No economist has written more incisively and provocatively on
financial crisis than Hyman Minsky. Minsky is best known for his
claim that "stability is destabilizing" - that the seeds of the
bust are sown in the boom. This financial instability hypothesis
received renewed attention - and substantial confirmation - in the
global financial crisis of 2008. Minsky's insights are not limited
to moments of crisis; they grow out of a comprehensive and critical
theory of financial capitalism. This book provides a systematic
overview of Minsky's thought, covering his entire body of work. It
shows how financial crises arise not as exceptions, but out of the
normal operation of a financial capitalist system. It explains why
Minsky's theories sit uncomfortably with economics and what efforts
have been made to integrate them, and shows how Minsky's work can
be incorporated into other fields of social thought. This book will
be of interest to students and scholars in economics, political
economy, finance, politics, and social theory, as well as to anyone
with an interest in the financial system and its tendency toward
crisis.
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