The World of Banks and Stock Markets
Type de matériel :
3
In the 1960s, the banking industry and the stock exchange were still operating according to standards set during the years of crisis and the war ( 1930-1945). The french system was a significant reference, as the State closely overlooked both financial activities and stock market gambles. The main objective of the banks and the stock exchange was to centralize funds in the anticipation of use or conversion into credits and investments. At the beginning of the 1970s, with the cession of the Brettonwoods agreements and the rallying of the great powers to the system of floating exchange, banks and stock marckets sailed the ocean of free-exchange, never too far from their ports of registry — in other words their respective States. The 1980s symbolize the rise of risks in financial exposure. Starting in 1982, several crisis shook the whole western financial system (Argentina, Mexico, Brazil). The extensiveness of international transactions (in America, in Europe but also in Asia) increased the independence of the banking industry while weakening the capabilities of the States. During the 1990s, the worldwide systems of banking and stock exchange underwent recurring crisis (Mexico, Brazil, Thaïland, Philippines, Indonesia, Malaysia), and again also at the turn of the century, and which prompted the banking industry to hasten its restructuration. Today, the world’s financial system staves off the political control of the States. As a matter of fact, the global system is essentially characteristic of the new efficient capitalist production and the preeminence of the United States in all matters.
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