Salvatore Biasco on contemporary capitalism and political economy
DOI:
https://doi.org/10.13133/2037-3651/18292Keywords:
capitalism, macro imbalances, financial instability, crisis, political economyAbstract
This work tries to show Biasco’s critical perspective on the evolution of capitalism, stressing the relevance of his thought both for theoretical analysis and for economic policy. Biasco was in fact been able to combine theory with the practice of economic policy. His ‘pragmatic’ method, besides being original and innovative in many ways, allows us to reconsider the debate between the mainstream and the Keynesian approach. Biasco believed that the latter can still be very fruitful for interpreting the dynamics and evolution of the contemporary economic system. Specifically, Biasco’s Keynesian approach manages to explain and interpret phenomena that are endogenous to capitalism, such as financial instability and crises, that the mainstream conceives at most as exogenous and unpredictable events.
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