Uma introdUção ao capitalismo dirigido pelas finanças Robert Guttmann RESUMOO capitalismo dirigido pelas finanças sempre teve uma propensão a crises financeiras em momentos fundamentais de sua expansão territorial ao trazer economias até então dirigidas pelo Estado para a órbita da regulamentação do mercado. A crise atual, todavia, é diferente. Não apenas emanou do centro, em vez surgir de algum ponto da periferia, como também revelou falhas estruturais profundas na arquitetura institucional de contratos, fundos e mercados que compunham o sistema financeiro novo e desregulamentado. Estamos diante de uma crise sistêmica, que é sempre um evento de proporções épicas e efeitos duradouros. O objetivo deste artigo é lançar uma luz sobre este momento significativo.PALAVRAS-CHAVE: capitalismo financeiro; economia; mercado; crise econômica. SUMMaRyFinance-led capitalism always has had a propensity for financial crises at key moments of its territorial expansion when bringing hitherto state-run economies into the orbit of market regulation. The current crisis, however, is different. Not only has it emanated from the center rather than hit somewhere at the periphery, but it also has revealed deep structural flaws in the institutional architecture of contracts, funds, and markets that have made up the new, deregulated system of finance. We are facing a systemic crisis, always an event of epic proportions and lasting impact. We want to shed light on this significant moment.

Cette contribution au débat sur le capitalisme financiarisé cherche à identifier les changements structurels principaux dans la nature de la finance depuis les années 80. Après avoir analysé la dynamique d’innovation financière, l’accent est mis sur le processus de titrisation comme moteur d’une nouvelle forme du capital financier, le capital fictif, qui nourrit les bulles spéculatives. L’éclatement de la dernière bulle, centré sur le marché immobilier américain, a déclenché la crise financière la plus sérieuse depuis des décennies. L’article se conclut sur une discussion des implications possibles de cette crise systémique.

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This article sheds light on a crucial aspect of the global crisis of 2007-2009: the steady increase of US consumer debt to precipitous levels over a quarter of century. That trend, fed by a combination of macro-economic, demographic, and political factors, intensified greatly in the 2000s when a series of financial innovations allowed American households to draw equity out of their homes while at the same time feeding an unprecedented housing boom. Those same new mechanisms of 'structured' and 'synthetic' finance mobilized a significant and steadily growing proportion of global savings and directed them into this super-bubble as the world's surplus countries came to fund America's debt-financed excess spending for perpetual reproduction of their surpluses. Anachronistic policy preferences among both surplus countries and the US prevented the proper functioning of various adjustment mechanisms before the inevitable financial-fragility dynamic took hold to burst the bubble and throw the global economy into a steep downturn. The persistence of these global imbalances bodes ill for the medium-term stability of the world economy and its recovery potential.consumer debt, financial innovation, securitization, US housing boom, US current account deficit, credit crunch,

Se utiliza como eje central las características del concepto "Finance led capitalism" (FLC) o "capitalismo conducido por las finanzas" en la gran transformación estructural de las operaciones financieras a nivel mundial. Las crisis que se han presentado durante este periodo han sido pequeñas burbujas que han sido parte de la gran crisis actual en el seno de las finanzas. La "crisis sistémica", el "credit crunch", la fractura de los bancos comerciales y la desaparición de la banca de inversión muestran la profundidad de esta crisis. En este panorama surge el "prestamista de última instancia" como el único para manejar la crisis y en el caso de los Estados Unidos en situación privilegiada pues su moneda es parte del propio problema