%0 Journal Article
%T The global financial crisis, neoclassical economics, and the neoliberal years of capitalism La crise financi¨¨re globale, la th¨¦orie n¨¦oclassique et les ann¨¦es n¨¦olib¨¦rales du capitalisme La crisis financiera global, la econom¨ªa neocl¨¢sica y los a os neoliberales del capitalismo.
%A Luiz Carlos Bresser-Pereira
%J Revue de la R¨¦gulation : Capitalisme, Institutions, Pouvoirs
%D 2010
%I Association Recherche & R¨¦gulation
%X The 2008 global financial crisis was the consequence of financialization or the creation of massive fictitious financial wealth, and of the hegemony of a reactionary ideology, namely, neoliberalism, based on the self-regulated and efficient markets.Although laissez faire capitalism is intrinsically unstable, the lessons from the stock-market crash of 1929 and the Great Depression of the 1930s were transformed into theories and institutions that led to the ¡°30 glorious years of capitalism¡±. Yet, after the late-1970s, a coalition of rentiers and ¡°financists¡± achieved hegemony, deliberately promoted deregulation and created financial innovations that made these markets even more risky. These were the ¡°neoliberal years of capitalism¡±. Neoclassical economics played the role of a meta-ideology as it legitimized, mathematically and ¡°scientifically¡±, neoliberal ideology and deregulation. From this crisis a new democratic capitalist system will emerge, though its character is difficult to predict. It will not be so financialized, and probably the tendencies present in the 30 glorious years toward global and knowledge-based capitalism, as well as the tendency to improve democracy by making it more social and participatory, will be resumed. La crise globale de 2008 a ¨¦t¨¦ le r¨¦sultat du processus de financiarisation, soit de cr¨¦ation massive de capital financier fictif et de l¡¯h¨¦g¨¦monie d¡¯une id¨¦ologie r¨¦actionnaire, le n¨¦olib¨¦ralisme, id¨¦ologie bas¨¦e sur les suppositions que les march¨¦s sont autor¨¦gul¨¦s et efficients. Bien que le capitalisme du   laissez-faire   soit intrins¨¨quement instable, l¡¯apprentissage du crash financier de 1929 et de la Grande D¨¦pression des ann¨¦es 1930 a ¨¦t¨¦ transform¨¦ en des th¨¦ories et des institutions qui ont men¨¦ l¡¯¨¦conomie mondiale aux   30 glorieuses   - une p¨¦riode caract¨¦ris¨¦e par la stabilit¨¦ financi¨¨re, la croissance et la r¨¦duction des in¨¦galit¨¦s. Cependant, depuis la fin des ann¨¦es 1970, une coalition politique de capitalistes rentiers et de financiers est devenue h¨¦g¨¦monique, et a d¨¦r¨¦glement¨¦ les march¨¦s financiers en m¨ºme temps qu¡¯elle a cr¨¦¨¦ des innovations financi¨¨res risqu¨¦es. Ce furent les   30 ann¨¦es n¨¦olib¨¦rales du capitalisme  . La th¨¦orie n¨¦oclassique a jou¨¦ le r le de m¨¦ta-id¨¦ologie dans la mesure a l¨¦gitim¨¦ math¨¦matiquement et   scientifiquement   l¡¯id¨¦ologie n¨¦olib¨¦rale et la d¨¦r¨¦glementation. De cette crise, un nouveau capitalisme d¨¦mocratique apparaitra, mais est difficile pr¨¦voir de quelle nature. Ce capitalisme ne serait plus autant financiaris¨¦, et les tendances qui ¨¦taient pr¨¦sentes au cours des 30 glorieuses
%K deregulation
%K financialization
%K financial crisis
%K neoliberalism
%K political coalition
%K crisis financiera
%K neoliberalismo
%K desreglamentaci¨®n
%K financiarizaci¨®n
%K Crise financi¨¨re
%K financiarisation
%K n¨¦olib¨¦ralisme
%K d¨¦r¨¦glementation
%K coalition politique.
%U http://regulation.revues.org/7729