Economie : adieu à la révolution néoclassique

LONDRES – La faillite de Lehman Brothers et la vente forcée de Merrill Lynch, deux des plus grands noms de la finance, marque la fin d'une époque. Mais que réserve l'avenir ?

Les cycles économiques, aussi vieux que les cycles des affaires, sont amorcés en général par des dysfonctionnements importants dans les affaires. Les cycles "conservateurs" suivent des cycles "libéraux", eux-mêmes suivis d'un nouveau cycle "conservateur".

Les cycles libéraux se caractérisent par l'intervention de l'Etat et les cycles conservateurs par son retrait. Il y a eu un long cycle libéral des années 1930 jusqu'aux années 1970, suivi par un cycle conservateur de dérégulation économique qui semble maintenant se terminer. Avec la nationalisation des deux banques géantes du crédit immobilier américain, Fanny Mae and Freddie Mac - après celle de la banque Northern Rock en Grande-Bretagne plus tôt cette année - les gouvernements ont commencé à intervenir pour empêcher un effondrement des marchés. Les  beaux jours de l'économie conservatrice sont terminés, pour le moment.

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