In his essay in this volume, Hyman Minsky is hunting big game. As he tells us in his opening paragraph, he is attempting to explain the recurrent crises in the domestic economy and in the international financial system, as well as the failure of economic policy either to prevent the outbreak of these crises or to eliminate them in reasonably short order. He also presents a sharp critique of rec...

Background: The existence of moral challenges resulting from political, social and economic crises is an inevitable issue of any society and government. Challenges are not urgent, they gradually turn into crises, and can ultimately pose a serious threat to the sovereignty. The Qajar government was in such a situation, especially after the Constitutional Revolution. Political crises and its inte...

The financial liberalization in the four Nordic countries (Denmark, Finland, Norway, and Sweden) that took place mostly in the 1980s led to a major financial crisis in three of those countries. The crises in Finland, Norway, and Sweden are among the deepest financial crises in advanced market economies since World War II. Denmark experienced some banking problems but managed to avoid a systemic...