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dc.contributor.authorBresser-Pereira, Luiz Carlosen_US
dc.date.accessioned2012-04-12T14:18:33Z-
dc.date.available2012-04-12T14:18:33Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/56993-
dc.description.abstractThe 2008 global financial crisis was the consequence of the process (1) of financialization, or the creation of massive fictitious financial wealth, that began in the 1980s,; and (2) the hegemony of a reactionary ideology-namely, neoliberalism-based on self-regulated and efficient markets. Although laissez-faire capitalism is intrinsically unstable, the lessons of the 1929 stock market crash of 1929 and the Great Depression of the 1930s were transformed into theories and institutions or regulations that led to the '30 glorious years of capitalism' (1948-77) and that could have helped avoid a financial crisis as profound as the present one. But it did not, because a coalition of rentiers and 'financists' achieved hegemony and, while deregulating the existing financial operations, refused to regulate the financial innovations that made these markets even riskier. Neoclassical economics played the role of a meta-ideology as it legitimized, mathematically and 'scientifically,' neoliberal ideology and deregulation. From this crisis a new democratic capitalist system will emerge, though its character is difficult to predict. It will not be financialized, but the glory years' tendencies toward a global and knowledge-based capitalism in which professionals have more say than rentier capitalists, as well as the tendency to improve democracy by making it more social and participative, will be resumed.en_US
dc.language.isoengen_US
dc.publisherLevy Economics Inst. Annandale-on-Hudson, NYen_US
dc.relation.ispartofseriesWorking paper, Levy Economics Institute 592en_US
dc.subject.jelE30en_US
dc.subject.ddc330en_US
dc.subject.keywordfinancial crisisen_US
dc.subject.keywordneoliberalismen_US
dc.subject.keywordderegulationen_US
dc.subject.keywordfinancializationen_US
dc.subject.keywordpolitical coalitionen_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwKapitalismusen_US
dc.subject.stwDeregulierungen_US
dc.subject.stwNeoklassiken_US
dc.subject.stwKritiken_US
dc.titleThe global financial crisis and a new capitalism?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn629671907en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
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