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October 2008: the return of the state?

Policy Perspectives on the Financial Crisis

by Bruno Bernardi [17-10-2008]

The unfolding financial crisis and attempts to stop it have led to the emergence of a new theme: we are witnessing, divine surprise for some, curse for others, the return of the state. Bruno Bernardi wondered if this idea is not an illusion, behind which he would discern the changes under way: a new step towards the absorption of the market or an overall reconfiguration of our historical and political horizon?

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  by Bruno Bernardi

In less than a year, so-called subprime crisis - these risky mortgages that have proliferated in recent years United States - has spread (by the process of fragmentation and resale of credit called securitization ) to the entire global financial system. The crisis of confidence that has resulted has endangered the existence of many leading banks, disorganized and dried up the credit market, caused a collapse in equity markets, suggesting a recession on a global scale. Under the financial crisis seems to be emerging a global economic crisis. At the heart of this turmoil, the market turned to dismay political institutions as a last resort before the debacle. States, directly off liquidity providers, credit from banks, guarantees to depositors and, more directly, by entering the capital of large financial groups, have "taken the hand." These measures will be effective, at least to mitigate the effects of the current crisis? They will avoid a depression? These are questions almost open and that theoretically belong to the essence of economics.

However, we can address these events from another angle, the more directly political. we not witnessing a dramatic shift in the dominant representations of what must be, in general, social organization?

Recent decades have seen ramp up the idea that the market, by its own dynamics and balances that helps train, was by definition the backbone of the whole of physical organization of society and the state as the political function attached to it, should only play a limited role, matters, in any case he had no legitimacy as an economic agent. This groundswell that has been called conservative revolution of or neoliberal wave , was first attached to the names of Margaret Thatcher and Ronald Reagan. We know the famous phrase of the latter, delivered during his inaugural address, January 20, 1981: "The State is not the solution to our problem, government is the problem" [ a ].

Three decades later, one can see without an ironic perplexity the heirs of Reagan and Thatcher, the singers of all - the market, redefining the scope of public policies (the shrink), turn into a few days or a few hours, heralds of the political decision, defenders of the state contractor, and rely heavily on measures of modesty called nationalization, nationalization would be when the right word .

More fundamentally, many believe we are at a turning point in thinking the relationship between economics and politics, State and market. Filling some, horrifying to others, we would see after a long hiatus, the return of the state. But before we confirm or disprove this reversal of perspective, to applaud or condemn, it is not necessary, taking a step back, examine the idea of a return of the state?