For those trying to comprehend the 2008 Credit Crunch (labelled ‘a Minsky moment’), and perhaps capitalism itself, a radio programme broadcast last night about the late American economist Hyman Minsky is certainly worth listening to. Minsky’s revealing slogan “Stability is destabilising” argued that “the seeds of the next crisis are sown as the financial sector engages in riskier and riskier lending in pursuit of profit”. Therefore, capitalism is inherently unstable.
http://www.bbc.co.uk/programmes/b03yn83s
Search Find it at Lincoln (library.lincoln.ac.uk) for ‘The Financial Instability Hypothesis and Hyman Minsky’ to find out more…
