financialization
  • Alessandro Volpi 31 October 2025
    Given the current context of financial conflicts, it is essential to distinguish between the market—conceived as a mechanism for the fair and efficient allocation of resources—and capitalism, which, defined by its relentless pursuit of profit, has generated significant distortions in the “normal” functioning of the market and triggered a multi-level global tension, most notably in the financial sphere. The emergence of this new world, in which the two concepts have become entirely decoupled, began in December 2001. Twenty years after the Reagan administration’s decision to steer the world toward the liberalization of capital flows, Bill Clinton’s long-pursued project to integrate China into the international market—through its accession to the World Trade Organization (WTO)—was finally realized.
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