Minsky's Money Manager Capitalism and the Global Financial Crisis
Abstract
The world's worst economic crisis since the 1930s is now well into its fourth year. Minsky's work has enjoyed unprecedented interest, with many calling this a "Minsky moment" or "Minsky crisis" and locating the beginnings of the crisis in the 2000s. I argue that we should not view this as a "moment" that can be traced to recent developments. Rather, we have seen a slow realignment of the global financial system toward what Minsky called "money manager capitalism"âsomething like a return to prewar "finance capitalism" analyzed by Rudolf Hilferding, Thorstein Veblen, and John Maynard Keynesâand later by John Kenneth Galbraith. Getting out of this crisis will require radical policy changes no less significant than those adopted in the New Deal.Download Info
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Bibliographic Info
Article provided by M.E. Sharpe, Inc. in its journal International Journal of Political Economy.
Volume (Year): 40 (2011)
Issue (Month): 2 (July)
Pages: 5-20
Contact details of provider:
Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=110909
Related research
Keywords: Can it happen again?; debt deflation; finance capitalism; financial crisis; Hilferding; Hyman Minsky; John Kenneth Galbraith; Keynes; Minsky crisis; Minsky moment; money manager capitalism; Veblen;Other versions of this item:
- L. Randall Wray, 2011. "Minsky's Money Manager Capitalism and the Global Financial Crisis," Economics Working Paper Archive wp_661, Levy Economics Institute, The.
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian
- B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
- E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
- E - Macroeconomics and Monetary Economics
References
References listed on IDEASPlease report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dimitri B. Papadimitriou & L. Randall Wray, 1998.
"The Economic Contributions of Hyman Minsky: Varieties of Capitalism and Institutional Reform,"
Macroeconomics
9802018, EconWPA.
- Dimitri Papadimitriou & L. Randall Wray, 1998. "The Economic Contributions of Hyman Minsky: varieties of capitalism and institutional reform," Review of Political Economy, Taylor and Francis Journals, vol. 10(2), pages 199-225.
- Dimitri B. Papadimitriou & L. Randall Wray, 1997. "The Economic Contributions of Hyman Minsky: Varieties of Capitalism and Institutional Reform," Economics Working Paper Archive wp_217, Levy Economics Institute, The.
- Jan Kregel, 2010. "No Going Back: Why We Cannot Restore Glass-Steagall's Segregation of Banking and Finance," Economics Public Policy Brief Archive ppb_107, Levy Economics Institute, The.
- Marshall Auerback & L. Randall Wray, 2010. "Toward True Health Care Reform: More Care, Less Insurance," Economics Public Policy Brief Archive ppb_110, Levy Economics Institute, The.
- Eric Tymoigne & L. Randall Wray, 2009. "It Isn't Working: Time for More Radical Policies," Economics Public Policy Brief Archive ppb_105, Levy Economics Institute, The.
- Yeva Nersisyan & L. Randall Wray, 2010. "The Trouble with Pensions: Toward an Alternative Public Policy to Support Retirement," Economics Public Policy Brief Archive ppb_109, Levy Economics Institute, The.
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Blog mentions
As found by EconAcademics.org, the blog aggregator for Economics research:- La spending review e il punto di vista del Tesoro
by keynesblog in Keynes Blog on 2012-08-08 07:16:36
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