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Part of the "Economics USA" series. The nation's cycles of economic booms and busts were considered intrinsically capitalistic by Joseph Schumpeter who called them "methodic economic growth," and by Karl Marx who lambasted capitalism as inherently flawed. John Maynard Keynes held that recessions depended on the balance of aggregate demand and aggregate supply. Economist Hyman Minsky provided an explanation for the Great Recession of the 21st Century with his theory that the financial system plays a role in economic cycles.
