SOAS University of London

Department of Economics

Institutional supercycles: an evolutionary macro-finance approach

Yannis Dafermos

Date: 13 November 2019Time: 5:00 PM

Finishes: 13 November 2019Time: 7:00 PM

Venue: Paul Webley Wing (Senate House) Room: SALT

Type of Event: Seminar

We build upon the Minskyan concepts of ‘thwarting mechanisms’ and ‘supercycles’ to develop a framework for the analysis of the evolutionary interactions between macrofinancial, institutional and political processes. This provides a novel perspective on the evolution of advanced economies since WWII. We argue that these economies have experienced two supercycles, which we label the ‘industrial capitalism’ and ‘financial globalisation’ supercycle. For each, we apply a four-phase classification system, based on the effectiveness of institutions, customs and political structures for stabilising the macrofinancial system. We explore whether the post-GFC evolutionary changes can lead to the emergence of a ‘green’ supercycle.

Working paper 'Institutional supercycles: an evolutionary macro-finance approach' by Yannis Dafermos, Daniela Gabor and Jo Michell

Organiser: Antonio Andreoni

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Contact Tel: 020 7898 4107