HISTORICAL INSTITUTIONALISM – THE POTENTIAL OF EXPLAINING THE CAUSES OF THE 2007 MORTGAGE DEBT CRISIS IN THE UNITED STATES
Keywords:
historical institutionalism, theory of rational choice, mortgage debt crisis, The United StatesAbstract
The aim of this paper is to present historical institutionalism as one of the approaches to studying the causes of the mortgage debt crisis in the United States. As will be shown, unlike the traditional approach that places this crisis within the framework of purely economic causes and interests that have determined behaviors that have led to increased risk to the US financial system, historical institutionalism is convenient because it allows us to place the causes of the crisis in political frameworks, that is, to study the mortgage debt crisis as a consequence of economic disturbances caused by political decisions, i.e. due to changes in the institutional framework of the United States. Because of this, the paper treats historical institutionalism in comparative perspective, presenting its advantages in relation to the dominant approach to the causes of the crisis, which can be explained by the assumptions of the theory of rational choice. This paper therefore represents a case study, which practically shows us the potential of historical institutionalism to explain the action of institutions and the far-reaching consequences of such action.
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