The Great Recession and the financial crisis of 2007-09 prompted calls for fundamental reforms of economic theory. The role of theory in economics and in recent economic events is considered in light of two recent books: the sociologist Richard Swedberg's "The Art of Social Theory" and the...

This paper introduces an alternative perspective to the central themes of current literature on macroeconomic resilience and systemic risk in the global financial system. It presents an interdisciplinary discourse centered on evolutionary economics leading to theoretical propositions for a...

The Great Recession and the financial crisis of 2007-09 prompted ca lls for fundamental reforms of economic theory. The role of theory in economics and in recent economic events is considered in light of two recen t books: the sociologist Richard Swedberg's The Art of Social Theory and the...

The Great Recession after 2008 did not turn out to be as deep and severe as the Great Depression of the 1930s. According to the European Commission, this positive result is due to the fact that economic policy-makers around the world learnt their lessons from the Great Depression in stabilizing...

Calvin's view on the legitimacy of interest has had a great impact on the economic development of Western society. Although Calvin took a fundamentally positive attitude to interest, he also proposed several restrictions on the charging of interest. In this article, we investigate the relevance...

Although Minsky's interpretation of Keynes's macroeconomics and essential message clashes with authoritative alternative interpretations, it has become increasingly influential during the years following the Global Financial Crisis, even in mainstream circles. This paper offers a critical...

This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes in-trinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the...

Starting from MacIntyre's virtue ethics, we investigate several codes of conduct of banks to identify the type of virtues that are needed to realize their mission. Based on this analysis, we define three core virtues: honesty, due care and accuracy. We compare and contrast these codes of conduct...

Criticism of the compensation practice of bonus payments was a key element of the public debate concerning the causes and consequences of the global financial crisis (GFC). Along with the criticism of bonuses in the financial and banking sector, the validity of the performance principle as a...

Over the last decades our society has been guided by the conviction that the traditional for-profit corporation is the only viable type of enterprise in the global economic system. According to this approach, the for-profit enterprise model has spread worldwide, while other forms of enterprises,...