Abstract

La nueva división internacional del trabajo y la hegemonía monetaria internacional de EE.UU.: en búsqueda de los fundamentos de la crisis iniciada en 2007. Ciclos hist. econ. soc. [online]. 2015, vol.26, n.45, pp.60-87. ISSN 1851-3735.

The international economic crisis initiated in 2007 grounded on the tension between two determinations, according our hypothesis: the international productive restructuration involved in the new international division of labor, with the Asian industrialization (and especially the acceleration of industrialization of China over the past decade) and the positioning of developed countries as international technology providers; opposed to the international monetary hegemony of the US. This hegemony relaxes the external constraint under strong imports of Asian industrial goods. Technology-based revenue failed to offset the deficit in goods, so the excess demand was covered exploiting the benefits of international seigniorage that are generated by monetary hegemony. The increase in interest rates driven by the Federal Reserve to adjust this imbalance, unbalanced speculative scheme mounted on excess liquidity and relaxation of financial regulation (as well as on a new financial engineering), triggering the crisis.

Keywords : United States; Dollar; Crisis; Hegemony.

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