Teoria obiegu pieniężnego w warunkach finansjalizacji
Monetary Circuit Theory under Financialization

Summary/Abstract: The aim of the article is to critically analyze the traditional version of the heterodox theory of monetary circuit formulated in the 1960s and 1970s as well as its subsequent modifications enabling to take into account the growing financialization and the changes undergoing in the environment under its influence. The article shows that macroeconomic models of monetary circuit have begun to take on an advanced form, mainly due to the crisis of 2007–2009. As a result, they are much better suited to reflect the level of complexity and the importance of financial relationships in today's market economies. At the same time, however, the multifacetedness of financialization and the fact that this phenomenon has so far been rather insufficiently analyzed make the attempts to incorporate financialization into concepts such as the money circuit theory very difficult and subject to over-simplification. As a result, today's money circuit models that include financialization may raise doubts that undermine both their explanatory power and chances to compete with the mainstream models

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