Polanyi, Minsky and the problem of the Monetary Global Order: from high finance to megabanks

Abstract

This article examines the thoughts and ideas of Polanyi and Minsky in regards to high finance.  As we argue, Polanyi takes a beningn historical view of global finance that is often not shared by Minsky, nor indeed by several other great economists included in the text.  In the light of the world's more recent historical events, the confrontation of Polanyi and Minsky  helps us gain insight into the current breakdown of global monetary order and the problem of reestablishing it.