Minsky's Money Manager Capitalism and the Global Financial Crisis
AbstractThe 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.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal International Journal of Political Economy.
Volume (Year): 40 (2011)
Issue (Month): 2 (July)
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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=110909
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
Please 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.:
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Blog mentionsAs 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
- Solomon Sorin & Golo Natasa, 2013.
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Accounting, Economics, and Law,
De Gruyter, vol. 3(3), pages 167-260, October.
- Sorin Solomon & Natasa Golo, 2014. "Minsky Financial Instability, Interscale Feedback, Percolation and Marshall-Walras Disequilibrium," Papers 1402.0176, arXiv.org.
- Hein, Eckhard & Dodig, Nina & Budyldina, Natalia, 2014. "Financial, economic and social systems: French Regulation School, Social Structures of Accumulation and Post-Keynesian approaches compared," IPE Working Papers 34/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
- Suleymanov, Elchin & Alirzayev, Elvin, 2013. "Government Role During The Global Financial Crisis," MPRA Paper 51592, University Library of Munich, Germany, revised 18 Nov 2013.
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