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The effects of the global economic crisis in Latin America

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  • Arturo Guillén

Abstract

The aim of this article is to analyze the current phase of the global crisis and the way it has manifested itself in Latin America. The global crisis is the most important capitalist crisis since World War II. It is a new type of debt-deflation crisis, highlighting the limits of the finance-dominated regime of accumulation and characterized by securitization. Latin American countries have not been immune to the global crisis. Since it sets limits on globalization, the impossibility of maintaining export-driven accumulation sustained by restrictive monetary and fiscal policies becomes clear. This time, there will be no way out in external markets for any country. That fact will force them to restructure productive systems and search for a way out in domestic markets and in regional spaces for integration. JEL Classification: E32.

Suggested Citation

  • Arturo Guillén, 2011. "The effects of the global economic crisis in Latin America," Brazilian Journal of Political Economy, Center of Political Economy, vol. 31(2), pages 187-202.
    • Handle: RePEc:ekm:repojs:v:31:y:2011:i:2:p:187-202:id:398
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/398/389
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    More about this item

    Keywords

    global crisis; latin america; deflation; recession; financialization;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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