ABSTRACT OF PAPER
Title: Schumpeter’s Theory of money: Bank as a Basic Institution
Author: BAUVERT Joanna
Schumpeter is mainly known for his business cycle theory, his growth theory or his analysis of technological innovations, that is to say for his real theories. However, the recent translation of Das Wesen des Geldes from German into French (Theorie de la monnaie et de la banque, L’Harmattan, 2005) showed that this great economist had developed a very original and interesting monetary approach. The object of this article is precisely to analyse money theory of Schumpeter in order to display the fact that the bank institution is the basis of his economic system (about money issue). This question is fundamental both for understanding Schumpeterian theory itself and for the comprehension of the position of alternative approaches such as Institutional, post-Keynesian or Circuitist approaches. Thus, the aim of this article is twofold: it clarifies characteristics of Schumpeterian monetary theory underlining the role of banks (Central bank and commercial banks) and it throws light on contemporary approaches from the Schumpeterian point of view. As a consequence, it first points out certain specificities concerning Schumpeter’s theory from Das Wesen des Geldes. Then, it compares this analysis with contemporary alternative approaches using Schumpeterian keys for understanding. JEL : B25 ; B52 ; E42
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