• Cambridge Society For Economic Pluralism

Credit and Crisis: From Marx to Minsky


Professor Toporowski has worked in fund management, international banking, central banking and financial and economic consultancy. His insight into both the private and public sector has allowed him to publish widely in the areas of financial crises, the political economy of finance and the finance sector in general.


On Wednesday the 21st of February, Professor Toporowski will speak on “Credit and Crisis: From Marx to Minsky”. He will take us on what promises to be an extremely interesting journey: From Marx over Keynes and Veblen to Minsky. In his talk he will consider the ways in which each of them has treated the structural shift in capitalism that occurred due to the generalised availability of long term finance. One of his conclusions will be that the key distinction in economic theory is between those who recognise the central role of long-term finance in the capitalist economy, and those theorists for whom finance is merely ‘savings’ or another form of credit.


The talk will draw upon the following paper, but a more detailed discussion can be found on Crédito y Crisis de Marx a Minsky (2016). Mexico City: Facultad de Economía, Universidad Nacional Autónoma de México & Miguel Ángel Porrúa; Kredyt i Kryzys of Marksa do Minskiego (2018). Warszawa: Ksiazka i Prasa).


This event will be co-hosted with the Joan-Robinson Society, the Economic Society at Girton College and would not have been possible without Carolina Alves, the Joan Robinson Research Fellow in Heterodox Economics at Girton College.

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