In the winter of 1933, the American financial and economic system
collapsed. Since then economists, policy makers and financial analysts
throughout the world have been haunted by the question of whether "It"
can happen again. In 2008 "It" very nearly happened again as banks and
mortgage lenders in the USA and beyond collapsed.
The disaster
sent economists, bankers and policy makers back to the ideas of Hyman
Minsky - whose celebrated 'Financial Instability Hypothesis' is widely
regarded as predicting the crash of 2008 - and led Wall Street and
beyond as to dub it as the 'Minsky Moment'. In this book Minsky presents
some of his most important economic theories. He defines "It",
determines whether or not "It" can happen again, and attempts to
understand why, at the time of writing in the early 1980s, "It" had not
happened again.
He deals with microeconomic theory, the
evolution of monetary institutions, and Federal Reserve policy. Minsky
argues that any economic theory which separates what economists call the
'real' economy from the financial system is bound to fail. Whilst the
processes that cause financial instability are an inescapable part of
the capitalist economy, Minsky also argues that financial instability
need not lead to a great depression.
This Routledge Classics edition includes a new foreword by Jan Toporowski.
Can It Happen Again? : Essays on Instability and Finance - Hyman Minsky
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