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Erschienen in:
2005 | OriginalPaper | Buchkapitel
Towards a Non-Conventional Circuit Approach: Credit, Microcredit and Property Rights
verfasst von : Lilia Costabile
Erschienen in: The Monetary Theory of Production
Verlag: Palgrave Macmillan UK
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In the circuit approach, as developed by Augusto Graziani (1980, 1988, 1996, 2004), credit plays a fundamental role, as firms open up the monetary circuit by buying the services of labour, in exchange for the money which they receive as credit from the banking system. Graziani’s approach assumes that the banking sector adopts conventional principles, thus ensuring that some agents have privileged access to credit, while others undergo severe ‘credit rationing’.