History of Economics: Theories of Credit and Finance



Last update V/3/2005

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1. Anderson, G. M., Tollison, R. D. (1982) ‘Adam Smith's Analysis of Joint-Stock Companies’ Journal of Political Economy 90 (6): 1237-56

2. Diatkine, S., Rosier, M. (1999) ‘Steuart and Smith on Banking Systems and Growth’. Studies in the History of Economics 26: 218-234

3. Gherity, G.A. (1994) ‘The Evolution of Adam Smith's Theory of Banking’. History of political economy 26 (3): 423-441

4. Henderson, J. P. (1986) ‘Agency or Alienation? Smith, Mill, and Marx on the Joint-Stock Company’. History of Political Economy 18 (1): 111-31

5. Hollander, S. (1999) ‘Jeremy Bentham and Adam Smith on the Usury Laws: A 'Smithian' Reply to Bentham and a New Problem’. European Journal of the History of Economic Thought 6 (4): 523-51

6. Jadlow, J. M. (1977) ‘Adam Smith on Usury Laws’. Journal of Finance 32(4): 1195-1200

7. Juniper, J. (2000) 'A Genealogy of Short-Termism in Capital Markets'. CoBAR Working Paper 2000-03

8. Laidler, D. (1981) 'Adam Smith as a monetary economist'. Canadian journal of economics XIV (2): 185-200

9. Levy, D. M. (1987) ‘Adam Smith's Case for Usury Laws’. History of Political Economy 19 (3): 387-400

10. Niehans, J. (1997) 'Adam Smith and the Welfare Cost of Optimism'. History of political economy 29 (2): 185-200

11. Ortmann, A. (1999) ‘The Nature and Causes of Corporate Negligence, Sham Lectures, and Ecclesiastical Indolence: Adam Smith on Joint-Stock Companies, Teachers, and Preachers’ History of Political Economy 31 (2): 297-315

12. Paganelli, M.P. (2003) ‘In Medio Stat Virtus: An Alternative View of Usury in Adam Smith's Thinking’ History of Political Economy 35 (1): 21-48

13. Perlman, M. (1989) ‘Adam Smith and the Paternity of the Real Bills Doctrine’. History of Political Economy 21 (1): 77-90

14. Skaggs, N.T. (1999) ‘Adam Smith on Growth and Credit: Too Weak a Connection?’. Journal of Economic Studies 26 (6): 481-496

15. Toporowski, J. (2001) ‘The Prudence of 'Projectors': Adam Smith's Premonition of Financial Fragility’ Paper presented at EAEPE Conference "Comparing Economic Institutions"  




1. Bellofiore, R. (1998) ‘Marx's Theory of Money and Credit Revisited: A Comment on the Chapters by Suzanne De Brunhoff and Ferdinando Meacci’. Marxian economics: A reappraisal: Essays on Volume III of Capital. Volume 1. Method, value and money: 205-15

2. Bologna, S. (1973) ‘Money and Crisis: Marx as Correspondent of the New York Daily Tribune, 1856-57’. Selected Writings of Sergio Bologna.

3. Campbell, M. (2002) ‘The Credit System’. The Culmination of Capital. Essays on Volume III of Marx’s Capital: 212-227

4. Cipolla, F. P. (1997) ‘Interest Rate Changes in Marx’s Theory of the Industrial Cycle’. International Journal of Political Economy 27(1): 73-84

5. Cohen, A. (1995) 'Divided capitalism and Marx's concept of politics'. Political studies XLIII: 92-104

6. Crotty, J. (1985) ‘The Centrality of Money, Credit and Financial Intermediation in Marx’s Crisis Theory: an Interpretation of Marx’s Methodology’. Rethinking Marxism: Essays in Honor of Harry Magdoff and Paul Sweezy: 45-81

7. Crotty, J. (1987) ‘The Role of Money and Finance in Marx’s Crisis Theory’. The Imperiled Economy Book 1: Macroeconomics from a Left Perspective: 71-81

8. De Brunhoff, S. (1990) ‘Fictitious Capital’. The New Palgrave: Marxian Economics. John Eatwell, Murray Milgate, and Paul Newman (eds.): 186-87

9. De Brunhoff, S. (1998) ‘Money, Interest and Finance in Marx’s Capital’ Marxian Economics: A Reappraisal Essays on Volume III of Capital: Volume 1: Method, Value and Money: 176-88

10. Eltis, W. (1991) ‘Marx on the Unproductiveness of the Financial Sector and Its Tendency to Grow’ Marx and modern economic analysis. Volume 2. The future of capitalism and the history of thought: 129-46.

11. Fan-Hung (1939-1940) ‘Keynes and Marx on the Theory of Capital Accumulation, Money and Interest’. Review of Economic Studies 7: 28-41

12. Fine, B. (1985-86) ‘Banking Capital and the Theory of Interest’. Science & Society 49(4): 387-413

13. Foley, D. (1997) ‘Credit and Fictitious Capital’. A Dictionary of Marxist Thought, 2nd edition.  Tom Bottomore (ed.): 115-116

14. Hein, E. (2002) 'Money, Interest and Capital Accumulation in Karl Marx's Economics: A Monetary Interpretation'. WSI-Diskussionspapier, Nr. 102

15. Keen, S. (1996) ‘The Chaos of Finance: The Chaotic and Marxian Foundations of Minsky's "Financial Instability Hypothesis."’. Economies et Societes 30 (2-3): 55-82

16. Lapavitsas C. (1997) ‘Two Approaches to the Concept of Interest-Bearing Capital’. International Journal of Political Economy 27 (1): 85-106

17. Lianos, T.P. (1987) ‘Marx on the Rate of Interest’. Review of Radical Political Economy 19 (3): 34-55

18. Meacci, F. (1998) ‘Fictitious Capital and Crises’. Marxian Economics: A Reappraisal Essays on Volume III of Capital: Volume 1: Method, Value and Money: 189-204

19. Moore, B. J. (1991) ‘Marx, Keynes, Kalecki and Kaldor on the Rate of Interest as a Monetary Phenomenon’. Nicholas Kaldor and mainstream economics: Confrontation or convergence?: 225-42

20. O'Hara, P. A. (2000) ‘Money and Credit in Marx's Political Economy and Contemporary Capitalism (Review Article)’. History of Economics Review 32: 83-95

21. Panico, C. (1980) ‘Marx’s Analysis of the Relationship Between The Rate of Interest and the Rate of Profits’. Cambridge Journal of Economics 4 (4): 363-78

22. Panico, C. (1988) ‘Marx on the Banking Sector and the Interest Rate’. Science and Society 52 (2): 310-25

23. Perelman, M. (1987) ‘Fictitious Capital and the Crisis Theory’. Marx's crises theory: Scarcity, labor, and finance: ???-???

24. Perelman, M. (1990) ‘The Phenomenology of Constant Capital and Fictitious Capital’. Review of Radical Political Economics 22 (2-3): 66-91

25. Plasmeijer, H. W. (1998) ‘Marx on the Natural Rate of Interest: Did Marx Hold a Monetary Theory of Income Distribution?’. Marxian economics: A reappraisal: Essays on Volume III of Capital. Volume 1. Method, value and money: 233-53

26. Reuten, G. (2002) ‘The Rate of Profit Cycle and the Opposition between Managerial and Finance Capital. A Discussion of Capital III, Part Three to Five’. The Culmination of Capital. Essays on Volume III of Marx’s Capital: 174-211

27. Ricciardi, J. (1987) ‘Rereading Marx on the Role of Money and Finance in Economic Development: Political Perspectives on Credit from the 1840s and 1850s’. Research in Political Economy, Volume 10: 61-81.

28. Sardoni, C. (1998) ‘Marx's Theory of Money and Interest: A Reconsideration in the Light of Robertson and Keynes’. Marxian economics: A reappraisal: Essays on Volume III of Capital. Volume 1. Method, value and money: 271-85

29. Schefold, B. (1998) ‘The Relation between the Rate of Profit and the Rate of Interest: A Reassessment after the Publication of Marx's Manuscript of the Third Volume of Das Kapital’. Marxian economics: A reappraisal: Essays on Volume III of Capital. Volume 1. Method, value and money: 127-44

30. Shaikh, A. (1989) ‘Accumulation, Finance, and Effective Demand in Marx, Keynes, and Kalecki’. Financial dynamics and business cycles: New perspectives: 65-86

31. Schrader, H. (1995) ‘On Money, Credit and Interest in Social Science’. Working Paper No. 237, Sociology of Development Research Center, University of Bielefeld.

32. Shuklian, S. (1991). ‘Marx on Credit, Interest and Financial Instability’.  Review of Social Economy 49(2): 196-217.  


see also ECONOMARX:

Money and value; Credit; Bank; Finance (theory); Crises, Depressions (3) Money, Finance


see also Conference ‘Marx's Theory of Money: Modern Appraisals’ ( Mount Holyoke College, in South Hadley, Massachusetts, August 4-8, 2003)      papers  




1. Brewer, A. (1990) ‘Marxist Theories of Imperialism, a Critical Survey’. (second, revised edition). London: Routledge

2. Brewer, A. (1983) ‘Review of Finance Capital’. Economica 50: 102-103

3. Fattouh B. (1998) ‘The Limits of Banking Capital in Organizing Industrial Production’. SOAS Economic Digest 2 (1)

4. Harris, L. (1988) ‘Alternative Perspectives on the Financial System’. New perspectives on the financial system: 7-35

5. Lapavitsas, C. (2002) ‘Banks and the Design of the Financial System: Underpinnings in Steuart, Smith and Hilferding’. SOAS Department Of Economics Working Paper 128

6. Joao Antonio de Paula, Hugo Cerqueira and Eduardo da Motta e Albuquerque (2002) ‘Finance and industrial evolution: introductory notes on a key relationship for the capitalist accumulation’. in Textos para Discussao Cedeplar-UFMG with number td179 from Cedeplar, Universidade Federal de Minas Gerais

7. Pineault, E. (2001) ‘Finance Capital and the Institutional Foundations of Capitalist Finance: Theoretical Elements from Marx to Minsky’. Mimeo

8. Pinto, N.P.A.(1998) 'Finance Capital Revisited'. Marxian Economics: A Reappraisal, vol. 1: 216-232

9. Zoninsein, J. (2000) ‘Rudolf Hilferding's Theory of Financial Capitalism and Today's World Financial Markets’. The theory of capitalism in the German economic tradition: Historism, ordo-liberalism, critical theory, solidarism: 275-304  


see also Lovink, G. (2001) ‘Finance and Economics after the Dotcom Crash. Interview with Doug Henwood’.  




1. Bolbol, A. A. and M. A. Lovewell (2001) ‘Three views on stock markets and corporate behavior: Tobin, Veblen, and Marx’ Journal of Post Keynesian Economics, Vol. 23 Issue 3: 527-544.

2. Cornhels, J. (2004) 'Veblen's Theory of Finance Capitalism and Contemporary Corporate America'. Journal of Economic Issues. Vol. 38 Issue 1: 29-58

3. Dimand R.W. (2004) ‘Echoes of Veblen’s Theory of Business Enterprise in the Later Development of Macroeconomics: Fisher’s Debt-Deflation Theory of Great Depressions and the Financial Instability Theories of Minsky and Tobin’. International Review of Sociology - Revue Internationale de Sociologie, Vol. 14, No. 3: 461-470.

4. Dirlam, J. B. (1958) ‘The Place of Corporation Finance in Veblen's Economics’. Thorstein Veblen: A Critical Reappraisal: 113-128.

5. Ganley, W.T. (2004) ‘The Theory of Business Enterprise and Veblen’s Neglected Theory of Corporation Finance’. Journal of Economic Issues. Vol. 38 Issue 2: 397-403

6. Hake, E. R. (1998) ‘Financial Innovation as Facilitator of Merger Activity’. Journal of Economic Issues 32 (1): 145-170

7. Hake, E. R. (2004) 'The Appearance of Impairment: Veblen and Goodwill-Financed Mergers'. Journal of Economic Issues. Vol. 38 Issue 2: 389-395

8. Kelso, P.R. and B.L. Duman (1992) ‘A Veblenian View of Minsky's Financial Crisis Theory’ International Journal of Social Economics, Vol. 19 Issue 10-12: 222-235.

9. Lawson, C., and L. L. Lawson. (1990) ‘Financial System Restructuring: Lessons from Veblen, Keynes, and Kalecki’. Journal of Economic Issues. Vol. 24 Issue 1: 115-132.

10. Medlen, G. (2003) ‘Veblen's Q - Tobin's Q’. Journal of Economic Issues 37 (4): 967-986

11. Phillips, R.J. (1988) ‘Veblen and Simons on Credit and Monetary Reform’. Southern Economic Journal, Vol. 55 Issue 1: 171-182

12. Raines, J. P. and C. G. Leathers (1992) ‘Financial Innovations and Veblen's Theory of Financial Markets’. Journal of Economic Issues, Vol. 26 Issue 2: 433-441.

13. Raines, J. P. and C. G. Leathers (1996) ‘Veblenian Stock Markets and the Efficient Markets Hypothesis’. Journal of Post Keynesian Economics, Vol. 19 Issue 1: 137-152

14. Raines, J. P. and C. G. Leathers (2000) ‘Stock Markets In Veblen's Theory Of Business Enterprise’ Economists and the Stock Market: Speculative Theories of Stock Market Fluctuations: ???-???  




1. Arena, R. (1999) ‘Banks, Credit, and the Financial System in Schumpeter: An Interpretation’. The legacy of Joseph A. Schumpeter. Volume 2: 117-27

2. Arestis P. and P. Demetriades (1998) ‘Finance And Growth: Is Schumpeter “Right”?’ Analise Economica, No 30

3. Bellofiore, R. (1985) ‘Money and Development in Schumpeter’, Review of Radical Political Economics 1-2: 21-40

4. Burlamaqui L. (2000) ‘Schumpeterian Competition, Financial Innovation and Financial Fragility : An Exercise in Blending Evolutionary Economics with Minsky's Macrofinance’. Paper given at the 8th Schumpeter Conference "Change, Development and Transformation"

5. Earley, J. S. (1994) ‘Joseph Schumpeter: A Frustrated "Creditist"’. New perspectives in monetary macroeconomics: Explorations in the tradition of Hyman P. Minsky: 337-51

6. Festre, A. (2002) 'Money, banking and dynamics: two Wicksellian routes from Mises to Hayek and Schumpeter'. The American Journal of Economics and Sociology 61 (2): 439-480

7. King, R. G. and R. Levine (1993) ‘Finance and Growth: Schumpeter Might Be Right’. Quarterly Journal of Economics. Vol. 108 Issue 3: 717-38.

8. King, R. G. and R. Levine (1993) ‘Finance, Entrepreneurship, and Growth: Theory and Evidence’. Journal of Monetary Economics 32 (3): 513-42

9. Lakomski, O. (2005) 'Money and Credit in Schumpeter and Hawtrey'. Mimeo  NEW!

10. Messori, M. (2002) ‘Credit and Money in Schumpeter's Theory’, Mimeo

11. Minsky H. P. (1990) 'Finance and Evolution'. Evolving technology and market structure: Studies in Schumpeterian economics: 51-74.

12. Minsky H. P. (1993) 'Schumpeter and Finance'. Market and Institutions in Economic Development: Essays in Honor of Paolo Sylos Labini: 103-115.

13. Raines, J. P. (2002) 'Financial innovations in Schumpeter's theory of economic development and business cycles'. Paper presented at HES Conference, University of California, Davis.

14. Sinha, T. (2001) ‘The Role of Financial Intermediation in Economic Growth: Schumpeter Revisited’. Economic Theory in the Light of Schumpeter's Scientific Heritage, S. B. Dahiya and V. Orati (eds.): 63-70  




1. Arena, R. and Raybaut, A. (1998) ‘Credit and Financial Markets in Keynes's Conception of Endogenous Business Cycles: An Interpretation’. Non-linear dynamics and endogenous cycles. Lecture Notes in Economics and Mathematical Systems, vol. 463: 147-61

2. Crotty, J. (1990) ‘Owner-Manager Conflict and Financial Theories of Investment Instability: A Critical Assessment of Keynes, Tobin, and Minsky’. Journal of Post Keynesian Economics 12 (4): 519-542

3. Davidson P. (1990) ‘Shackle and Keynes vs. Rational Expectations Theory on the Role of Time, Liquidity, and Financial Markets’ Unkowledge and Choice in Economics: ???-???

4. Dimand R.W. and H.Hagemann (2004) ‘Keynes’s Q, Myrdal’s Q, and Tobin’s q’. Paper presented at CEA 38th Annual Meetings

5. Gootzeit, M.J. (1988) ‘The Role of Money in Keynes' Treatise Credit Market Model’ Bulletin of the History of Economics Society Vol.10 (1): 33-45

6. Lawlor, M. S. (1997) ‘Keynes and Financial Market Processes in Historical Context: From the Treatise to The General Theory’. Essays in honour of Geoff Harcourt. Volume 1. Capital controversy, post-Keynesian economics and the history of economic thought: 235-48

7. Lawlor, M. S. (1994) ‘On the Historical Origin of Keynes's Financial Market Views’ History of Political Economy Vol. 26, Suppl.: 184-225.

8. Mott, T., and C. Grainger (1995). ‘The Role of the Rentier in Keynes's and Kalecki's Conceptions of Capitalism’. Social Concept. Vol. 7: 83-105.

9. Nardozzi, G. (1998) 'The Relevance of Keynes's Thought on Financial Markets'. Economic Theory and Social Justice. G. Gandolfo and F. Marzano (eds.): 176-187

10. Raines, J. P. and C. G. Leathers (2000) ‘Keynes on Speculative Stock Markets’. Economists and the Stock Market: Speculative Theories of Stock Market Fluctuations: ???-???  

11. Rousseas, S. (1994) 'The Spheres of Industrial and Financial Circulation Revisited'. Economies et Societes, Serie MP9, janvier-fevrier: 315-328




1. Asimakopulos, A. (1983) ‘Kalecki and Keynes on finance, investment and saving’. Cambridge Journal of Economics, 7: 221-233

2. Messori, M. (1991), ‘Financing in the Kalecki's theory’. Cambridge Journal of Economics, Vol.15, n.3, 301-13

3. Mott, T. (1985-86) ‘Toward a post-Keynesian Formulation of Liquidity Preference’. Journal of Post Keynesian Economics, 8 (2): 222-232

4. Sawyer, M. (2001) ‘Kalecki on Money and Finance’. European Journal of History of Economic Thought, 8 (4): 487–508

5. Sawyer, M. (1985) ‘The Economics of Michal Kalecki’ New York: M.S.Sharpe (Chapter 5 ‘Money, Finance and Interest Rates’: 88-107)  




1. Dimand, R. W. (1994). ‘Irving Fisher's Debt-Deflation Theory of Great Depressions’. Review of Social Economy 52, 92-107.

2. King, M. (1994) ‘Presidential Address: Debt Deflation: Theory and Evidence’. European Economic Review 38: 419-445.

3. McGrattan, E.R., and Prescott, E.C. (2001) ‘The Stock Market Crash of 1929: Irving Fisher Was Right!’ Federal Reserve Bank of Minneapolis Research Department Staff Report 294 (Available via IDEAS)

4. Pavanelli, G. (2001) ‘The Great Depression In Irving Fisher’s Thought’ Mimeo

5. Wolfson, M. (1996) ‘Irving Fisher’s Debt-Deflation Theory: Its Relevance to Current Conditions’. Cambridge Journal of Economics, 20 (3): 315-334.  


F. von HAYEK


1. Benink, H. and P. Bossaerts (2001) ‘An Exploration of Neo-Austrian Theory Applied to Financial Markets’ Journal of Finance. Vol. 56, No 3: 1011-27

2. Bernard, H. and J. Bisignano (2001) ‘Bubbles And Crashes: Hayek And Haberler Revisited’ Research in Financial Services. Vol. 13: 3-40

3. Machlup, F. (1931, 1940) ‘The Stock Market, Credit and Capital Formation’ translated from a revised version of the German edition by Vera C. Smith

4. Mueller A. P. (2001) 'Financial Cycles, Business Activity, and the Stock Market'. The Quarterly Journal of Austrian Economics. Vol. 4 No 1: 3-21

5. O'Driscoll, G. P. (1994) ‘An evolutionary approach to banking and money’. Hayek, Co-ordination and Evolution: His Legacy in Philosophy, Politics, Economics and the History of Ideas. J. Birner and R. van Zijp (eds.): 126-137

6. Pausor, Jr. E.C. (1989) 'The Efficient-Markets Hypothesis and Enterpreneurship'. Review of Austrian Economics 3: 95-107

7. Witt, U. (1997) ‘The Hayekian Puzzle: Spontaneous Order and The Business Cycle’. Scottish Journal of Political Economy Vol 44 (1): 44-58  


see also The Friedrich Hayek Scholars' Page (Research Resources)    




1. Bernstein P.L. (1992) ‘Capital Ideas: The Improbable Origins of Modern Wall Street’. New York: The Free Press

2. Fama, E. (1970) ‘Efficient Capital Markets: A Review of Theory and Empirical Work’. Journal of Finance 25 (2): 383-417

3. Fama, E. (1991) ‘Efficient Capital Markets: II’. Journal of Finance 46 (5): 1575-1617

4. Harrison, P. (1997) ‘A History of an Intellectual Arbitrage: The Evolution of Financial Economics’. New Economics and Its History, Edited by John B. Davis. History of Political Economy, Annual Supplement to Volume 29: 172-187

5. Harrison, P. (2001) ‘Rational Equity Valuation at the Time of the South Sea Bubble’. History of Political Economy 33 (2): 269-281

6. Goetzmann, W.N. (2003) ‘Fibonacci and the Financial Revolution’ NBER Working Paper #10352

7. Jovanovic, F., and P. Le Gall (2001) ‘Does God Practice a RandomWalk? The “Financial Physics” of a French 19th Century Pioneer, Jules Regnault’. European Journal for the History of Economic Thought 8 (3): 332–362

8. Jovanovic, F. and P. Le Gall (2001) ‘March to numbers. The statistical style of Lucien March’. History of Political Economy History of Political Economy, 33 (5): 86-100.

9. Jovanovic, F. (2003) 'Fama's Work during the 1960s on the history of financial theory'. Paper presented at History of Economics Society Annual Meeting, Duke University.

10. Keen, S. (2001) ‘Debunking Economics: The Naked Emperor of the Social Sciences. Sydney: Pluto Press (Chapter 10: The price is not right, Chapter 11: Finance and economic breakdown)

11. Lehmann, B. (1991) ‘Asset Pricing and Intrinsic Values: A Review Essay’. Journal of Monetary Economics 28: 485-500

12. Miller, M. H. (1999) ‘The History of Finance’. Journal of Portfolio Management 25 (4): 95-101

13. Nichols, N.A. (1993) ‘Efficient? Chaotic? What's the new finance?’. Harvard Business Review 71 (2): 50-56

14. Poitras, G. (ed.) (2005 & 2006 forthcoming) 'Pioneers of Financial Economics' Edward Elgar Publishing

1. Contributions Prior to Irving Fisher

INTRODUCTION (Poitras, J.) PART I: The Historical and Philosophical Background Chapter 1 The Late-Medieval Origins of the Modern Financial Revolution (Munro, J.) Chapter 2 Business Ethics, Commercial Mathematics and the Rise of Mathematical Probability (Sylla, E.) Chapter 3 Dutch Trading Companies from the 16th to 18th Centuries (Jonker, J.) PART II: From Jan de Witt to Richard Price Chapter 4 The Valuation of Life Annuities: de Witt, Halley and de Moivre (Poitras, J.) Chapter 5 Joseph de la Vega and the “Confusion de Confusiones” (Cardoso, J.) Chapter 6 John Law and the Mississippi Scheme (Murphy, A.) Chapter 7 The Writings of Richard Price on Actuarial Science and Finance (Pradier, P.-C.) PART III: From Adam Smith to Louis Bachelier Chapter 8 The Contribution of Adam Smith to Financial Economics (Groenewegen, P.) Chapters 9 and 10 The French School: Jules Regnault and Henri Lefevre (Jovanovic, F. & P. LeGall) Chapter 11 W.S. Jevons (Maas,H.) PART IV: Early 20th century contributions Chapter 12 Louis Bachelier (Dimand, R.) Chapter 13 Early contributors to Financial Management: William Lough, Edward Meade and William Ripley (Witzel, M.)

2. From Irving Fisher to Fischer Black

FOREWORD (Rubinstein, M.) OVERVIEW (Poitras, J.) PART I: Possible Approaches to Financial Economics Chapter 1 Old Finance, Modern Finance and New Finance (McGoun, E.G.) Chapter 2 Benjamin Graham and Traditional Finance (Dimand, R.) Chapter 3 The Early Dow theorists: Charles Dow and William Peter Hamilton (Goetzmann, W.) PART II: The Roots of Modern Finance Chapter 4 Irving Fisher (Dimand, R.) Chapter 5 J.B. Williams and Discounted Cash Flow Analysis (Bierman, H.) Chapter 6 Macaulay, Redington and the Roots of Fixed Income Analysis (Poitras, G.) PART III: The Modern Finance Revolution Chapter 7 H. Markowitz and W. Sharpe (Ziemba, W.) Chapters 8 Attacking the Old Finance: The Modiglianit-Miller Theorems (Rubinstein, M.) Chapter 9 The Efficient Markets Hypothesis (Davidson, P.) PART IV: The Evolution of Modern Finance Chapter 10 Fischer Black and the Derivative Securities Revolution (Petzel, T.E.) Chapter 11 The Rise of Behavioral Finance (Shefrin, H.) Chapter 12 Technical Analysis, Ergodicity and Modern Finance (Poitras, J.)

15. Poitras, G. (2004) ‘Security Analysis and Investment Strategy’. Oxford: Blackwell Publishing (PART I: Philosophy and History: Chapter 1: The Philosophy of Investment; Chapter 2: The History of Security Analysis; Chapter 3: Development of Modern Finance)

16. Poitras, G. (2000) ‘The Early History of Financial Economics, 1478-1776: From Commercial Arithmetic to Life Annuities and Joint Stocks’. Cheltenham: Edward Elgar

(Chapter 2; Chapter 3; Chapter 8; Chapter 10; Chapter 11; All the other chapters and the Bibliography)

17. Pratten, C. (1993) The Stock Market. Cambridge: Press Syndicate of the University of Cambridge

21. Toporowski, J. (2001) 'El factor critico de las finanzas en la economia del siglo XX (The Critical Factor of Finance in the Economics of the Twentieth Century. With English summary)'  Momento Economico 113 (Jan.-Feb.): 2-15

22. Toporowski, J. (April 2005 forthcoming) 'Theories Of Financial Disturbance. An Examination of Critical Theories of Finance from Adam Smith to the Present Day'. Edward Elgar Publishing

(Introduction Part I: A Premonition of Financial Fragility 1. Adam Smith’s Economic Case Against Usury 2. The Vindication of Finance Part II: Critical Theories of Finance in the Twentieth Century: Unstable Money and Finance 3. Thorstein Veblen and Those ‘Captains of Finance’ 4. Rosa Luxemburg and the Marxist Subordination of Finance 5. Ralph Hawtrey and the Monetary Business Cycle 6. Irving Fisher and Debt Deflation 7. John Maynard Keynes’s Financial Theory of Under-Investment I: Towards Doubt 8. John Maynard Keynes’s Financial Theory of Under-Investment II: Towards Uncertainty Part III: Critical Theories of Finance in the Twentieth Century: In the Shadow of Keynes 9. The Principle of Increasing Risk I: Marek Breit 10. The Principle of Increasing Risk II: Michal Kalecki 11. The Principle of Increasing Risk III: Michal Kalecki and Josef Steindl on Profits and Finance 12. A Brief Digression on Later Developments in Economics and Finance 13. The East Coast Historians: John Kenneth Galbraith, Charles P. Kindleberger, and Robert Shiller 14. Hyman P. Minsky’s Financial Instability Hypothesis 15. Conclusion: The Disturbance of Economists by Finance Bibliography Index )

23. Walter C. (2000) 'The Efficient Market Hypothesis, the Gaussian Assumption, and the Investment Management Industry', Paper presented at EFMA 2001 Lugano Meetings 


               Efficient Markets Hypothesis (Definition, History, Bibliography)

               Behavioural Finance (Bibliography, Papers, Links)




1. Post Keynesian View of Financial Markets


1. Andresen T. (2001) 'Overvaluation - not volatility - is the main danger in stock markets'. Mimeo

2. Arestis, P. (1988) 'Post-Keynesian Theory of Money, Credit and Finance'. Post-Keynesian Monetary Economics, London: Edward Elgar: 41-71

3. Arestis P. and Demetriades P. (1996) 'Finance and growth: Institutional Considerations and Causality'. UEL, Department of Economics Working Paper, N5

4. Arestis, P., Demetriades, P. and Luintel, K. (2001) 'Financial Development and Economic Growth: The Role of Stock Markets'. Journal of Money, Credit, and Banking, 33: 16-41

5. Argitis, G. (2003) 'Finance, Instability and Economic Crisis: The Marx, Keynes and Minsky : Problems in Contemporary Capitalism' Paper presented at the Conference 'Economics for the Future', University of Cambridge

6. Bernstein, P. L. (1998) 'Stock Market Risk In A Post Keynesian World'. Journal of Post Keynesian Economics, 21: 15-24

7. Bibow, J., Lewis, P. and Runde, J. (2001) 'Uncertainty, Conventional Behavior, And Economic Sociology'. The Levy Economics Institute of Bard College, Working Paper No. 339

8. Canterbery, E. R. (1999) 'Irrational Exuberance and Rational Speculative Bubbles'. International Trade Journal, 13 (1): 1-33

9. Chick, V. (1997) 'Some reflections on financial fragility in banking and finance'. Journal of Economic Issues, 31 (2): 535-541

10. Clower, R. (1999) 'Post-Keynes Monetary and Financial Theory'. Journal of Post Keynesian Economics, 21 (3): 399-315

11. Dimand, R.W. (2003) 'Minsky and Tobin on the Instability of a Monetary Economy' Paper presented at the 1st Bi-Annual Canada/US Eastern Border Post-Keynesian Workshop: Central banking in the modern world: Alternative perspectives, University of Ottawa

12. Dymski, G. (1997) 'Deciphering Minsky's Wall Street Paradigm'. Journal of Economic Issues, 31,   (2): 501-508

13. Erturk, K. (2001) 'Asset Prices, Liquidity Preference, and the Business Cycle'. The Levy Economics Institute of Bard College, Working Paper No. 348

14. Evans, T. (2003) 'Marxian and post-Keynesian theories of finance and the business cycle'. Capital & Class, 83: 47-100

15.Findlay, M.C. and Williams, E.E. (2000/2001) 'A Fresh Look at the Efficient Market Hypothesis: How the Intellectual History of Finance Encouraged a Real 'Fraud-on-the-market''. Journal of Post Keynesian Economics, 23 (2): 181-200

15. Findlay, M.C. and Williams, E.E. (1985) 'A Post Keynesian View of Modern Financial Economics: In Search of Alternative Paradigms'. Journal of Business Finance and Accounting, 12 (1): 1-18

16. Glickman, M. (1994) 'The Concept of Information, Intractable Uncertainty, and the Current State of the 'Efficient markets' Theory: A Post Keynesian View'. Journal of Post Keynesian Economics, 16 (3): 325-349

17. Kregel, J. (1998) 'Aspects of a Post Keynesian Theory of Finance'. Journal of Post Keynesian Economics, Fall, 21(1): 111-33.

18. Mehrling P. (1999) 'The Vision of Hyman P. Minsky'. Journal of Economic Behavior & Organization, 39: 129-158

19. Niggle, C. (1988) 'The Increasing Importance of Financial Capital in the U. S. Economy'. Journal of Economic Issues, 22 (2): 581-588

20. Niggle, C. (1995) 'The Role of the Financial Sector in the Socialist Economies in Transition: The Second "Primitive Accumulation of Capital"'. Review of Social Economy, 53 (3): 311-331

21. Poitras, G. (2002) 'The philosophy of investment: a Post Keynesian perspective'. Journal of Post Keynesian Economics 25(1): 105-121

22. Pollin, R. (1996) 'Marxian and Post Keynesian Developments in the Sphere of Money, Credit and Finance: Building Alternative Perspectives in Monetary Macroeconomics'. Radical Political Economy, ed. V. Lippit: 205-225

23. Spotton, B. and Rowley, R. (1998) 'Efficient markets, fundamentals, and crashes: American theories of financial crises and market volatility'. American Journal of Economics & Sociology, 57 (4): 663-690

24. Spotton, B. (2002) 'Financial manias and panics: a socioeconomic perspective'. American Journal of Economics & Sociology, 61 (4): 801-827

25. Studart, R. (1999) 'The efficiency of financial systems, liberalization, and economic development'. Journal of Post Keynesian Economics, 18 (2): 269-292

26. Toporowski, J. (1999) 'Monetary Policy in an Era of Capital Market Inflation'. The Levy Economics Institute of Bard College, Working Paper No. 279

27. Toporowski, J. (2000) 'The end of finance: the theory of capital market inflation, financial derivatives, and pension fund capitalism'. Oxford: Routledge

28. Toporowski, J. (2003) 'Finance and political economy' Paper presented at the Conference 'Economics for the Future', University of Cambridge

29. Wolfson, M. (1990) 'The Causes of Financial Instability'. Journal of Post Keynesian Economics, 12 (3): 333-55

30. Zhu, A., M. Ash, and R. Pollin (2002) 'Stock Market Liquidity and Economic Growth: A Critical Appraisal of the Levine/Zervos Model'. PERI Working Paper Number 47


2. Finance and credit in radical political economy


1. Arrighi, G. (1997) 'Financial Expansions in World Historical Perspective: A Reply to Robert Pollin'. New Left Review 224: 154-160

2. Dymski, G.A. (1990) 'Money and credit in radical political economy: A survey of contemporary perspectives'. Review of Radical Political Economics 22 (2-3): 38-65

3. Gintis, H. (1989) 'Financial markets and the political structure of the enterprise'. Journal of economic behavior and organisation 11: 311-322

4. Guttmann, R. (1994) 'How Credit Money Shapes the Economy'. Armonk: Sharpe

5. Harris, L. (1976) 'On Interest, Credit and Capital'.  Economy and Society 5 (2): 145-77

6. Henwood, D. (1999) 'Marxing up the Millennium' Paper prepared for the conference "On Pain Of Extinction: Marx at the Millennium",University of Florida

7. Henwood (1998) 'Wall Street: How It Works and for Whom'. Verso NEW!!!

8. Itoh, M. and Lapavitsas, C. (1999) 'Political Economy of Money and Finance'. London: Macmillan; New York: St.Martin's

(PART I CLASSICAL FOUNDATIONS: 1. Classical Political Economy of Money and Credit; 2. Value and Money in Marx's Political Economy; 3. Interest-Bearing Capital: The Distinctive Marxist Approach. PART II PRINCIPLES OF CREDIT AND FINANCE: 4. The Credit System; 5. Joint-Stock Capital and the Capital Market; 6. Monetary and Financial Aspects of the Business Cycle; 7. Central Banking. PART III POSTWAR REALITIES AND THEORIES: 8. Loss of Control over Money and Finance; 9.The Rise and Fall of Keynesianism; 10. Post-Keynesian Monetary Theory; 11. Money and Credit in a Socialist Economy)

9. Lapavitsas C. and Mavroudeas S. (1999), 'Financial Systems and Capital Markets: an alternative view' in C.Siriopoulos (ed.) 'Topics in Financial Economics and Risk Management Analysis', Paratiritis

10. Magdoff, H. and Sweezy, P. (1985) 'The financial explosion. (American financial structure)'. Monthly Review: An Independent Socialist Magazine 37: 1-9

11. Magdoff, H. and Sweezy, P. (1983) 'Production and Finance'. Monthly Review: An Independent Socialist Magazine 35: 1-12

12. Parson, J.E. (1988) 'Bubble, Bubble, How Much Trouble?  Financial Markets, Capitalist Development and Capitalist Crisis'. Science and Society 52 (3): 260-89

13. Sweezy, P.M. (1994) 'The Triumph of Financial Capital'. Monthly Review: An Independent Socialist Magazine 46 (2): 1-10.

14. Toporowski, J. (2003) 'Sam Aaronovitch and the Marxian understanding of finance'. Paper presented at Association For Heterodox Economics 5th Annual Conference, Nottingham Trent University.  


see also   Finance and Financial Instability (HESA Bibliography)



3. Financialization


1. Aglietta, M. (2000) 'Shareholder value and corporate governance: some tricky questions'. Economy and Society Vol 29 (1): 146-159

2. Aglietta, M. and Breton, R. (2000) 'Financial systems, corporate control and capital accumulation'. Economy and Society Vol 30 (4): 433-466

3. Boyer, R. (2000) 'Is a finance-led growth regime a viable alternative to Fordism? A preliminary analysis'. Economy and Society 29(1): 111-45

4. Crotty, J. (2002) 'The Effects of Increased Product Market Competition and Changes in Financial Markets on the Performance of Nonfinancial Corporations in the Neoliberal Era'. Political Economy Research Institute at the Department of Economics of the University of Massachusetts, Amherst: Working paper ¹44

5. Froud, J., Haslam, C., Johal, S. and Williams, K. (2000) 'Shareholder value and financialization: consultancy promises, management moves'. Economy and Society 29 (1): 80-110

6. Krippner, G.R. (2002) 'What Is Financialization?'. Paper Prepared for the Annual Meetings of the American Sociological Association

7. Lazonick, W. and O'Sullivan, M. (2000) 'Maximizing shareholder value: a new ideology for corporate governance'. Economy and Society 29 (1): 13-35

8. Parenteau, R. (2001) 'The Economics of Euphoria: Financialization and the US Bubble'. Paper Prepared for the Political Economy Research Institute Conference on Financialization of the Global Economy

9. Stockhammer, E. (2001) 'Financialization, corporate governance and effective demand: Financialization and the slowdown of accumulation'. Paper presented at EAEPE Conference "Comparing Economic Institutions"

10. Williams, K. (2000) 'From Shareholder Value to Present-Day Capitalism'. Economy and Society 29 (1): 1-12


see also  Financialization and the World Economy (forthcoming 2005). Edited by Gerald Epstein. Edward Elgar.

               (Chapters download)



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