The international economic crisis: a financial critique

Abstract

We examine the current world financial crisis, which originated in East Asia and got escalated by the russian collapse, from a perspective that allows for its division in four moments -derived from the dynamics of financial deregulation. We introduce the russian phenomenon, with a dynamic of its own, to complete the critical picture of the world economy.  We examine the plausible responses from the economic policy makers, pointing out the constraints faced by them and the dangers entailed by an inadecuate treatment of the crisis, which could mess up with globalization, opening a period of serious uncertainty for the world economy.