• xmlui.mirage2.page-structure.header.title
    • français
    • English
  • Help
  • Login
  • Language 
    • Français
    • English
View Item 
  •   BIRD Home
  • IRISSO (UMR CNRS 7170)
  • IRISSO : Publications
  • View Item
  •   BIRD Home
  • IRISSO (UMR CNRS 7170)
  • IRISSO : Publications
  • View Item
JavaScript is disabled for your browser. Some features of this site may not work without it.

Browse

BIRDResearch centres & CollectionsBy Issue DateAuthorsTitlesTypeThis CollectionBy Issue DateAuthorsTitlesType

My Account

LoginRegister

Statistics

Most Popular ItemsStatistics by CountryMost Popular Authors
Thumbnail - Request a copy

Pourquoi on ne peut sortir de la crise actuelle du capitalisme et de la democratie qu’en sortant de la globalisation financière : un argumentaire

Théret, Bruno (2014), Pourquoi on ne peut sortir de la crise actuelle du capitalisme et de la democratie qu’en sortant de la globalisation financière : un argumentaire, Teoría política, IV, p. 135-165

Type
Article accepté pour publication ou publié
Date
2014
Journal name
Teoría política
Volume
IV
Publisher
Universita degli Studi di Torino
Pages
135-165
Metadata
Show full item record
Author(s)
Théret, Bruno
Abstract (EN)
This article adresses the issue of the economic irrationality, political unreasonableness, and social unsustenability of financial globalization. Firstly it tackles the reasons for breaking off with financial globalization that can be inferred from its self-referential functioning which has been revealed by its current crisis. On the one hand it shows that the neoliberal globalization of finance is a not viable substitute to a cooperative political organization of the international monetary system. On the other hand it displays that globalized finance is not efficient in the effectuation of the economic function which rationally justifies its existence, that is funding the productive economy. Secondly it examines three main reasons to go out from financial globalization that are not raised by its proper logic, but are underlying it and testify to a deep crisis of democracy. The first is that financial globalization is supported by national economic regimes of restriction of the wage purchasing power, which lead to a generalized indebtedness of the great majority of the people, and therefore to a new mode of social domination that threatens the social balance of our societies and their democratic characters. The second reason is the «repression» of the monetary power of the States, the financial globalization being mainly supported by national regimes of monopolization of money issuance by private commercial banks. This «monetary repression» leads public authorities into debt vis-à-vis globalized finance in a cumulative way, so engendering growing public debt burden and fiscal deficit which drive States and local authorities to cut their expenditures for social and public services. Thus supposedly democratic public powers are now put under the domination of a cosmopolitan financial aristocracy. The third reason is that financial globalization is supported by an international regime of ideas which has been established in the United States from 1970s on, and claims to universal validity by leaning on the scientificity of financial science and the rationality of new classical macroeconomics. Yet this ideological regime is based on false hypotheses, and is more a matter of religious belief than of scientific rationality. The erroneous character of these hypotheses explains the repeated financial crises and proves again in the necessity of going out from financial globalization. The conclusion sums up the multiple reasons which justify our general argument considering that breaking off with financial globalization is a necessary condition to exit from the current crisis.
Subjects / Keywords
Financial Globalization; Dettes; Crise économique (2008); Mondialisation; World Crisis; Wage Restriction; Private and Public Undebtedness; Monetary Repression
JEL
F4 - Macroeconomic Aspects of International Trade and Finance
F59 - Other
G15 - International Financial Markets

Related items

Showing items related by title and author.

  • Thumbnail
    La crise actuelle comme crise des fondements monétaires du capitalisme et crise éthique de la mondialisation 
    Théret, Bruno (2009) Communication / Conférence
  • Thumbnail
    Le rôle de la théorie financière dans l’avènement du capitalisme financiarisé globalisé : les exemples de l’industrialisation de la finance et de la subversion de la gouvernance des entreprises 
    Théret, Bruno (2015) Communication / Conférence
  • Thumbnail
    La crise financière : quelles leçons pour le capitalisme et les territoires ? 
    Théret, Bruno (2010) Communication / Conférence
  • Thumbnail
    De quelle crise du capitalisme la crise sanitaire est-elle le nom ? De quoi la Covid-19 pourrait-elle devenir la métaphore ? 
    Théret, Bruno (2021) Communication / Conférence
  • Thumbnail
    La Bourse et la Vie : crise du capitalisme et crise sanitaire 
    Théret, Bruno (2021) Article accepté pour publication ou publié
Dauphine PSL Bibliothèque logo
Place du Maréchal de Lattre de Tassigny 75775 Paris Cedex 16
Phone: 01 44 05 40 94
Contact
Dauphine PSL logoEQUIS logoCreative Commons logo