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بحران مالی جهانی و شکست الگوی سرمایه‌داری نئو لیبرال یا آمریکائی
[Global financial crisis and the failure of neo-liberal or American model of capitalism]

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  • Vahabi, Mehrdad

Abstract

The paper first investigates the causes of the recent financial and liquidity crisis in the US and all over the world as a preliminary phase of the imminent recession. It then questions Paulson-Bernanke’s plan as a solution to the crisis and ponders over the differences between EU plan and the American one. Finally, it provides an overview of some apparent consequences of the crisis and anticipates some major critical issues in the future. The crux of the paper is to argue that the easy money policy and lack of the state regulation which are usually regarded as the causes of the crisis should be understood as the specific features of a particular model of accumulation, namely the neo-liberal or American type of capitalism. The roots of the crisis lie in this type of accumulation. In this context, Paulson-Bernanke’s plan provides only a further impetus to merging and acquisitions in the banking sector, a process that has already led to the emergence of three giant banks, namely Stanley Morgan Chase, Bank of America and Citicorp. In fact, if the Glass-Steagall Act has become discredited in the nineties, the concentration of the banking sector during this recent crisis make the whole financial system more fragile and vulnerable to systemic risks. Moreover, the state will be hold up by giant banks and should bailout them whenever they encounter financial difficulties.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13217.

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Date of creation: Oct 2008
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Publication status: Published in Ettela'at 253-254.23(2008): pp. 4-33
Handle: RePEc:pra:mprapa:13217

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Related research

Keywords: Global financial crisi; American model of capitalsim; merging and acquistion in the banking sector; Fordism and post-Fordism; shareholding capitalism; Systemic risk;

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  1. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, American Economic Association, vol. 71(3), pages 393-410, June.
  2. Ben S. Bernanke, 1983. "Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression," NBER Working Papers 1054, National Bureau of Economic Research, Inc.
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