O Capitalismo Falhou?

NOVA IORQUE – Até seis dias antes do colapso do Lehman Brothers, há cinco anos atrás, a agência de notação Standard & Poor’s manteve a notação do nível de investimento da empresa em “A”. A Moody’s esperou ainda mais, desvalorizando o Lehman um dia útil antes de este ter colapsado. Como puderam agências de notação reputadas – e bancos de investimento – avaliar tão mal as coisas?

Aos reguladores, banqueiros, e agências de notação cabe uma grande parte da culpa pela crise. Mas o quase-colapso não foi tanto um fracasso do capitalismo, mas antes um fracasso dos modelos económicos contemporâneos no entendimento do papel e do funcionamento dos mercados financeiros – e, de um modo mais amplo, da instabilidade – nas economias capitalistas.

Estes modelos forneciam o apoio supostamente científico às decisões políticas e às inovações financeiras que tornaram a pior crise desde a Grande Depressão mais provável, senão inevitável. Depois do colapso do Lehman, o antigo Presidente da Reserva Federal, Alan Greenspan, testemunhou perante o Congresso dos EUA que tinha “encontrado uma falha” na ideologia de que o interesse próprio protegeria a sociedade dos excessos do sistema financeiro. Mas o mal já estava feito.

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