Le origini culturali della crisi. (The cultural origins of the crisis)

• Main Author: Alessandro Roncaglia
• Format: Article
• Language: Italian
• Published: Associazione Economia civile 2010-07-01
• Series: Moneta e Credito
• Subjects: crisi; origini; cultura
• Online Access: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9520

<p class="MsoNormal" style="text-align: justify; margin: 0cm 0cm 10pt;"><span style="line-height: 115%;" lang="EN-US">After recalling the financial origin of the crisis and the persistent worldwide fragility of the financial sector, and after citing papers which before 2007 had pointed out the elements of systemic fragility of the US and world economy, the paper illustrates the cultural roots of the crisis, namely the economic views which favoured deregulation policies: the fallacy of the invisible hand of the market and a simplistic view of uncertainty, to which Keynesian uncertainty is opposed, with the consequent underevaluation of the risks of systemic instability.</span></p><p class="MsoNormal" style="text-align: justify; margin: 0cm 0cm 10pt;"> </p><p class="MsoNormal" style="text-align: justify; margin: 0cm 0cm 10pt;"> JEL: E44, G01</p>