A Political-Economic Critique of Minsky's Financial Instability Hypothesis: The case of the 1966 financial crisis
According to Minsky's financial instability hypothesis, financial crises are caused by increasing debt burdens. The purpose of this paper is to argue instead that financial crises are caused by class and intra-class conflict. The 1966 financial crisis is particularly significant, from the perspective of Minsky's financial instability hypothesis, because it divides the postwar Golden Age of US capitalism from the current period of recurrent financial crises. After showing that increasing debt burdens do not account for the 1966 financial crisis, this paper explains the 1966 financial crisis in terms of class and intra-class conflict.
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Volume (Year): 11 (1999)
Issue (Month): 4 ()
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- Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
- Guttentag, Jack & Herring, Richard, 1984. " Credit Rationing and Financial Disorder," Journal of Finance, American Finance Association, vol. 39(5), pages 1359-1382, December.
- Basil J. Moore, 1988. "The Endogenous Money Supply," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 10(3), pages 372-385, April.
- Albert M. Wojnilower, 1980. "The Central Role of Credit Crunches in Recent Financial History," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 11(2), pages 277-340.
- Charles Goodhart, 1989. "Has Moore Become too Horizontal?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 12(1), pages 29-34, October.
- Andrew S. Carron & Benjamin M. Friedman, 1982. "Financial Crises: Recent Experience in U.S. and International Markets," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 13(2), pages 395-422.
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