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Hyman Minsky's Theory of Capitalist Development

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  • Charles J. Whalen

    (Institute for Industry Studies, Cornell University)

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    Abstract

    During the last decade of his life, Hyman Minsky drew on insights acquired from Joseph Schumpeter in an effort to explore the long-term development of capitalism. He believed such an exploration would underscore the economic implications of postwar financial-system innovations and could encourage a broad discussion regarding the appropriate structure of the U.S. economy. This paper focuses on the theory of capitalist development that Minsky produced during that decade. After describing the purposes of Minsky's exploration, his theory is outlined both in terms of its essential elements and as it applies to the U.S. economy. In addition to emphasizing the relations between finance and business, Minsky identified a transition through at least five distinct stages of capitalism: from the merchant-capitalist era to a recent period dominated by money managers. A concluding section identifies a number of research directions suggested by Minsky's analysis.

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    File URL: http://128.118.178.162/eps/mac/papers/0004/0004024.pdf
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    Bibliographic Info

    Paper provided by EconWPA in its series Macroeconomics with number 0004024.

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    Length: 11 pages
    Date of creation: 05 Oct 2000
    Date of revision:
    Handle: RePEc:wpa:wuwpma:0004024

    Note: Type of Document - Adobe Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 11; figures: included
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    Web page: http://128.118.178.162

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    1. Hyman P. Minsky & Charles J. Whalen, 1996. "Economic Insecurity and the Institutional Prerequisites for Successful Capitalism," Economics Working Paper Archive wp_165, Levy Economics Institute.
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