Since the neoclassical model does not deal with financial markets, attempts have been made to explain financial markets separately. Notable theorists are identified. David Hume provided an early theory of the use of gold in international trade. J. M. Keynes endeavoured to modify neoclassical theory to take account of the Great Depression. Joseph Schumpeter contrasted ‘real analysis’ and ‘monetary analysis.’ Hyman Minsky roundly condemns the neoclassical model and presents a ‘Financial-Instability Hypothesis’ to explain the incidence of crises. As a frame of reference, the neoclassical model is notably deficient, particularly with regard to financial markets. Time disparities, credit, money-bargaining chains, organisations and information are all beyond its horizons. Time disparities are integral to economic transactions and require the use of credit. The contraction of money-bargaining chains is a defining feature of financial crises. Financial markets are built on information, rendering them vulnerable to misinformation. Global sharing of information harmonises ideas and creates shared crises. Keynes sought to modify the neoclassical model to take account of the high unemployment of the Great Depression. The modifications took the form of definitions that confirmed the neoclassical-Keynesian frame of reference they created.