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Money manager capitalism and the global financial crisis

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Abstract:

This is not a 'Minsky moment' of financial crisis: what we have seen, rather, is a slow transformation of the global financial system towards what Minsky called 'money manager capitalism', which he saw as inevitably leading to instability. The term 'money manager capitalism' highlights the links between developments of the last thirty years and pre-war finance capitalism: i.e. money is managed not by those with a stake in companies but by those with a stake in making money from financial transactions, in conditions of ever-decreasing regulation. This restoration of conditions similar to those that existed in the run-up to the Great Depression has had a similar outcome. To get out of the mess will require radical policy changes no less significant than those of the New Deal.

Keywords: DEREGULATION; FINANCE CAPITAL; FINANCIAL CRISIS; FRAUD; GREAT DEPRESSION; HYMAN MINSKY; MONEY MANAGER CAPITALISM; NEW DEAL; PENSION FUNDS; SHADOW BANKS

Document Type: Research Article

DOI: https://doi.org/10.3898/136266210792306998

Publication date: 2010-08-11

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