The Rise and Fall of Money Manager Capitalism: Minsky's half century from world war two to the great recession (Routledge Critical Studies in Finance and Stability)

The Book Studies The Trends That Led To The Worst Financial Crisis Since The Great Depression, As Well As The Unfolding Of The Crisis, In Order To Provide Policy Recommendations To Improve Financial Stability. The Book Starts With Changes In Monetary Policy And Income Distribution From The 1970s. These Changes Profoundly Modified The Foundations Of Economic Growth In The Us By Destroying The Commitment Banking Model And By Decreasing The Earning Power Of Households Whose Consumption Has Been At The Core Of The Growth Process. The Main Themes Of The Book Are The Changes In The Financial Structure And Income Distribution, The Collapse Of The Ponzi Process In 2007, And Actual And Prospective Policy Responses. The Objective Is To Show That Minsky's Approach Can Be Used To Understand The Making And Unfolding Of The Crisis And To Draw Some Policy Implications To Improve Financial Stability. Introduction: The Growth Of Financial Fragility And The Great Depression -- The Minskian Framework -- From Management Capitalism To Money Manager Capitalism -- The Great Moderation And The Growth Of Ponzi Finance -- Policy Implications For Finance -- Policy Implications For Employment -- Conclusion: The Minsky Half-century. Eric Tymoigne And L. Randall Wray. Includes Bibliographical References (p. 265-283) And Index. Contents 6 List of figures 8 List of tables 11 Acknowledgments 12 Introduction: the growth of financial fragility and the Great Recession 14 1 The Minskian framework 19 2 From Managerial Capitalism to Money Manager Capitalism 64 3 The Great Moderation and the growth of Ponzi finance 120 4 Policy implications for finance 196 5 Policy implications for employment 237 Conclusion: the Minsky half century 257 Appendix: adjusted L5 data 275 Notes 276 References 278 Index 297