July Article of the Month

This month's Economic and Labour Relations Review Article of the Month, by Savvas Zacchariadis, revisits the enduring legacy of economist Hyman Minsky and explores why one of the twentieth century's most influential theories remained largely overlooked until the 2008 global financial crisis. The article provides an accessible overview of Minsky's Financial Instability Hypothesis, examining how periods of economic stability can sow the seeds of financial fragility and crisis. Looking beyond Minsky's economic framework, Zacchariadis investigates the intellectual, political and socioeconomic conditions that contributed to the marginalisation of his ideas for decades. By reflecting on why Minsky's warnings were largely ignored before the global financial crisis, the article offers timely insights into financial regulation, economic policy and the continuing relevance of his work in understanding today's increasingly uncertain global economy.