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A Tale of Two Thailands: A Minskyan Analysis of Growth in Different Regimes


  • David M. Brennan

    (Franklin & Marshall College, Lancaster, PA, USA,


This paper employs a Kaleckian/Minskyan analysis of profit flows to explain Thailand’s experiences of growth and crisis under different policy regimes. Specifically, the paper shows how profits were differently supported under the neoliberal policy regime of the day and a regime of less stable exchange rates and fiscal deficits. The analysis of the components of profit flows is helpful in explaining why capitalist economies oscillate between different types of monetary and fiscal interventions. JEL classification: F41, E60, E12

Suggested Citation

  • David M. Brennan, 2010. "A Tale of Two Thailands: A Minskyan Analysis of Growth in Different Regimes," Review of Radical Political Economics, Union for Radical Political Economics, vol. 42(1), pages 66-80, March.
  • Handle: RePEc:sae:reorpe:v:42:y:2010:i:1:p:66-80

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    profits; Thailand; Minsky;

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian


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