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Money Manager Capitalism in Primary Commodity-Dependent Developing Countries

In: Minsky, Crisis and Development

Author

Listed:
  • Luigi Ventimiglia
  • Daniela Tavasci

Abstract

Capitalism comes in different forms. In the current form of capitalism, financial markets and arrangements are dominated by managers of funds. That is, we live in money manager capitalism. During the preceding form of paternalistic capitalism, countercyclical fiscal policy sustained profits when the economy faltered; the Federal Reserve kept interest rates low; government represented the main source of external financing. Money manager capitalism emerged out of this form not only because of increasingly speculative endeavours but also because of the emergence of plans that replaced and supplemented social security systems with private pensions (Minsky and Whalen, 1996).

Suggested Citation

  • Luigi Ventimiglia & Daniela Tavasci, 2010. "Money Manager Capitalism in Primary Commodity-Dependent Developing Countries," Palgrave Macmillan Books, in: Daniela Tavasci & Jan Toporowski (ed.), Minsky, Crisis and Development, chapter 10, pages 168-187, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-29232-1_11
    DOI: 10.1057/9780230292321_11
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    Cited by:

    1. Whalen Charles J., 2017. "Understanding financialization: standing on the shoulders of Minsky," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 13(2), pages 45-61, December.

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