بحران مالی جهانی و شکست الگوی سرمایه‌داری نئو لیبرال یا آمریکائی

Global financial crisis and the failure of neo-liberal or American model of capitalism

Mehrdad Vahabi

MPRA Paper from University Library of Munich, Germany

Abstract: The paper first investigates the causes of the recent financial and liquidity crisis in the US and all over the world as a preliminary phase of the imminent recession. It then questions Paulson-Bernanke’s plan as a solution to the crisis and ponders over the differences between EU plan and the American one. Finally, it provides an overview of some apparent consequences of the crisis and anticipates some major critical issues in the future. The crux of the paper is to argue that the easy money policy and lack of the state regulation which are usually regarded as the causes of the crisis should be understood as the specific features of a particular model of accumulation, namely the neo-liberal or American type of capitalism. The roots of the crisis lie in this type of accumulation. In this context, Paulson-Bernanke’s plan provides only a further impetus to merging and acquisitions in the banking sector, a process that has already led to the emergence of three giant banks, namely Stanley Morgan Chase, Bank of America and Citicorp. In fact, if the Glass-Steagall Act has become discredited in the nineties, the concentration of the banking sector during this recent crisis make the whole financial system more fragile and vulnerable to systemic risks. Moreover, the state will be hold up by giant banks and should bailout them whenever they encounter financial difficulties.

Keywords: Global financial crisi; American model of capitalsim; merging and acquistion in the banking sector; Fordism and post-Fordism; shareholding capitalism; Systemic risk (search for similar items in EconPapers)
JEL-codes: E44 F36 G2 G32 G34 G38 (search for similar items in EconPapers)
Date: 2008-10
New Economics Papers: this item is included in nep-mac
References: View references in EconPapers View complete reference list from CitEc
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Published in Ettela'at 253-254.23(2008): pp. 4-33

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