Beginning in the mid-’80s, well after he brought his famous financial instability hypothesis to maturity, Hyman P. Minsky analyzed the evolution of capitalism. This paper proposes a critical reading of this analysis, focusing on the institutional dimension of Minsky’s research. From my point of view, if Minsky’s analysis constitutes more a history of capitalism than a theory of capitalism, this is because of the weak conceptualization of institutions and the absence of a genuine analysis of institutional change. From this perspective, I believe it necessary to clarify and complete Minsky’s institutional analysis. Only by doing so can we take full measure of Minsky’s research on the evolution of capitalism and identify all the repercussions for an analysis of the instability and resilience of the current stage of capitalism.