The 1997 and 2008 Financial Crises Causes and Consequences Compared

Abstract

The article focuses on the evolution of two crises based on several decades of deregulation, speculation, privatization and financialization, logically connected with a gradual, but certain recess of controls over the financial economy. Solutions and crisis management went from (possible?) system maintenance to (indispensable!) system refounding; from the industrial revolution-type of liberalism to the postmodernist-type of interventionism. One of the conclusions is that beyond the ‘de-economization’ of the world lies its possible ‘re-politisation’