Спящий вулкан глобальных финансов

Отклонение проекта конституционного договора ЕС французскими и голландскими избирателями было, по всей видимости, больше протестом против бесконтрольной глобализации, нежели отвержением Европы. Общая нестабильность социальных отношений - и, самое главное, уровня занятости - становится невыносимой для все большей части населения во многих развитых странах, а не только в Европе. Но стабильного экономического строя – по крайней мере, в демократических странах – быть не может, если избиратели отвергают саму его основу.

Восстановить капитализм после Второй Мировой Войны удалось благодаря трем необходимым видам регулирования: социальному обеспечению, послужившему главным стабилизатором, по крайней мере, в развитых странах; кейнесианским методам борьбы с внутренними циклическими спадами; и универсальной политике высоких заработных плат, направленной на стимулирование общего уровня потребления, без которого гений капитализма – массовое производство – теряет свою эффективность.

Но начавшаяся в 1970 году перегруппировка богатых развитых стран вокруг монетаристской политики, пользующейся поддержкой экономистов вроде Мильтона Фридмана, привела к разрыву с этими принципами. Вскоре после этого доллар отошел от золотого стандарта. С тех пор международная финансовая система находится в состоянии постоянной нестабильности. Выросло количество финансовых кризисов, каждый их которых кажется серьезнее предыдущего.

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