Revista da ESPM_MAR-ABR_2012

ABSTRACTS english R e v i s t a d a E S P M – m a r ç o / a b r i l d e 2 0 1 2 132 Financial liberalism in check ORLANDO ASSUNÇÃO FERNANDES PAGE 18 After a brief historical overview, this article offers evidence that the dismantlement, in the 1970s, of the regime that emerged in Bretton Woods – with the resulting end of the dollar convertibility, the adoption of a floating exchange rate system and, later on, the so-called Volcker policy – repre- sented a strong shift in the conduction of economic politics toward liberalism. This shift consolidated itself into a process of financial deregulation and opening of the national markets, which resulted in the gigantism of the wealth valuing logic and the transformation of the role of the State as a regulatory agent. All these elements are at the very core of the 2008 crisis and its consequences. Thus it is now necessary to rethink the limits of financial liberalism in the contemporary world, as well as the regulatory and international coordination processes of these markets. The economy of globalization ROBERTO SIMONARD FILHO PAGE 26 The technological advances of humankind have reached a level that we call globa- lization. In this process, human beings now have access to fantastic technologies that bring them all together and contain a staggering amount of information. As ex- pected, this has brought about a revolution in terms of economy, politics, and cultu- re. In relation to the economic changes, two events stand out. The first one is the consolidation of an international financial system, which manages an enormous, growing flow of financial capital circulating with unprecedented agility. The second event is the economic growth observed in developing countries, whose aggregate income expansion gives rise to an exponen- tial increase in consumption. War of the titans MARCELO ZOROVICH PAGE 40 As the world watches the proliferation of trade agreements – part of a scenario in which markets are significantly more interdependent and integrated – a protectio- nist wave contributes to bringing inter- national negotiation rounds to a halt. The trend affects competitiveness and triggers a new dynamic in the relations between the world’s nations. Studies have shown an increase in protectionist practices, which are on a collision course with the WTO rules. The alert shines the spotlight on the G20 economies and on some countries of the EU, as well as Brazil and China, which are the protagonists of such tensions. The com- mercial and the industrial segments end up suffering the most severe consequences of all this, in addition to being affected by the disputes that occur in several sectors and go beyond borders (this is also the case with Brazil’s partner in Mercosur, Argentina). Currency war, monetary tsunami, trade defense and protectionism SERGIO GOLDBAUM PAGE 48 During her latest visit to Germany, Bra- zilian president Dilma Rousseff complai- ned about Europe allegedly promoting a “monetary tsunami”. In response to that, German chancellor Angela Merkel declared she was more worried about the unilateral “protectionist measures” that were being adopted by the Brazilian government. But “currency war,” “monetary tsunami,” and “protectionist measures” are only meta- phors that represent the tools being used in a wider commercial dispute. This article presents an extensive survey on the tools most frequently used by Brazil and by the other countries that take part in this dispute (both the tools that are regulated by international agreements and those that are not). The text also warns about the risks of a possible international protectionist escalation that may lead to weaker interna- tional multilateral institutions. China in the global economy of the 21st century DIEGO PAUTASSO PAGE 64 Since the 1970s, the world economy has been going through a reorganization. In addition to the restructuring of capitalism, there is also a progressive change in the hierarchy of global power. China and the developing countries play a decisive role in the transformation of politics and interna- tional affairs. This is why the global eco- nomy in the 21st century will depend more and more on China’s successful insertion. To explain all this, it is necessary to avoid analyses based on mainstream schools of thought that fail to understand the singula- rities of Chinese history. Oikos or the apocalypse of reason JORGE LORENZO VALENZUELA MONTECINOS PAGE 70 From 9/11 to the crisis of 2008, our world went through a major disruption that put the whole western civilization in question. The imposition of a brutal globalization broke part of the individual’s identity. We are now witnessing a massification of the individual, with the characteristics of a tragedy.