Money Manager Capitalism in Primary Commodity-Dependent Developing Countries

Luigi Ventimiglia and Daniela Tavasci

Chapter 10 in Minsky, Crisis and Development, 2010, pp 168-187 from Palgrave Macmillan

Abstract: 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).

Keywords: Exchange Rate; Real Exchange Rate; Commodity Price; Commodity Market; Asset Class (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1057/9780230292321_11

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