Money-Manager Capitalism and the End of Shared Prosperity
Hyman Minsky often stated that there are "as many varieties of capitalism as Heinz has pickles." The capitalism in place in America at the end of World War II produced nearly a quarter-century of economic growth, relative stability, and shared prosperity. Today's capitalism, however-what Minsky called "money-manager" capitalism-is different in both character and outcomes. This article traces the development of Minsky's ideas on postwar structural change, outlines his conception of the current era, and discusses the connection between the rise of the present period and the end of shared prosperity.