Hyman Minsky and Fragile Finance

Anastasia Nesvetailova
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Anastasia Nesvetailova: City University

Chapter 4 in Fragile Finance, 2007, pp 56-71 from Palgrave Macmillan

Abstract: Abstract All three major schools of thought on financial crisis reviewed in Chapters 2 and 3 would probably concur, despite their disagreements and normative differences, on the following. Finance itself, and its relation to the economic system, has become incredibly complex and difficult to read. Market-friendly approaches, such as EMT and other versions of neoclassical synthesis agree that instability may be a by-product of such complexity. They do not agree, however, that the recent spate of financial crises is a symptom of a structural fragility. Rather, they contend that the financial revolution has facilitated the progress of capitalism towards a new stage of development. In contrast, ‘structuralist’ accounts maintain that the ‘financialisation’ of capitalism is proceeding through a recurrence of crises and under the clout of endemic financial fragility.

Keywords: International Capital Market; Credit Expansion; Outstanding Debt; Speculative Bubble; Fragile Finance (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-59230-8_5

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DOI: 10.1057/9780230592308_5

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