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Perspectives monétaires et financières : stagnation séculaire ou mutation du capitalisme ?

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  • Michel Aglietta

Abstract

After the great financial crisis in 2008, advanced countries have been shackled by low capital return, anemic demand in Europe and deflation worries. A self-fulfilling roundabout process, called secular stagnation, has settled down. Lately emerging market economies have met trouble. Many, China at the top, are plagued with overcapacities in industry, slowdown in foreign trade and a pervasive slump in commodity prices. Those intertwining processes point out to an incipient transformation of capitalism beyond the sheer impact of the financial crisis. A major feature is the inability of global market finance to fund long-term investments, which would be the drivers of a new growth regime, grounded on sustainable development. Another brand of finance, with public development banks at the core, will be needed along with an evolution of the international monetary system to multilateralism and acceptance of the SDR as international liquidity. Classification JEL: N20, O16, P16.

Suggested Citation

  • Michel Aglietta, 2016. "Perspectives monétaires et financières : stagnation séculaire ou mutation du capitalisme ?," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 159-172.
    • Handle: RePEc:cai:refaef:ecofi_121_0159
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    JEL classification:

    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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