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In
this paper the author argues that the
interpretation of the financial crisis
as a Minsky crisis is misleading, as the
processes identified in Minsky's financial
instability hypothesis, even when playing
a critical role in the crisis, are part
of a larger economic drama involving the
neoliberal growth model. Interpretation
of the financial crisis as a purely financial
crisis--in the spirit of a pure Minsky
crisis--and the attendant policy prescription
of simply fixing the financial system
may, in fact, worsen stagnation.
December 14, 2009.
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