This paper adds to the explanation of financial crises by employing the concepts of liquidity lock, portfolio shifting, and the wealth effect in the context of the 2007-9 financial crisis and of internationalized money manager capitalism. The paper reviews four major crisis theories and follows...

Capitalism evolves through stages that differ in institutional structure and policy regime. Finance is crucial to understanding an economic system but other institutional factors are important too. This paper compares finance capitalism with money manager capitalism on the basis of a number of...

Here is a broadly argued article about how to revive the U.S. economy, beginning with what is now an old idea. Is there a tendency for the economy to stagnate? This idea, a version of which was espoused by Keynes, was essentially discarded by mainstream economists in the United States, but the...