The effects of the global economic crisis in Latin America

Vol. 31 No. 2 (2011)

Apr-Jun / 2011
Published April 1, 2011

How to Cite

Guillén, Arturo. 2011. “The Effects of the Global Economic Crisis in Latin America”. Brazilian Journal of Political Economy 31 (2):187-202.

The effects of the global economic crisis in Latin America

Arturo Guillén
Full professor and researcher at the Economic Department of the Universidad Autónoma Metropolitana, Iztapalapa campus, Mexico City. Head, at the same university, of the Post graduate Program in Social Studies, Social Economics Area.
Brazilian Journal of Political Economy, Vol. 31 No. 2 (2011), Apr-Jun / 2011, Pages 187-202


The aim of this article is to analyze the current phase of the global crisis and the way it has manifested itself in Latin America. The global crisis is the most important capitalist crisis since World War II. It is a new type of debt-deflation crisis, highlighting the limits of the finance-dominated regime of accumulation and characterized by securitization. Latin American countries have not been immune to the global crisis. Since it sets limits on globalization, the impossibility of maintaining export-driven accumulation sustained by restrictive monetary and fiscal policies becomes clear. This time, there will be no way out in external markets for any country. That fact will force them to restructure productive systems and search for a way out in domestic markets and in regional spaces for integration.

JEL Classification: E32.

Keywords: global crisis latin america deflation recession financialization