This article is a theoretical and conceptual exploration into the study of the dynamics of financial innovations and their consequences in market economies. Drawing upon the works of Schumpeter and Minsky in an institutionalist and evolutionary tradition, the article puts forward the monetary...

Financial development is usually assumed to play a key role in the evolution of modern capitalism. A substantial strand of the academic literature, referring to Schumpeterian Creative Destruction, points out this role in the process of technology-based growth and puts the emphasis on the...