The transition from managerial to money manager capitalism: the role of risk and its distribution

David A. Zalewski

Chapter 2 in A Modern Guide to Post-Keynesian Institutional Economics, 2022, pp 36-58 from Edward Elgar Publishing

Abstract: Late in his career, Hyman P. Minsky - a major contributor to Post-Keynesian Institutional economics - described the process of capitalist development by combining the ideas of Joseph A. Schumpeter and John Maynard Keynes to emphasize the role played by financial innovations in supporting entrepreneurial activity and technological change. This chapter extends that literature by focusing on how conditions in the real and financial sectors influence the management and distribution of risk. Drawing primarily from John Kenneth Galbraith's The New Industrial State, we provide a case study of how the distribution of risk in the United States serves as an important factor in the transition from one stage of capitalism to another.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2022
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