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Financialization in Mexico - Dr. Gregorio Vidal

Financialization in Mexico - Dr. Gregorio Vidal

272 JOURNAL OF POST

272 JOURNAL OF POST KEYNESIAN ECONOMICS Figure 4 Number of unemployed, underemployed, informal, and available but inactive workers in Mexico Source: INEGI, 2010b. deterioration of public-sector institutions and ever increasing capital outflows and a sharp polarization of wealth. We cannot predict the future of financialization. We certainly do not believe that it can be considered a politically sustainable regime of accumulation, and based on what has happened in Mexico over the past thirty years, we are inclined to believe that it does not have much future. Extrapolating from the Mexican case, we can point to four severe limitations of the financialized regime of accumulation: (1) it is extremely difficult to govern, (2) it is given to ever greater financial crisis, (3) it does not offer medium- to long-term profitability for private-sector companies, and (4) especially for peripheral countries, it creates conditions that systematically impede development. All of this is not to say that this regime of accumulation will not continue to exist in the coming years, yet if it does, because of its inherent economic flaws, its corresponding political regime will have to be ever less democratic. REFERENCES Aglietta, M. Macroéconomie Financière. 1. Finance, Croissance et Cycles. Paris: La Découverte, 2001.

FINANCIALIzATION IN MEXICO: TRAJECTORY AND LIMITS 273 Aglietta, M., and Rebérioux, A. Corporate Governance Adrift: A Critique of Shareholder Value. Cheltenham, UK: Edward Elgar, 2005. Alvarez, A. “Presente y Futuro de las Reformas a los Mercados Laborales.” Paper presented at Seminario Empleo, Mercado Laboral y Políticas Públicas, División de Ciencias Económicas y Administrativas, Universidad de Sonora, México, November 6–7, 1997. Banco de México (2010a). “Estadísticas, Laborales y Índices de Precios al Consumidor y Udis.” 2010a (available at www.banxico.org.mx). ———. “Cuenta Corriente.” 2010b (available at http://www.banxico.org.mx/politicamonetaria-e-inflacion/estadisticas/otros-indicadores/balanza-pagos.html). ———. “Financiamiento Otorgado por la Banca Comercial.” 2010c (available at http://www.banxico.org.mx/politica-monetaria-e-inflacion/estadisticas/politica-monetaria/financiamiento-informacion.html). Bank for International Settlements. “Capital Flows and Emerging Market Economies.” 1999 (available at http://www.bis.org/publ/cgfs33.pdf). ———. “Report and Recommendations of the Cross-Border Bank Resolution Group.” March 2010 (available at http://www.bis.org/publ/bcbs162.pdf). Boyer, R. “Is a Finance-led Growth Regime a Viable Alternative to Fordism? A Preliminary Analysis.” Economy and Society, 2000, 29 (1), 111–145. Chesnais, F. La Mondialisation du Capital (nouvelle édition augmentée). Paris: Syros la Découverte, 1997. ———. “La Théorie du Régime d’Accumulation Financiarisé: Contenu, Portée et Interrogations.” 2001 (available at http://www.ucm.es/info/ec/jec8/Datos/documentos/ ponencias/Chenais%20F%20plenario.PDF). ———. “Introducción. Las Trampas de las Finanzas Mundiales. Mecanismos, Actores y Reflexiones Sobre las Propuestas de Reforma.” In F. Chesnais and D. Plihon (coords.), Las Trampas de las Finanzas Mundiales. Madrid: Akal Ediciones, 2003. Chesnais, F., and Plihon, D. “Prologo a la Edición Española.” In F. Chesnais and D. Plihon (coords.), Las Trampas de las Finanzas Mundiales. Madrid: Akal Ediciones, 2003. Chesnais, F.; Duménil, G.; Levy, D.; and Wallerstein, I. Une Nouvelle Phase du Capitalisme? Paris: Syllepse, 2001. Correa, E. “Los Mercados Financieros y la Crisis en América Latina.” Instituto de Investigaciones Económicas, Universdad Nacional Autónoma de México, 1992. ———. Crisis y Desregulación Financiera. México, D.F.: Siglo XXI Editores, 1998. D’Arista, J. “The Role of the International Monetary System in Financialization.” Paper prepared for the Political Economy Research Institute (PERI) conference on Financialization of the Global Economy, University of Massachusetts, Amherst, December 7–8, 2001. De Bernis, G. El Capitalismo Contemporáneo. México: Editorial Nuestro Tiempo, 1988. Duménil, G., and Lévy, D. Crisis y Salida de la Crisis. Orden y Desorden Neoliberales. México: Fondo de Cultura Económica, 2007. Edwards, S., and Naim, M. (eds.). Mexico 1994: Anatomy of an Emerging-Market Crash. Washington, DC: Carnegie Endowment for International Peace, 1998. Epstein, G. “Introduction: Financialization and the World Economy.” In Financialization and the World Economy. Northampton: Edward Elgar, 2005.

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