FINANCIAL SPECULATION AS A CRIME AGAINST HUMANITY. FUNDAMENTALS IN THE ECONOMICS HISTORY

• Main Author: Jaime Garcia Neumann
• Format: Article
• Language: Spanish
• Published: Universidad Santo Tomás 2016-06-01
• Series: Via Inveniendi Et Iudicandi
• Subjects: especulación financiera, crisis económica, financiarización, hedge funds
• Online Access: https://revistas.usantotomas.edu.co/index.php/viei/article/view/2938

The economics history shows that speculative processes often lead to economic crises. In today's globalized world, its consequences affect productive work and the lives of millions of people in many countries, which constitutes a violation of their basic human rights. It's time to regulate worldwide such processes and to eliminate of the financial activities its harmful practices. In this work we present a parallel between the 1929 crisis and the one that exploded in 2007, which continues affecting large sectors of the world. We study their origins and the relation between the last one and two facts, the neoliberal deregulation of the 70´s and the process of increasing financialization of the economies. Also, the magnitude of the current speculative bubble and the institutions and activities that feed it. We conclude examining the proposals of solutions that nowadays are being discussed, which are similar to those taken at the time by the president F. D. Roosevelt. Financial speculation can and must be declared crime against humanity.