9/5/2023 0 Comments Capitalism ii guide to success![]() ![]() It will not be so financialized, and probably the tendencies present in the 30 glorious years toward global and knowledge-based capitalism, as well as the tendency to improve democracy by making it more social and participatory, will be resumed. From this crisis a new democratic capitalist system will emerge, though its character is difficult to predict. Neoclassical economics played the role of a meta-ideology as it legitimized, mathematically and “scientifically”, neoliberal ideology and deregulation. These were the “neoliberal years of capitalism”. Yet, after the late-1970s, a coalition of rentiers and “financists” achieved hegemony, deliberately promoted deregulation and created financial innovations that made these markets even more risky. ![]() The 2008 global financial crisis was the consequence of financialization or the creation of massive fictitious financial wealth, and of the hegemony of a reactionary ideology, namely, neoliberalism, based on the self-regulated and efficient markets.Although laissez faire capitalism is intrinsically unstable, the lessons from the stock-market crash of 1929 and the Great Depression of the 1930s were transformed into theories and institutions that led to the “30 glorious years of capitalism”. ![]()
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