The contemporary economic crisis

Celso Furtado

Brazilian Journal of Political Economy, 1988, vol. 8, issue 1, 3-12

Abstract: An economic system isn’t a simple constellation of markets whose logic can beexplained by the behaviour of individual agents’ theory. It presupposes the existence of aninstitutional framework and a regulator power capable of arbitrating the conflicts whichalways manifest about the appropriation and allocation of scarce riches. According to theauthor, the mechanisms of regulations are today seriously prejudiced as a consequence of thenew conformation that the capitalist economies have been assuming. In order to resolve thecontemporary economic crisis, new forms of políticaL organization will need to be inventedto conciliate the aspiration on the preservation of the cultural identity with the exigencies ofthe modem technology and the emersion of transnational power. However, bringing forwardon this way should not deprive the auto-regulator capacity of those countries for which theinternal structure’s modernization is a priority. JEL Classification: P16; P10.

Keywords: Capitalist system; institutions; regulation (search for similar items in EconPapers)
Date: 1988
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