El volcán dormido de las finanzas globales

El rechazo del Tratado Constitucional de la Unión Europea por parte de los electores franceses y holandeses fue, según todas las evidencias, más un rechazo a la globalización no reglamentada que a Europa. La inestabilidad general de las relaciones sociales --sobre todo, pero no únicamente, del empleo-- se está haciendo intolerable poco a poco para una parte cada vez mayor de la población en muchos países desarrollados, no sólo en Europa. Y no puede haber un orden económico estable --al menos no en los países democráticos-- si los electorados rechazan sus fundamentos.

El capitalismo se pudo reconstruir después de la Segunda Guerra Mundial porque se le reforzó con tres tipos de reglamentación que eran necesarios: la seguridad social, que sirvió como uno de los estabilizadores principales, al menos en los países desarrollado; herramientas keynesianas para combatir las depresiones cíclicas internas; y una política universal de salarios altos orientada a estimular el consumo general, sin el cual el genio del capitalismo --la producción masiva-- no funciona.

Pero la realineación de los países ricos y desarrollados en torno a las políticas monetaristas promovidas por economistas como Milton Friedman, que comenzó alrededor de 1970, rompió con todo eso. No mucho después, el dólar se separó del patrón oro. Desde entonces, el sistema financiero internacional ha sufrido una inestabilidad casi constante. Las crisis se han multiplicado y cada una parece peor que la anterior.

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