Reflexión crítica sobre la globalización financiera

International financial integration is more easily understandable in the context of the globalisation of the economy in terms of the extension world-wide of the capitalist economic system. The endogenous concept of money helps us set the meaning of finance in context and understand the international financial history leading up to the current situation of increasing 'financialisation', new products, agents and forms of logic and a particular form of market integration. The effects of financial globalisation in the context of a confused debate on the need for regulation, on variables such as saving, interest rates, investment, competitiveness and economic policy are prompting a debate as to whether a new model of development is emerging in developed societies, while underdeveloped countries are arguing over whether globalisation means opportunities or restrictions and risks.