Abstract

DOWBOR, Ladislau. The Financial Crisis without Mysteries: bridging the economic, social and environmental issues. Economia Global e Gestão [online]. 2008, vol.13, n.3, pp.09-38. ISSN 0873-7444.

The workings of the 2008 financial crisis are not very misterious. A mixture of greed, a good dose of outright fraud, and blatantly absent or corrupt regulation. The paper starts presenting the mechanisms of the financial machine, including the institutions supposed to regulate it. It then concentrates on the impacts - who pays for what - and presents the results in terms of income concentration, followed by a few pages on the specific situation of the Brazilian financial intermediation system. The last part of the paper presents two groups of responses: on one hand, the ideas concerning the improvement of the regulatory framework, emitted by analysts or institutions interested in maintaining the system while making it more efficient; on the other hand, the views of those who consider that the present crisis is an opportunity to restructure the system, showing that the crisis of the financial system is in fact a part of the larger picture, that involves the social and environmental dramas.

Keywords : Globalization; Financial Crisis; Speculation; Regulation.

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