factors of the economic crisis facing the world are structural. On the one hand, this mismanagement of risk and lack of regulation of financial markets, on the other, there has been a great imbalance between financial capital and productive capital, ie an enormous speculation. Before the crisis, many advocates of neoliberalism desregulalización claimed that financial markets generate higher growth, these could be handled alone without the intervention. In countries like United States, these markets began to occupy an increasingly important role in the economy, and the speculative bubble in the housing sector (especially mortgage credit) began to grow, to burst.
I get the point that the system transfer U.S. borders and global economic conditions suffered a serious decline in 2008. The failure of L ehman Brothers ushered in the collapse of global financial markets. It lost confidence among financial institutions and money markets stalled. The ba NCOs closed the credit or raised their interest rates to protect themselves, which affected many other sectors of society especially the small and medium businesses. When frozen credit lines and trade exports were also affected.
In Latin America the effects were visible mainly in the social sectors most vulnerable to rising food prices and deteriorating labor market conditions. The bankruptcy of Lehman Brothers go down making investments in the region, leading to currency depreciation while a higher cost of external borrowing, especially for companies with foreign currency loans. With this, unemployment increased in the region as well as the informal sectors of the economy.
The crisis has become clear that changes need to be in the regional and international economic structures. This may be the occasion for the G-20 to replace the G-8 as an organizer of the world economy. Policy makers should put more emphasis on developing counter-cyclical policies capable of confronting the worst financial conditions. ECLAC has proposed ¨ Fiscal Pact ", that is to establish political agreements on the issue of financing and public spending, so that in case of crisis measures are achieved Keynesian ¨ ¨ and result in safeguards for vulnerable economies.
The ECLAC regional field has reiterated the importance of diversifying the economy to achieve strong and sustained growth. The region needs to overcome the Washington Consensus and think about a new development agenda based on investment in physical and human capital. It is important to move towards societies based on knowledge and innovation, and rethinking the relationship between market, state and society.
To this, must make a recomposition of the microeconomic structure and the production structure, investing more in technological and human capabilities. The region should anticipate in the technological field in order to get a complete picture of the new paradigms of production. On a specialized production structure, the region managed to compete with Asian countries, and create enough jobs to reduce significantly the deviations from the more developed countries.
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