From the Bretton Woods Rupture to Financialization

Abstract

In this article we propose to analyze some of the trends and dynamics that emerge from the profound transformation of the global payments system. We analyze how a new stage of financialized capitalism has engendered systemic imbalances, to what extent it has become unsustainable and what alternatives are currently being debated. To do this, we offer a brief historical review, divided into three periods, which form the three parts of this article, highlighting the milestones in which the great transformations have produced to reach the current stage with its enormous challenges.