Money Manager Capitalism in Primary Commodity-Dependent Developing Countries

Ventimiglia, Luigi; Tavasci, Daniela

doi:10.1057/9780230292321_11

Cited by 4 publications

(3 citation statements)

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“…25 A growing number of economists have also built on Minsky's work to understand developing and emerging economies. They include Ventimiglia and Tavasci (2010), who explored how MMC has increased financial fragility in developing countries (such as Chile) primarily dependent on one commodity. Another contribution to this literature is Liang (2011), who examined the flow of capital into emerging market economies from countries where MMC prevails, highlighting the effects on financial-system development, market volatility, and macroeconomic policy.…”

Section: Extending Minsky's Theorymentioning

confidence: 99%

Understanding financialization: standing on the shoulders of Minsky

Whalen¹

2017

E-Finanse

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Since Hyman Minsky's death in 1996, much has been written about financialization. This articleby means of the synthesis, interpretation, and assessment of an extensive literature -explores the issues that Minsky examined in the last decade of his life and considers their relationship to the financialization literature. At the heart of those issues is what Minsky called money manager capitalism, which he viewed through the lens of a theory of capitalist development inherited from Joseph Schumpeter. Advancing our understanding of the history of financial economics, the article shows how Minsky contributed to -indeed, anticipated much of -the study of financialization. The article also identifies two sources of Minsky's insightfulness: his treatment of economics as a grand adventure, and his willingness to step beyond the world of theory and interact with the world of practice. Today, scholars with a Minsky perspective face formidable challenges, but, the author concludes, within Minsky's writings is also a glimmer of hope: Economic systems are not natural systems; we can reshape them to achieve a more humane world.

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Section: Extending Minsky's Theorymentioning

confidence: 99%

Understanding financialization: standing on the shoulders of Minsky

Whalen¹

2017

E-Finanse

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“…4. For more on Wray's interpretation of Minsky's analysis and its applicability to the Great Recession, see Nersisyan and Wray (2010); for a complementary interpretation as well as a discussion of public policy designed to promote economic recovery and reform, see Whalen 2010; and for a look at developing countries in the context of money manager capitalism, see Ventimiglia and Tavasci (2010). Useem (1996) and Hawley and Williams (2000).…”

Section: Extensions and Further Applicationsmentioning

confidence: 99%

Money manager capitalism

Whalen¹

2012

Handbook of Critical Issues in Finance

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Money manager capitalism is the name Hyman P. Minsky (1919-1996) assigned to the current economic era in his historical analysis of U.S. capitalist development. This era emerged in the 1980s as institutional investors-holders of the largest share of corporate stocks and bonds by the end of the decade-began to exert their influence on financial markets and business enterprises. The study of money manager capitalism was the main focus of Minsky's attention during the final decade of his life. Career Context Minsky's career can be divided into four periods. After earning his Ph.D. from Harvard University in 1954, Minsky devoted two decades to various explorations of the impact of financial institutions on economic performance. Then, in 1975, publication of his John Maynard Keynes (Minsky 1975) signaled the start of a period focusing on business cycles, the centerpiece of which was his "financial instability hypothesis." In the first half of the 1980s, Minsky's attention shifted to the problem of increasing U.S. economic instability, culminating in his Stabilizing an Unstable Economy (SUE) (Minsky 1986a). The final period began after publication of that volume and featured investigations of capitalist development, with special attention to the U.S. economy; the notion of money manager capitalism emerged in the course of those investigations. Minsky set the stage for the final phase of his career with a 1986 essay on Joseph A. Schumpeter and John Maynard Keynes. He wrote: "The task confronting economics today may be characterized as a need to integrate Schumpeter's vision of a resilient intertemporal capitalist

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“…They include Ventimiglia and Tavasci (2010), who explored how MMC has increased financial fragility in developing countries (such as Chile) that are primarily dependent on one commodity. Another contribution to this literature is Liang (2011), who examined the flow of capital into emerging market economies from countries where MMC prevails, highlighting the effects on financial-system development, market volatility, and macroeconomic policy.…”

mentioning

confidence: 99%

Understanding Financialization: Standing on the Shoulders of Minsky

Whalen

2017

SSRN Journal

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Money Manager Capitalism in Primary Commodity-Dependent Developing Countries

Cited by 4 publications

References 3 publications

Understanding financialization: standing on the shoulders of Minsky

Understanding financialization: standing on the shoulders of Minsky

Money manager capitalism

Understanding Financialization: Standing on the Shoulders of Minsky

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