Financial Governance Beyond the Crisis
Creating an Innovative Financial Architecture in Latin America
Dr. Pedro Paez talks about the creation of a new financial architecture in Latin America, based on principles of redistribution, environmental sustainability and social cohesion rather than market principles that dominated the old architecture.
The ongoing eruption of the global financial crisis continues to prompt a dramatic resurgence of various forms of state intervention in economic affairs. Within the EU, the intervention has led to the consolidation of supranational state power on policy areas that were previously the domain of member states, eroding nation states' policy space and undercutting public debate in the name of fiscal discipline.
In Latin America, in contrast, the crisis has engendered a fundamental rethinking of the state and market balance, and of the link of the productive and financial sectors of the economy. In this interview, Dr. Pedro Paez talks about the creation of a new financial architecture in Latin America, one that is based on principles of redistribution, environmental sustainability and social cohesion rather than market principles that dominated the old architecture.
For more on the new regional financial architecture in Latin America, watch Oscar Ugarteche's speech at the Seminar on Alternative Regionalisms at the ASEAN People's Forum in Jakarta in May 2011.
Recent publications from Alternative Regionalisms
Rethinking regionalisms in times of crisesThe demand for people-centred regional alternatives has been at the core of people’s struggles in Latin America, Asia, Africa and Europe. This reader pulls together perspectives of social movement activists, describing the restrictive regional spaces within which they work and propose regional alternatives. |
Crisis and alternativesIn the long term we have to transcend capitalism as it cannot ensure a decent livelihood for all nor is it compatible with preserving necessary ecological balances. In the short-term we must start out with basic social democratic demands. |
Occupy the left or ignore it?Why the traditional Left needs to understand, be willing to be challenged, and fully embrace the Occupy and Indignado movements. |
Financial Governance Beyond the CrisisDr. Pedro Paez talks about the creation of a new financial architecture in Latin America, based on principles of redistribution, environmental sustainability and social cohesion rather than market principles that dominated the old architecture. |
