Stagflation as an institutional crisis and a dispute over income

This article analyzes the phenomenon of stagflation not only as a macroeconomic problem, but above all as a profound institutional crisis stemming from conflict over the distribution of national income. Drawing on the work of Minsky and Kregel, the authors identify three intertwining dimensions: nominal wage and price demands, the system of financial obligations, and the global game of economic sovereignty. The text deconstructs the mechanisms of inflationary inertia and the wage-price spiral, revealing how debt colonizes the future and impacts systemic stability. The analysis also encompasses social aspects, including the role of unpaid labor as a crisis buffer. This comprehensive look at contemporary risk management in the face of global financial cycles and the production gap offers a new perspective on income policy and market stabilization.