Stability is destabilizing. These three words concisely capture the insight that underlies Hyman Minsky's analysis of the economy's transformation over the entire postwar period. The basic thesis is that the dynamic forces of a capitalist economy are explosive and must be contained by...

Financial crises: an overview -- The nature of banking crises -- The panic of 1907 and the savings and loan crisis -- Development of the housing and credit bubbles -- Bursting of the twin bubbles -- The great crisis and the great recession of 2007-2009 -- The framework of Federal Reserve...

In this paper the author attempts an analysis of the current financial/economic crisis that is wider ranging and more fundamental than he has been able to find. For this purpose he reviews some social science literature that views the current crisis as an episode in the secular decline of the...