The crisis of the capitalist economy

Celso Furtado

Brazilian Journal of Political Economy, 1983, vol. 3, issue 2, 135-143

Abstract: The rapid integration of national markets· after the Second World War gave riseto a complex global system, yet it is a system that lacks a unified institutional framework.The asymmetrical nature of the process of market integration, the excessive degree of opennessof many national economies, and the behavior of the Japanese economy are three mainfactors behind the tensions in the current economic picture. The weakening of the nationstateas a coordinating instrument for economic activity is to a large degree responsible forthe present cacophony of the economic system. On the other hand, we see no clear indicationthat the corporations involved in the transnationalization of the economy are capableof creating the institutional framework necessary for the coordination of economic activity. JEL Classification: P17; O40; F30.

Keywords: Transnational companies; global system; market integration; economic crisis (search for similar items in EconPapers)
Date: 1983
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