The Global Crisis According to Post-Keynesians

Dilip M. Nachane ()
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Dilip M. Nachane: Indira Gandhi Institute of Development Research

Chapter Chapter 9 in Critique of the New Consensus Macroeconomics and Implications for India, 2018, pp 205-220 from Springer

Abstract: Abstract The post-Keynesian explanation of the global crisis is centred around six major themes, viz.: (i) Minsky’s theory of financial fragility with its focus on institutional features, but extrapolated to households, (ii) financial fragility in the global context, (iii) herd behaviour of investors, (iv) endogeneity of money, (v) changes in the distribution of income between workers, capitalists and/or rentiers and (vi) flawed development and lax regulation of the financial sector. In this chapter, we attempt an explanation of the global crisis by interpreting these themes against the general theoretical backdrop of post-Keynesianism. We also present an analysis of Godley’s unsustainable processes and examine their potential usefulness as leading indicators of a crisis.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isbchp:978-81-322-3920-8_9

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DOI: 10.1007/978-81-322-3920-8_9

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