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date: 23 January 2022

Abstract and Keywords

During the global financial crisis of 2008–9, the name of Hyman Minsky (1919–1996) was frequently cited in the media. Minsky devoted his entire career to the problem of financial fragility, which he always regarded as the principal threat to US capitalism. His financial instability hypothesis summarized the reasons that the system is vulnerable to financial crises, why nevertheless a catastrophe like the Great Depression had not happened again, and what must be done in order to prevent a recurrence. Minsky always placed financial markets at the center of his analysis. In his “Wall Street vision,” the crucial economic relationship is that between investment banker and client, not factory-owner and worker. Although money is central to his vision, it operates in a rather unusual way. Minsky died in 1996, before the “new consensus” (or New Neoclassical Synthesis) in macroeconomics had firmly established itself, but he would certainly have been a severe critic of its treatment of money and its neglect of finance.

Keywords: Hyman Minsky, macroeconomics, financial instability hypothesis, financial crisis, capitalism, financial markets, Wall Street vision, money

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