The financial engineering, tax havens and emissions of high-risk bonds helped to unchecked power the world of finance and the rise and hegemony. If I may, I myself over the past years I have been writing in various magazines on the risk of uncontrolled and irregular growth of the economy market. Therefore, we are not facing new facts, but to events that have repeated throughout the history of capitalism. In this case, moreover, exacerbated by globalization that has gone in the opposite direction to the recommendations that history teaches us, and we point to several authors, including those Passet Rene, Francoise Chesnais, Gerard Dumenil, Dominique Levy, Angel Martinez Gonzalez Tables, John Eatwell, Lance Taylor, Nobel laureates Stiglitz and Krugman, and post-Keynesian Hyman P. Mynsky. The crisis is not just the result of economic policy mistakes and bad practices of the managers and directors of investment funds and banks, but above all a model of inadequate growth. So when data ‘announcing’ that all was well in recent years did not reflect reality because they were planted in the seeds of destruction.
It was a favored growth of inequalities and annihilating the environment. Years of expansion and excessive euphoria praised by people who hold in their hands making decisions, trying to instill his vision to the whole society with the support of the powerful media and a good army of academics applaud them . But in the end have led to a catastrophe of incalculable consequences. What some have stated as financial crisis is a global crisis, because it represents the exhaustion of a growth model that modifies the ecological balance, affecting food, energy and has been unable to combat poverty, hunger and social exclusion, but has been met with all the undeniable progress. In short, financial institutions are a tool of the system to get overcome the crisis of overproduction of which Marx spoke.
This crisis can not be solved only with economic policy measures, it is necessary to consider other ways to grow and consume. We’re not just facing a financial crisis, but to something much deeper: an economic system unequal world, and predatory nature. In this situation, it is important to the future with a new balance of forces, an issue that deserves to be developed in another article. Carlos Berzosa Rector of the Universidad Complutense de Madrid