMF - Université Pierre Mendès France - Grenoble 2)

Abstract
This article seeks to put social provisioning into perspective with regard to the financial instability issue in capitalism. The analysis rests on an institutionalist-Minskyian endogenous instability assumption and maintains that monetary/financial stability is a peculiar public good or specific commons since it concerns the whole society and its viability conditions in time and not only the individuals involved in private financial relations. Consequently, the provision of financial stability becomes essentially a matter of public policy and requires the intervention of public power in order to prevent finance from becoming a public bad. This result relies on the distinction between private "normal" goods and ambivalent/transversal money (and related financial relations). It then points to the necessity of a public organization and tight regulation of finance and financial markets while standard equilibrium models assume that social optimum and stability can be provided by private self-adjustment and market prices mechanisms.

Suggested Citation

  • Faruk Ulgen, 2015. "Social provisioning and financial regulation: An Institutionalist-Minskyian agenda for reform," Post-Print halshs-01111183, HAL.
    • Handle: RePEc:hal:journl:halshs-01111183
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01111183
    as

    Download full text from publisher

    File URL: https://shs.hal.science/halshs-01111183/document
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Marilyn Power, 2004. "Social Provisioning As A Starting Point For Feminist Economics," Feminist Economics, Taylor & Francis Journals, vol. 10(3), pages 3-19.
    2. C. Lindsay & William Dougan, 2013. "Efficiency in the provision of pure public goods by private citizens," Public Choice, Springer, vol. 156(1), pages 31-43, July.
    3. Frederic S. Lee, 2011. "Modeling the Economy as a Whole: An Integrative Approach," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(5), pages 1282-1314, November.
    4. Tae‐Hee Jo, 2011. "Social Provisioning Process and Socio‐Economic Modeling," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(5), pages 1094-1116, November.
    5. William M. Dugger, 1988. "A Research Agenda for Institutional Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 22(4), pages 983-1002, December.
    6. Philip Arestis & Alfred S. Eichner, 1988. "The Post-Keynesian and Institutionalist Theory of Money and Credit," Journal of Economic Issues, Taylor & Francis Journals, vol. 22(4), pages 1003-1021, December.
    7. Zdravka Todorova, 2013. "Connecting social provisioning and functional finance in a post-Keynesian–Institutional analysis of the public sector," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 61-75.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zdravka Todorova, 2015. "A Veblenian articulation of the monetary theory of production," Working Papers PKWP1501, Post Keynesian Economics Society (PKES).
    2. Zdravka Todorova, 2013. "Connecting social provisioning and functional finance in a post-Keynesian–Institutional analysis of the public sector," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 61-75.
    3. Zdravka Todorova, 2013. "Conspicuous Consumption as Routine Expenditure and its Place in the Social Provisioning Process," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(5), pages 1183-1204, November.
    4. Bruno Tinel, 2015. "The embedded state and social provisioning: insights from Norbert Elias," Post-Print halshs-01199416, HAL.
    5. Todorova, Zdravka, 2014. "From Monetary Theory of Production to Culture-Nature Life Process:Feminist-Institutional Elaborations of Social Provisioning," MPRA Paper 54681, University Library of Munich, Germany.
    6. Bruno Tinel, 2015. "The embedded state and social provisioning: insights from Norbert Elias," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01199416, HAL.
    7. Astrid Agenjo‐Calderón & Lina Gálvez‐Muñoz, 2019. "Feminist Economics: Theoretical and Political Dimensions," American Journal of Economics and Sociology, Wiley Blackwell, vol. 78(1), pages 137-166, January.
    8. Horodecka, Anna & Śliwińska, Magdalena, 2019. "Fair Trade phenomenon – limits of neoclassical and chances of heterodox economics," Studia z Polityki Publicznej / Public Policy Studies, Warsaw School of Economics, vol. 6(3), pages 1-29, July.
    9. Tae-Hee Jo, 2016. "What If There Are No Conventional Price Mechanisms?," Journal of Economic Issues, Taylor & Francis Journals, vol. 50(2), pages 327-344, April.
    10. Jo, Tae-Hee, 2016. "The Social Provisioning Process and Heterodox Economics," MPRA Paper 72384, University Library of Munich, Germany.
    11. Todorova, Zdravka, 2013. "Consumption as a Social Process within Social Provisioning and Capitalism: Implications for Heterodox Economics," MPRA Paper 51516, University Library of Munich, Germany.
    12. Valentinov, Vladislav, 2023. "Stakeholder theory: Toward a classical institutional economics perspective," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 188(1), pages 75-88.
    13. Peter Bohmer & Savvina Chowdhury & Robin Hahnel, 2020. "Reproductive Labor in a Participataory Socialist Society," Review of Radical Political Economics, Union for Radical Political Economics, vol. 52(4), pages 755-771, December.
    14. Jo, Tae-Hee & Todorova, Zdravka, 2015. "Frederic S. Lee’s Contributions to Heterodox Economics," MPRA Paper 62568, University Library of Munich, Germany.
    15. Rao, Smriti, 2008. "Reforms with a Female Face: Gender, Liberalization, and Economic Policy in Andhra Pradesh, India," World Development, Elsevier, vol. 36(7), pages 1213-1232, July.
    16. Claudius Graebner & Jakob Kapeller, 2015. "The Micro-Macro Link in Heterodox Economics," ICAE Working Papers 37, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    17. Mark Koyama, 2014. "The law & economics of private prosecutions in industrial revolution England," Public Choice, Springer, vol. 159(1), pages 277-298, April.
    18. Zofia Łapniewska, 2022. "Solidarity and mutual aid: Women organizing the “visible hand” urban commons," Gender, Work and Organization, Wiley Blackwell, vol. 29(5), pages 1405-1427, September.
    19. Zdravka, Todorova, 2009. "Employer of Last Resort Policy and Feminist Economics: Social Provisioning and Socialization of Investment," MPRA Paper 16240, University Library of Munich, Germany.
    20. Olga Gorelkina & Ioanna Grypari & Erin Hengel, 2019. "One strike and you’re out! The Master Lever’s effect on senatorial policy-making," Working Papers 201906, University of Liverpool, Department of Economics.

    More about this item

    Keywords

    commons; social provisioning; regulation; financial instability; institutions; public goods;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:halshs-01111183. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.