The book studies the trends that led to the worst financial crisis
since the Great Depression, as well as the unfolding of the crisis,
in order to provide policy recommendations to improve financial
stability. The book starts with changes in monetary policy and
income distribution from the 1970s. These changes profoundly
modified the foundations of economic growth in the US by destroying
the commitment banking model and by decreasing the earning power of
households whose consumption has been at the core of the growth
process. The main themes of the book are the changes in the
financial structure and income distribution, the collapse of the
Ponzi process in 2007, and actual and prospective policy responses.
The objective is to show that Minsky's approach can be used to
understand the making and unfolding of the crisis and to draw some
policy implications to improve financial stability.
General
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