Minsky, Crisis and Development by Jan Toporowski, Daniela Tavasci

By Jan Toporowski, Daniela Tavasci

This ebook presents a scientific account of economic problem within the constructing international by way of exploring how Minsky's idea could be prolonged to nations at early levels of economic improvement, going past the parameters of the confirmed "emerging industry situation" literature.

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US financial institutions grew in part because of the elimination of niche banking, allowing big banks to engage in a larger variety of financial activities. With globalisation and the rise of securitisation, many large domestic institutions became active participants in global financial markets thus growing even bigger. Each sector came to be dominated by a few large institutions with each institution being so large as to be able to bring down the whole system if it failed. D’Arista argues that already by the 1980s the level of concentration was unacceptably high: ‘Less than 1 percent of the total number of banks, securities firms and life insurers accounted for half of the total resources of those sectors.

Tobin, J. (1989) ‘Book review of “Stabilizing an Unstable Economy” by Hyman P. Minsky’, Journal of Economic Literature, vol. 27. Toporowski, J. (2005) Theories of Financial Disturbance (Cheltenham: Elgar). Toporowski, J. (2008) ‘Minsky’s “induced investment and business cycles” ’, Cambridge Journal of Economics, vol. 32. Tymoigne, E. (2006) ‘The Minskyan system’, Part 1, 2, and 3, Working papers N◦ , 452, 453, 455 The Levy Economics Institute of Bard College. Alessandro Vercelli 31 Veneziani, R.

In our opinion this is a non sequitur. We have to take seriously the criticism of implicit theorising but from it we should draw conclusions quite different from those of many Minsky’s critics. Implicit theorising is typical of new revolutionary theories (in the sense of Kuhn, 1970). After the first intuition of a new paradigm, the underlying theory is made fully rigorous and explicit only through the systematic work of generations of scholars. The invisible hand argument put forward by Adam Smith is a case of implicit theorising.

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