Graziani’s analysis of the circuit: Does it extend to the era of financialisation?

Abstract

This paper outlines some key features of the circuitist analysis provided by Augusto Graziani, and some key features of the processes of financialisation. It argues that the key features of the monetary circuit analysis remain relevant and indeed central to a monetary analysis. It presents a development of a circuit analysis in which some features of financialisation are incorporated. It argues that the circuitist approach provides a framework within which the detailed analysis of a specific monetary economy can be located.