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A Dictatorship of the Markets ?

The sovereign debt crisis, which has become more acute in recent years,
has revived the debate about the dictatorship of the markets. This debate carries a long list of reproaches : it is argued that the sole goal
of the markets is speculation ; they are short-sighted and interested in
immediate results ; they base their decisions on ratings issued by irresponsible
agencies and they put an inadmissible pressure on borrowing
countries. To put it briefly, they undermine democracy. Most of these
criticisms do not stand up to scrutiny. They essentially result from the
need, for governments, to find a scapegoat to justify sacrifices in the
eyes of a reluctant citizenship. These sacrifices seem all the more unjust
to public opinion as they aim to reimburse a debt for which citizens do
not feel individually responsible. The fact remains, however, that by
adopting unsustainable budget policies, the states have put themselves
in a position of dependency on the markets, thereby leading to a situation
where the supervisory roles have been reversed.


Référence électonique : Denis KESSLER, "A Dictatorship of the Markets ?", Pouvoirs, revue française d’études constitutionnelles et politiques, n°142, 142 - Les Etats sous la contrainte économique, p.71-91 . Consulté le 2020-08-15 12:44:52 . URL : https://revue-pouvoirs.fr/A-Dictatorship-of-the-Markets.html