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.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 11 (1999)
Issue (Month): 4 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/CRPE20|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/CRPE20|
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.:
- Guttentag, Jack & Herring, Richard, 1984. " Credit Rationing and Financial Disorder," Journal of Finance, American Finance Association, vol. 39(5), pages 1359-82, December.
- 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.
- 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.
- Charles Goodhart, 1989. "Has Moore Become too Horizontal?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 12(1), pages 29-34, October.
- Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
- Basil J. Moore, 1988. "The Endogenous Money Supply," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 10(3), pages 372-385, April.
When requesting a correction, please mention this item's handle: RePEc:taf:revpoe:v:11:y:1999:i:4:p:379-398. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty)
If references are entirely missing, you can add them using this form.