Crisis and restructuring of the World system (1990-2008)

Abstract

Aguirre analyzes the consequences of the current financial crisis for Latin America. The author develops an approximation of the financial crisis, demonstrating that while the crisis first appeared in the mortgage sector, it actually has its roots in the processes of de-regulation in the United States’ financial sector. This crisis, which has quickly become global, reaches Latin America as a domestically grown crisis, resulting from both the de-industrialization and the privatization of national economies. Although the consequences of the crisis are emerging in different ways among countries in the region as a result of varying political determinations to confront the recession through diverse mechanisms, it is clear that the neoliberal insertion of the region into the world economy, characterized by financial globalization, has reached its limits.