Understanding Financialization: Standing on the Shoulders of Minsky

Slides:

Advertisements

Similar presentations

Rethinking Alternative Growth Paradigms  Mah-Hui LIM  South Centre Conference on The South in the Global Economic Crisis, Geneva  January 31,

Advertisements

Causes and Consequences of Taiwan’s FDI Regulation Policy in China, Jung-Chin Shen.

Why was the Great Depression so deep? Why did it last so long? Friedman and Schwartz: M-contraction. Bernanke: true, but there’s more. Financial crisis.

World Views – Part 2 Structuralism and Marx and Lenin Linda Young POLS 400 International Political Economy Wilson Hall – Room 1122 Fall 2005.

From Bubble to Bust: A Minsky Moment in the Age of Schumpeter Charles J. Whalen Department of Business and Economics February 20, 2008 Copyright Charles.

Economic Policy and Economic Dynamics. Outline Miscellaneous on Philosophy, Methodology and Theories Miscellaneous on Philosophy, Methodology and Theories.

Entrepreneurial activity, industry orientation and economic growth

Hyman P. Minsky and the Austrian School of Economics A comparison of the financial instability hypothesis and the Austrian business cycle theory 1st presentation.

Global South Lecture 8: November 16, 2007 Corporate Power and Globalization.

1 Post-crisis Competing Models Albert Keidel The Atlantic Council of the United States for The Transatlantic Academy September 28, 2010.

What is it ?. An economic phenomenon? A social phenomenon? A cultural phenomenon? “the process through which an increasingly free flow of ideas, people,

The Role of Financial Structure and Financial Depth in Economic Growth: A Firm Level Analysis for Turkey By Olcay Yücel ÇULHA Pınar ÖZBAY ÖZLÜ Cihan YALÇIN.

Measuring Progress towards Green Growth through indicators OECD work UNCEEA Sixth meeting New York, June 2011.

The Quickstep Model Hardy Hanappi Ad personam Jean Monnet Chair for Political Economy of European Integration Economics, TU Vienna

The Role of Tax Policy in a functioning Economic and Monetary Union Panel discussion Giampaolo Arachi Università del Salento European Economic and Social.

1 Industrial Dynamics: Introduction and Basic Concepts Industrial Structures and Dynamics: Evidence, Interpretations and Puzzles by Dosi, G., F. Malerba,

1 Innovation and Entrepreneurship in Developing Countries: Impact Assessment and Lessons Learned from InfoDev’s Global Network of Business Incubators June.

Generating a Business Law Research Agenda Louie A. Divinagracia Director, MBA Program De La Salle Professional Schools.

Atelier V. « Diversity and Transformation of Capitalisms in Asia». Financialization without financiers ? The puzzle of the shareholder value in Korea.

Chapter 33.  What are the main benefits and dangers of growing political, economic, and cultural integration?  What roles do religious beliefs and secular.

The General Theory After 80 Years Fernando Ferrari Filho Professor of Economics at UFRGS and Researcher at CNPq and

Making financial instability visible in space as well as time: Toward a more Keynesian geography Gary A. Dymski Professor of Applied Economics Leeds University.

International Accounting International Accounting A User Perspective by Shahrokh M. Saudagaran.

Global Citizenship chapter 3B By: Neda Molazem Ikshita Saray Alireza.

OECD Horizontal Task Force on Green Growth Indicators OECD STD, ECO, ENV, STI, IEA Green growth strategy Measuring progress through indicators.

SDGs and the Global Sustainability Agenda Prof. Dr. Armida S. Alisjahbana Universitas Padjadjaran Indonesian National Academy of Sciences Sustainability.

‘MONEY’ AND OTHER USELESS CONCEPTS

with Gilberto Antonelli and Pinuccia Calia

Total Credit Points Requirement : 129

Class 3 – Economics For Everyone Part 1

Product Pricing.

Alternatives to Realism: Pluralist Liberalism and Globalism

GLOBAL INEQUALITY What is the scale of economic inequality and poverty across countries? What are the key correlates of this inequality? What are some.

Social protection and HIV: a corporate priority for UNAIDS

Total Credit Points Requirement : 129

Consultation on the Finance Sector Supplement to the Natural Capital Protocol This project has been made possible by generous funding and support from.

Chapter XXXIII New Challenges in a New Millennium

Press Release 13 October 1999 The Royal Swedish Academy of Sciences awarded the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, 1999,

INTRODUCTION : key and brilliant period, convergence with Europe

Performance Measures of Logistics

Dr Marek Porzycki Chair for Economic Policy

Federal University of Rio de Janeiro, Brazil

ENTREPRENEURSHIP MANAGEMENT

Consultation on the Finance Sector Supplement to the Natural Capital Protocol This project has been made possible by generous funding and support from.

Finance 319 Lecture 1 Galina A Schwartz Department of Finance

Total Credit Points Requirement : 129

dr hab. Marek Szczepański

Total Credit Points Requirement : 129

Chapter 1 Why Study Money, Banking, and Financial Markets

Global Trends, Development Dynamics and the Role of the OECD

Albanian Economy in the Global Economic Background

Legal framework for social enterprises

Total Credit Points Requirement : 129

What Is Good Finance and FinTech in the Economy?

Tomorrow’s Australian Company

Private sector development and SDGs in Albania

Business Education: Past, Present, and Future

THE INDUSTRIAL REVOLUTION

1 Introduction: Micro Economics for Managers. 2 Economics & Economic Analysis What do you mean by Economics? A simple definition of economics: “It is.

Sustainability Corporations, Capital Markets and Global Economy.

Total Credit Points Requirement : 129

agreenment A Green Mentality for Collective Bargaining

4 C H A P T E R The Market System.

Workshop Orientation Trade Union Training on

Presented by M Mashele BRICS Workshop

OECD Green growth strategy Measuring progress through indicators

Why was the Great Depression so deep? Why did it last so long?

DistanceLearning.edu.in is a portal focused on distance learning courses where you can see a lot of courses starting from Certificate level to Masters.

Loyola University Chicago The Catholic University of Leuven,

Presentation transcript:

Understanding Financialization: Standing on the Shoulders of Minsky Charles J. Whalen Baldy Center for Law & Social Policy SUNY University at Buffalo, USA Financialization Conference, June 9, 2017, Rzeszow, Poland

“The time has come…to speak of many things!” Main Points Hyman Minsky Offered Penetrating Observations on Money Manager Capitalism He also Sketched a Powerful Analytical Framework, Yielding a Theory of US Capitalist Development Minsky’s Observations & Framework Represent a Major Contribution to the Financialization Literature

Observations on Money Manager Capitalism Emerged in the Early 1980s Money Managers Replaced Corporate Managers as ‘Masters of the Economy’ Consequences & Dangers

Consequences of Money Manager Capitalism The Short View Replaced the Long View Financial Innovation (Securitization, etc.) Further Globalization

Dangers of Money Manager Capitalism Slower Technological Progress Greater Economic Instability Increased Worker Insecurity Sharper Income Inequality

The Continuing Relevance of Money Manager Capitalism The New York Times BUSINESS DAY Route to Air Travel Discomfort Starts on Wall Street By NELSON D. SCHWARTZ MAY 28, 2017

Minsky’s Theory of US Capitalist Development Foundation: Evolutionary and Institutionally Oriented View of the Economy (Rooted in Schumpeter & Keynes) Finance: A Key Role in Economic Life Focus: The Interaction of Finance & Industry Money Manager Capitalism: The Latest Stage Some Dimensions: Activity & Entity Financed; Financing Source; Locus of Power

Extending Minsky’s Theory

Understanding Financialization Shareholder Value Money Managers and Trading Evolution of Banking and Finance Regime of Accumulation And More….

‘Economic systems are not natural systems…The task confronting economics today may be characterized as a need to integrate the insights of Schumpeter and Keynes.’ — Minsky (1986)