The financialization response to economic disequilibria : European and Latin American experiences

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The financialization response to economic disequilibria : European and Latin American experiences

edited by Noemi Levy, Etelberto Ortiz

(New directions in post-Keynesian economics / series editors, Louis-Philippe Rochon and Sergio Rossi)

Edward Elgar Pub., c2016

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Includes bibliographical references and index

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Description

Europe's and Latin America's social and economic stagnation is a direct result of the unresolved phenomena of the financialization crisis that broke in 2008 in developed countries. Editors Noemi Levy and Etelberto Ortiz analyze the limitations of economic growth and development under capitalist economic organizations where financial capital is dominant as well as explore alternate economic policies.This book argues that institutional settings based on the international monetary market, the global production organization, and the international commerce arraignments need to be redesigned to improve countries' economic growth, job opportunities, and salaries. In order for economic disequilibria to be reduced among regions, countries, and social classes, economic surplus appropriation must be regulated. Divided into four distinct thematic sections, the chapters discuss how income distribution must be re-evaluated in order to halt the economic crisis of developing countries in Europe and Latin America and to boost a new cycle of economic growth and development. This critical discussion will be of value to economic scholars and researchers, policy makers wishing to learn more about the limitations of economic growth, as well as journalists specializing in economic issues. Contributors include: A. Alvarez, E. Basilio, R. Bellofiore, H. Bougrine, A. Chapoy, A. Cibils, C. Dominguez, F. Garibaldo, M. Guadalupe Huerta, L. Kato, N. Levy, T. Lopez, J. Marroquin, S. Martinez, M. Mortagua, E. Ortiz, L.A. Ortiz, G. Pinazo, L.-P. Rochon, C.A. Rozo, D. Tropeano. A. Vercelli,

Table of Contents

Contents: INTRODUCTION What are the Issues Now? Controversies About Disequilibria, Economic Growth, and Economic Policies Noemi Levy and Etelberto Ortiz PART I STRUCTURAL DESEQUILIBRIA IN EUROPE: WHAT TO DO 1. A Structural and Monetary Perspective of the Euro Crisis Riccardo Bellofiore, Francesco Garibaldo and Mariana Mortagua 2. The Big Financial Crisis and the European Economic Adjustment: A Road Towards the Strengthening of the Neoliberal Agenda Ma. Guadalupe Huerta 3. Debt Deflation Theory and the Great Recession Domenica Tropeano and Alessandro Vercelli PART II THE FORCES OF DESEQUILIBRIA AT WORK: THEIR IMPACT ON GROWTH 4. The Periphery in the Productive Globalization: A New Dependency? Alan Cibils and German Pinazo 5. Latin America in the New International Order: New Forms of Economic Organizations and Old Forms of Surplus Appropriation Noemi Levy 6. Inequality, Technological Change and Worldwide Economic Recovery Carlos A. Rozo 7. Global Disequilibria and the Inequitable Distribution of Income Alma Chapoy 8. Financialization, Crisis and Economic Policy Hassan Bougrine and Louis-Philippe Rochon PART III DISEQUILIBRIA IN THE MEXICAN ECONOMY: THE EXPORT GROWTH MODEL, ECONOMIC STAGNATION AND LABOR PRECARIZATION 9. The Limits of the Export Led Growth Model: The Mexican Experience Etelberto Ortiz 10. The Mexican Economy in 2014: Between Crisis, Free Trade, Social Devastation and Labour Precarization Alejandro Alvarez and Sandra Martinez 11. The Accumulation Mode of Production in Mexico and the Economic Structure of the Manufacturing Industry Luis Kato PART IV DISEQUILIBRIA IN MEXICO: THE FINANCIAL AND FISCAL TRAP 12. Economic Growth and Financial Development in Mexico: From a Virtuous Circle of a Bidirectional Causality to a Financial Subordination Teresa Lopez and Eufemia Basilio 13. Private Sector Finance in the Era of Deregulation and Economic Openness: Mexico 2000-2014 Christian Dominguez and Juan Marroquin 14. Pro-cyclical Fiscal Policy and the Fiscal Support of the Mexican Monetary Policy Luis A. Ortiz Index

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