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Minsky’s Analysis of Capitalist Development

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  • Samba Diop

Abstract

Beginning in the mid-’80s, well after he brought his famous financial instability hypothesis to maturity, Hyman P. Minsky analyzed the evolution of capitalism. This paper proposes a critical reading of this analysis, focusing on the institutional dimension of Minsky’s research. From my point of view, if Minsky’s analysis constitutes more a history of capitalism than a theory of capitalism, this is because of the weak conceptualization of institutions and the absence of a genuine analysis of institutional change. From this perspective, I believe it necessary to clarify and complete Minsky’s institutional analysis. Only by doing so can we take full measure of Minsky’s research on the evolution of capitalism and identify all the repercussions for an analysis of the instability and resilience of the current stage of capitalism.

Suggested Citation

  • Samba Diop, 2016. "Minsky’s Analysis of Capitalist Development," Review of Radical Political Economics, Union for Radical Political Economics, vol. 48(2), pages 201-216, May.
    • Handle: RePEc:sae:reorpe:v:48:y:2016:i:2:p:201-216
    DOI: 10.1177/0486613415591808
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    More about this item

    Keywords

    Minsky; French regulation school; evolution of capitalism; institutional change;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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