Hyman Minsky’s interpretation of Donald Trump
Kevin W. Capehart
Journal of Post Keynesian Economics
Volume 38, Issue 3, 2015, pages 477- 492
Published online: 23 Dec 2015
DOI: 10.1080/01603477.2015.1075358
Abstract
Hyman Minsky’s interpretation of The General Theoryby John Maynard Keynes has received renewed attention in recent years. This article draws attention to Minsky’s interpretation of another book by another author: The Art of the Deal by Donald Trump. The article begins by summarizing Trump’s interpretation of himself in his book. In Trump’s interpretation, he was an artist when it came to making deals, and appreciation in the value of his assets was proof of his deal-making artistry. Next, the article summarizes Minsky’s interpretation of Trump. In Minsky’s interpretation, Trump’s deal-making artistry was predicated on appreciation in the value of his assets because of the fragility of his financing. To conclude, the article argues that Minsky’s interpretation of The Art of the Deal is a point of entry into his body of work.
Keywords: Donald Trump, Hyman Minsky, Ponzi financing
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