Was Minsky Right: An Analysis In The Context of The 2008 Global Economic Crisis

Year 2016, Volume: 2 Issue: 2, 1 - 11, 01.05.2016

Muhammed Veysel Kaya , Hasan Önder Sarıdoğan

Abstract

In this study, we tried to analyse the relation between the theory of financial instability of post-Keynesian economist Hyman Minsky and the global crisis starting in 2008 in the United States ,and then covered the entire world. Minsky defended that the financial system of the capitalist economy is vulnerable to speculative attack with its desire of profit, and added if these attacks are persistent enough, result of the crisis will be inevitable. Minsky noted that with appropriate monetary policy the impact of the instability experienced in the financial system can be resolved. However, the greed to earn money for economic agents has been one of the biggest obstacle underlying the prevention of crisis. Minsky, before his death in 1996, said the present capitalist system will soon encounter a crisis on a global scale. The global financial crisis experienced in 2008 and the ongoing effects of it, has many devastating impacts on the real sector. This crisis has shown us how right Minsky's prediction was

Keywords

Crisis, Minsky, Capitalism, Financial Instability

Minsky Haklı mıydı: 2008 Küresel Ekonomik Krizi Bağlamında Bir Analiz

Abstract

Bu çalışmada bir Post-Keynesyen iktisatçı olarak tanımlanan Hyman Minsky'nin Finansal İstikrarsızlık Teorisi ve 2008 yılında ABD'de başlayıp tüm dünyayı etkileyen küresel kriz ilişkisi açıklanmaya çalışılmıştır. Minsky, kapitalist ekonomilerde finansal sistemlerin kâr elde etme arzusu ile spekülatif saldırılara karşı savunmasız olduğunu ve bu saldırılar yeterince kalıcı olduğu takdirde bunların krizlerle sonuçlanmasının kaçınılmaz olduğunu söylemiştir. Minsky finansal sistemde yaşanan dengesizliklerin uygun para politikaları ile etkilerinin giderilebileceğini belirtmiştir. Ancak ekonomik birimlerin para kazanma hırsı krizlerin engellenmesi altında yatan en büyük etkenlerden biri olmuştur. Minsky, 1996'daki vefatından önce, mevcut kapitalizm sisteminin çok yakında küresel ölçekte bir krizle karşılaşacağını söylemiştir. 2008'de yaşanan ve etkileri devam eden küresel krizin hem finansal, hem de reel kesim üzerinde yıkıcı etkileri olmuştur. Bu kriz bizlere, Minsky'nin öngörüsünün ne kadar haklı olduğunu göstermiştir.

Keywords

Kriz, Minsky, Kapitalizm, Finansal İstikrarsızlık

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