Financialization and its Discontents

Financialization is not new, nor is discontent with it. “Capitalism is essentially a financial system, and the peculiar behavioral attributes of a capitalist economy center around the impact of finance upon system behavior.”  Minsky (1967) Fifty years ago, Minsky zeroed in on instability as the central flaw of the financial system of his time, and located the source of that

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Why is money difficult?

As regular readers know, I emphasize two central functions of monetary systems:  payments and market-making. These are the foundation pillars of what I call the “money view”. In my teaching, I have come to appreciate a variety of barriers that people bring with them to the study of money, and to appreciate the necessity of bringing these barriers up to

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