Recession and New Civilization
Hyman Minsky, the long-forgotten thinker of crisis, stated bluntly: A recession (crisis) in the capitalist economic system is solely due to excessive speculative behavior.
Netherlands\' Prime Minister Mark Rutte (L) looks on next to Germany\'s Chancellor Angela Merkel ( 2nd L), President of the European Commission Ursula von der Leyen (2nd R) and France\'s President Emmanuel Macron prior the start of the European Council building in Brussels, on July 18, 2020, as the leaders of the European Union hold their first face-to-face summit over a post-virus economic rescue plan.
Hyman Minsky, the long-forgotten thinker of crisis, stated bluntly: A recession (crisis) in the capitalist economic system is solely due to excessive speculative behavior.
That is the essence of the theory of financial instability, which is considered a valid explanation for the 2008-2009 financial crisis. What is the relevance of Minsky\'s thinking in the current recession, which is caused by the COVID-19 pandemic?