Open AccessFinance, Market, Globalization: Lessons from the 2007-09 Crisis
Author(s) -
Salvatore Rossi
Publication year - 2010
Publication title -
review of economic analysis
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.101
H-Index - 1
ISSN - 1973-3909
DOI - 10.15353/rea.v2i3.1368
Subject(s) - globalization , economics , financial crisis , state (computer science) , keynesian economics , barbarism , financialization , market economy , neoclassical economics , civilization , law , political science , algorithm , computer science
Never before has finance been regarded with the suspicion of these past three years. Yet money and credit are part of what enabled human beings to overcome the barbarism of immanence, the savagery of a life ruled by consumption for survival. The critical rethinking of finance involves the very notion of market economy and the globalized dimension it has reached. Who failed in this crisis, the State or the Market? The State, although by virtue of a paradox. Is globalization the culprit? No. A different financial system must emerge from the 2007-09 crisis: freed from the “idolatry of laissez-faire”, but not thrown back into obsolete technologies or permanently restrained by anachronistic “real socialism” bridles.