Joseph A. Schumpeter advocated a corporatist principle of economic organization enunciated by Pius XI in the encyclical Quadragesimo Anno . Schumpeter insisted that a corporatism of associations could provide social leadership and economic co‐ordination to ensure a stable, high employment...

Purpose The purpose of this paper is to develop an analysis of the improbable events of housing market bubbles occurring in a period when US and UK central bankers were responding to perceived risks of a new deflation. Design/methodology/approach The methodology focuses on how the anti-deflation...

Purpose – The role of debt in episodes of financial stability is a topic of increasing important as the global economy struggles to recover from the worst crisis since the Great Depression of the 1930s. The purpose of this paper is to examine the mortgage finance booms of the 1920s and 2000s...

Purpose – The purpose of the paper is further clarify Veblen's views on globalization with insights derived from international trade in the alternative socio‐economic order envisioned in Bellamy's utopian novel Looking Backward . Design/methodology/approach – After reviewing the...

Purpose – During the Greenspan‐Bernanke era, the responses of Federal Reserve officials to financial crises resulted in an extraordinary involvement of the US central bank in the non‐banking financial sector. The purpose of this paper is to examine the informal and evolving conceptual...

Purpose – In speeches and testimonies, Alan Greenspan claimed intellectual links between his financial policies and the ideas of Milton Friedman and Joseph A. Schumpeter on banks, central banks, and financial crises. As the financial crisis deepened in 2008, Greenspan admitted that his...

Purpose – Because belief in a supernatural agent with extraordinary power is rooted in psychology, Veblen's instinct psychology was the essential basis for his evolutionary economics of religion. The innate behavioral traits that Veblen called instincts in human nature are now recognized in...