Il capitalismo è fallito?

NEW YORK – All'epoca del crollo della Lehman Brothers, avvenuto cinque anni fa, l'agenzia di rating Standard & Poor's aveva mantenuto il livello "A" per la banca di investimento fino a sei giorni prima del fallimento, mentre Moody's aveva aspettato addirittura fino al giorno prima per tagliare il rating. Come è possibile che agenzie di rating e banche d'investimento così rispettabili abbiano commesso un simile errore di giudizio?

Gran parte della responsabilità della crisi va attribuita ai regolatori, ai banchieri e alle agenzie di rating. Tuttavia, lo sfiorato tracollo non è stato tanto frutto del fallimento del capitalismo, quanto della mancata comprensione, da parte dei modelli economici contemporanei, del ruolo e del funzionamento dei mercati finanziari – e, più in generale, dell'instabilità – nelle economie capitaliste.

Tali modelli hanno fornito il fondamento scientifico delle decisioni politiche e delle innovazioni finanziarie che hanno aumentato le probabilità, se non l'inevitabilità, della peggiore crisi dai tempi della Grande Depressione. Dopo il crollo della Lehman, l'ex presidente della Federal Reserve Alan Greenspan ha ammesso davanti al Congresso degli Stati Uniti di aver "trovato una falla" nell'ideologia secondo cui l'interesse personale proteggerebbe la società dagli eccessi del sistema finanziario. Ma ormai il danno era fatto.

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