Retrospectiva histórica del proceso de globalización financiera

Mattos, Fernando Augusto; Mattos, Fernando Augusto

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Investigación económica

Print version ISSN 0185-1667

Inv. Econ vol.60 n.233 Ciudad de México Jul./Sep. 2000

Artículos

Retrospectiva histórica del proceso de globalización financiera

A Historical Retrospective of the Process of Financial Globalization

Fernando Augusto Mattos^*

^{^*}Maestro y doctorante del Instituto de Economía (IE) de la UNICAMP (Universidad Estatal de Campinas), Brazil, e-mail: fermatt@attglobal.net

Resumen

El artículo presenta una retrospectiva de los diferentes cambios ocurridos en el orden económico internacional a partir de la Conferencia de Bretton Woods (1944) hasta la actualidad. El trabajo resalta que, en la posguerra, la institucionalidad financiera construida por los principales países y el ambiente político/ideológico pautado por la Guerra Fría están en la raíz de la explicación del ciclo expansivo vivido por la economía internacional durante los años dorados del capitalismo (1945- 1973). La crisis de los años 70 y la forma como Estados Unidos pasaron a ejercer su hegemonía mundial representaron una ruptura con el modelo de crecimiento eco nómico sustentado de los años dorados. Los cambios ocurridos en el orden internacional a partir de 1979 (desregulación financiera y ampliación de la tasa de interés americana) abrieron camino para la ampliación de la globalización financiera y para la adopción de políticas económicas liberales en la mayoría de los países capitalistas desarrollados, con impacto negativo sobre la inversión productiva y sobre los indicadores sociales.

Abstract

This article presents a retrospective look at the different changes that have taken place in the international economic order, from the Bretton Woods Conference in 1944 up to the present day. The paper highlights the fact that, during the post-war period, the financial institutionalism constructed by the more powerful countries together with the political-ideological environment brought on by the Cold War, were both at the root of any explanation of the expansive cycle experienced by the world economy during the Golden Years of capitalism (1945-1973). The crisis during the 70s, and the way in which the United States began to exercise its world hegemony, represented a breaking away from the model of economic growth maintained during the Golden Years. Changes taking place within the international order (financial deregulation and an increasing American interest rate), beginning in 1979, opened the way for a broadening of financial globalization, and for the adoption of liberal economic policies in the majority of developed capitalist countries, resulting in a negative impact on productive investment and on social indicators.

JEL Classification: F15, F33, G15, G18

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Recibido: Septiembre de 1998; Aprobado: Abril de 2000

Este es un artículo publicado en acceso abierto bajo una licencia Creative Commons