Finance, Market, Globalization: Lessons from the 2007-09 Crisis

Salvatore Rossi
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Salvatore Rossi: Bank of Italy

Review of Economic Analysis, 2010, vol. 2, issue 3, 215-228

Abstract: 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.

Keywords: Financial Crises; Financial Systems; Bank Supervision; Crisis Management; Liberalism; Globalization; Regulation (search for similar items in EconPapers)
JEL-codes: E02 E32 E65 F3 G01 G2 G21 G28 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:ren:journl:v:2:y:2010:i:3:p:215-228

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