Abstract
Randall Wray suggests that the global crisis offers both grave risks as well as opportunities. He argues that government must play a bigger role, which in turn requires a new economic paradigm that recognizes the possibility of simultaneously achieving social justice, full employment, and price and currency stability through appropriate policy.
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Notes
This article is based on ‘Financial Markets Meltdown: what can we learn from Minsky’, and ‘The Commodities Market Bubble: Money Manager Capitalism and the Financialization of Commodities’, both published by the Levy Economics Institute and available at www.levy.org.
See Papadimitriou and Wray, 1998 for a summary of Minsky's approach.
References
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Suggests that the global crisis offers opportunities and requires a new economic paradigm
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Wray, R. Minsky, the Global Financial Crisis, and the Prospects Before Us. Development 52, 302–307 (2009). https://doi.org/10.1057/dev.2009.55
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DOI: https://doi.org/10.1057/dev.2009.55