The economy and its enemies

Journal title ARGOMENTI
Author/s Mauro Marconi
Publishing Year 2010 Issue 2010/28 Language Italian
Pages 20 P. 21-40 File size 515 KB
DOI 10.3280/ARG2010-028002
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The author offers an interpretation of the systemic financial crisis set off by the collapse of Lehman Brothers. Events are interpreted in the light of the concept of financial pollution introduced by Federico Caffè in 1971. Information, made publicly available between august 2007 and august 2008, is reconstructed. The author focuses on the typical opaqueness accompanying financial innovation both at market and institutional level as one of the causes of the delay in perceiving the dynamics and the dimension of the crisis. Based on this perspective, the socialisation of the financial over structure by means of bank bailouts is seen not only as a way of rationalising and reforming the market economy, as it was at the beginning of the 1970s, but also and more significantly as a necessary condition for its survival.

Keywords: Financial innovation, bank bailout, economic informations.

Mauro Marconi, Il risparmio e i suoi nemici in "ARGOMENTI" 28/2010, pp 21-40, DOI: 10.3280/ARG2010-028002