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Review of Radical Political Economics
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Neoliberalism and International Financial Instability

Martin H. Wolfson

Economics Department, University of Notre Dame, Notre Dame IN 46556 Wolfsonl{at}nd.edu

This paper attempts to expand upon a Minskian model of domestic financial crises to take account of the following international developments: capital inflows that increase financial fragility, foreign financing of deregulated domestic speculative markets, overcapacity in export markets, capital outflows leading to collapsing currencies, restrictive macroeconomic policy oriented toward boosting international investor confidence, and International Monetary Fund bailout packages in the wake of financial crises.

The paper concludes that the institutional changes in the international financial system responsible for the developments listed above came about as a result of the policies and strategies of neoliberalism.

Key Words: Neoliberalism • Macroeconomic policy • Minskian crisis

Review of Radical Political Economics, Vol. 32, No. 3, 369-378 (2000)
DOI: 10.1177/048661340003200302
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