The Economic Legacy of Hyman Minsky (Global Financial Fragility and Crisis: Lessons for Russia)

A. Nesvetailova

Voprosy Ekonomiki, 2005, issue 3

Abstract: Thematically, the article contributes and aims to advance current debates on the political economy of global finance and international financial crisis, drawing in on the academic legacy of Hyman Minsky and his contemporary followers. Methodologically, it advances Minskyan financial instability hypothesis to the analysis of the increased fragility in global financial capitalism and specifically, of the financial crises of the late 1990s-early 2000s. Grounded in Keynesian tradition of political economy, Minsky's analysis of financial instability and crises - features endemic in capitalism - is enlightening not only for those interested in the economic history of the 20th century. His methodological insights and political conclusions provide a fertile ground for elaboration in the context of recurrent financial crises and the present-day nature of financial capitalism. This essay reveals major sources of in-built systemic fragility of financial structures in capitalist economies generally, and in the Russian case in particular.

Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2005:id:1421

DOI: 10.32609/0042-8736-2005-3-99-117

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