A structural financial crisis
Abstract
The author maintains that the economic crisis that broke out in mid-2008 in industrialized countries and quickly spread to economies throughout the world does not have its origins solely in deregulation of the financial market. Though this clearly precipitated and has broadened the crisis, it is essential to consider the financial and commercial globalization that has marked regimes of economic growth. This is the globalization that has provoked the dislocation of production –in favor of China– and the consequent loss of jobs and stagnation of salaries. From this perspective, an end to the crisis will require more than a restructuring of financial architecture; what will be needed is change in financial and commercial deregulation.
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