The Return of 'Financialized' Liberal Capitalism
Banking Systems in the Crisis - The Faces of Liberal Capitalism, Forthcoming
22 Pages Posted: 2 May 2012
Date Written: March 1, 2012
Liberalized global financial markets are nothing new. A review of the history of financial markets reveals much about their tendency to liberalize and globalize, their inherent instability and their surprising persistence, despite recurring crises. However, it is also important to recognize that all markets are socially and politically constructed; they are not the natural phenomenon that liberal economists seem to suppose. The appearance of markets, their scope, operation and regulation – and even their all too frequent failure and need of rescue – have inevitably social and political dimensions, influenced by national culture, politics, pragmatism and force majeure. The political dimension of markets and the way they operate plays a significant role in determining which – and the way by which – economic and social ideas inform policy.
Keywords: Varieties of Capitalism, Financialization, Neo-liberalization
JEL Classification: E02, N10, N20, P16
Suggested Citation: Suggested Citation