The Relevance of Hyman Minsky’s “Money Manager Capitalism” in The Age of Financialization

Fatma Esra Soylu

Makale detayları

The Relevance of Hyman Minsky’s “Money Manager Capitalism” in The Age of Financialization

Yazarlar:

Fatma Esra Soylu

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Heterodoks İktisat

Dergi:

Politik Ekonomik Kuram Vol.9 Issue 2, pp.634-653

Belge Tipi:

Makale

Yayın Tarihi:

6/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001350855

pISSN:

2587-2567

Anahtar kelimeler:

Özet:

 The aim of this study is to determine the adequacy of Hyman Minskys money manager capitalism approach in explaining the phenomenon of financialization. For this purpose, the study will first examine the phenomenon of financialization as it is discussed in the critical literature, especially in Marxist and Post Keynesian approaches, and then Minskys conceptual framework will be mentioned. Although Minsky is known as a Post Keynesian economist with his analysis of financial instability, which he blended with the legacy of Keynes and Schumpeter and which came to the fore with the 2008 crisis, his studies on the phenomenon of financialization have not gained much place in the literature. However, the Post Keynesian financialization literature has developed especially around Minskys pioneering ideas. The distinctive feature of Minsky is that he was one of the first names to conduct pioneering and comprehensive studies on the financial innovations that have marked the last 40-50 years and their destabilizing role in the system. Financialization should be approached from an evolutionary perspective, and it should be accepted that the financial innovations at the heart of this evolutionary process do not always lead to good outcomes. An analysis of todays financial architecture and the crises that this system has been subjected to reveals Minskys rightness. Thus, it can be argued that Minsky shed light on the 21st century financialization with his money manager capitalism approach and financial instability hypothesis.

 The aim of this study is to determine the adequacy of Hyman Minskys money manager capitalism approach in explaining the phenomenon of financialization. For this purpose, the study will first examine the phenomenon of financialization as it is discussed in the critical literature, especially in Marxist and Post Keynesian approaches, and then Minskys conceptual framework will be mentioned. Although Minsky is known as a Post Keynesian economist with his analysis of financial instability, which he blended with the legacy of Keynes and Schumpeter and which came to the fore with the 2008 crisis, his studies on the phenomenon of financialization have not gained much place in the literature. However, the Post Keynesian financialization literature has developed especially around Minskys pioneering ideas. The distinctive feature of Minsky is that he was one of the first names to conduct pioneering and comprehensive studies on the financial innovations that have marked the last 40-50 years and their destabilizing role in the system. Financialization should be approached from an evolutionary perspective, and it should be accepted that the financial innovations at the heart of this evolutionary process do not always lead to good outcomes. An analysis of todays financial architecture and the crises that this system has been subjected to reveals Minskys rightness. Thus, it can be argued that Minsky shed light on the 21st century financialization with his money manager capitalism approach and financial instability hypothesis.

 The aim of this study is to determine the adequacy of Hyman Minskys money manager capitalism approach in explaining the phenomenon of financialization. For this purpose, the study will first examine the phenomenon of financialization as it is discussed in the critical literature, especially in Marxist and Post Keynesian approaches, and then Minskys conceptual framework will be mentioned. Although Minsky is known as a Post Keynesian economist with his analysis of financial instability, which he blended with the legacy of Keynes and Schumpeter and which came to the fore with the 2008 crisis, his studies on the phenomenon of financialization have not gained much place in the literature. However, the Post Keynesian financialization literature has developed especially around Minskys pioneering ideas. The distinctive feature of Minsky is that he was one of the first names to conduct pioneering and comprehensive studies on the financial innovations that have marked the last 40-50 years and their destabilizing role in the system. Financialization should be approached from an evolutionary perspective, and it should be accepted that the financial innovations at the heart of this evolutionary process do not always lead to good outcomes. An analysis of todays financial architecture and the crises that this system has been subjected to reveals Minskys rightness. Thus, it can be argued that Minsky shed light on the 21st century financialization with his money manager capitalism approach and financial instability hypothesis.

 Bu çalışmanın amacı, Hyman Minskynin, para yönetici kapitalizm yaklaşımının finansallaşma olgusunu açıklamadaki yeterliliğine dair tespitlerde bulunmaktır. Bu amaçla çalışmada ilk önce finansallaşma olgusu eleştirel literatürde özellikle Marxist ve Post Keynesyen yaklaşımlarda ele alındığı biçimiyle incelenecek, ardından Minskynin kavramsal çerçevesine değinilecektir. Minsky, Keynes ve Schumpeterden aldığı mirasla harmanladığı ve 2008 kriziyle gündeme gelen, temelinde finansal istikrarsızlığın yer aldığı analiziyle her ne kadar bir Post Keynesyen iktisatçı olarak bilinse de kendisinin finansallaşma olgusuna dair çalışmaları literatürde pek yer edinememiştir. Fakat aslında özellikle Post Keynesyen finansallaşma literatürü Minskynin öncü fikirlerinin etrafında gelişmiştir. Minskynin ayırt edici özelliği son 40-50 yıla damgasını vuran finansal yenilikler ve bunların sistemi istikrarsızlaştırıcı rolüne dair öncü ve kapsamlı çalışmaları yapan ilk isimlerden biri olmasıdır. Finansallaşma, evrimci bir perspektiften ele alınmalı ve bu evrimsel sürecin göbeğinde yer alan finansal yeniliklerin her zaman iyi sonuçlara yol açmayacağı kabul edilmelidir. Günümüz finansal mimarisi ve bu sistemin girdiği krizler incelendiğinde Minskynin haklılığı gözler önüne serilir. Böylelikle Minskynin para yönetici kapitalizm yaklaşımı ve finansal istikrarsızlık hipotezi ile yirmi birinci yüzyıl finansallaşmasına ışık tutmuş bir isim olduğu ileri sürülebilir.

Makale detayları

The Relevance of Hyman Minsky’s “Money Manager Capitalism” in The Age of Financialization

Yazarlar:

Fatma Esra Soylu

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Heterodoks İktisat

Dergi:

Politik Ekonomik Kuram Vol.9 Issue 2, pp.634-653

Belge Tipi:

Makale

Yayın Tarihi:

6/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001350855

pISSN:

2587-2567

Hyman Minsky

Money Manager Capitalism

FinancializationHyman Minsky

Para Yönetici Kapitalizm

Finansallaşma

Sayı

Makale detayları

The Relevance of Hyman Minsky’s “Money Manager Capitalism” in The Age of Financialization

Yazarlar: Fatma Esra Soylu

Yayıncı: Ahmet Arif EREN

Ana Başlıklar: Heterodoks İktisat

Dergi: Politik Ekonomik Kuram Vol.9 Issue 2, pp.634-653

Belge Tipi: Makale

Yayın Tarihi: 6/2025

Belge Dili: Türkçe

Document ID (Org No.): 2001350855

pISSN: 2587-2567

Hyman Minsky

Money Manager Capitalism

FinancializationHyman Minsky

Para Yönetici Kapitalizm

Finansallaşma

Sayı

Yazarlar:

Fatma Esra Soylu

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Heterodoks İktisat

Dergi:

Politik Ekonomik Kuram Vol.9 Issue 2, pp.634-653

Belge Tipi:

Makale

Yayın Tarihi:

6/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001350855

pISSN:

2587-2567