The systemic crisis of financial capitalism and the uncertainty of change

Authors

  • José Carlos Braga Universidade Estadual de Campinas; Instituto de Economia

Keywords:

Systemic crisis, Financial capitalism, "Big Bank", Great depression, Devaluation, Reforms uncertainty

Abstract

The financial problems that took place as of 2007 reached an international scale and took on characteristics that allow us to define them as a systemic crisis of Financial Capitalism, which, in the end of 2008, completed 38 years of existence. In order to avoid a financial-economic tragedy such as the one in 1929, the "Big Bank" (Central Bank) of each developed country stepped in using well known instruments as well as new ones. Despite having avoided a Great Depression, this response was not able to stop the contamination of the global economy's productive performance. Besides the points mentioned above, this essay discusses the uncertainty that surrounds the foundation of an effective regulation and the reform of the current standard of financial domination.

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Published

2009-01-01

Issue

Vol. 23 No. 65 (2009)

Section

Crise Internacional I

License

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How to Cite

Braga, J. C. (2009). The systemic crisis of financial capitalism and the uncertainty of change . Estudos Avançados, 23(65), 89-102. https://revistas.usp.br/eav/article/view/10439