A Minsky Perspective On The Global Recession Of 2009

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Executive Summary

As the U.S. credit crunch of 2007 evolved into a global recession in late 2008 and early 2009, the economic ideas of the late Hyman Minsky received increasing attention on both sides of the Atlantic Ocean. However, few observers seem to appreciate that about the last dozen years of Minsky's life were devoted largely to synthesizing his financial instability hypothesis (the influence of Keynes) and his understanding of long-term capitalist development (the influence of Schumpeter). To fill that gap, this essay offers a Minsky perspective on the global recession of 2009 by drawing on the insights Minsky gained from Keynes and Schumpeter.

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