Among them, Minsky argued in the early 1990s (Minsky 1990), (Minsky 1992) that capitalist economies evolve through various stages, the then stage (in the US) being that of „money manager capitalism”, which corresponds to what we currently call „financialization”. While it may be argued that many economists have been at least „blind” to this phenomenon, post-Keynesian scholars have long discussed this issue and continue to largely contribute to the debate. A broader understanding of financialization and its socio-economic impact is, however, still under examination.

The roles of securitization, shadow banking and financial complexity in the 2008 financial crisis are now common knowledge. The current and still unfolding crisis unveiled some of financialization’s features (eg: securitization – CDO, CDS, shadow banking) and some of its related impacts on inequalities, instability and investments (Orhangazi 2008, Onaran, Stockhammer et al. Interestingly, while the start of the process can be identified as early as the 1980s, a majority of economists seemed to recognize its importance only after the onset of the 2007- 2008 financial crisis. Summary/Abstract: Financialization is certainly one of the most significant aspects of financial systems’ evolution since the beginning of the post War period. Published by: HESPERIAedu Keywords: Financialization Minsky crisis institutionalism Subject(s): Supranational / Global Economy, Financial Markets The Role of Financialization in Financial Instability: A Post-Keynesian Institutionalist Perspective Author(s): Christine Sinapi The Role of Financialization in Financial Instability: A Post-Keynesian Institutionalist Perspective

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