American Divergences in the Great Recession

Globalization is quite different from internationalization: the by-now global market economy overwhelmed the sovereignty of the old national states. Close to the 2007 crisis, some de-coupling effects were consequent in most developed countries in comparison with the ex-Third World. Latin America seemed to entail a "divergence" with the First World, as unlike the past, it was not hit by the financial crisis, but old historical fragilities invalidated the short positive cycle produced by high international prices. This work deals with this crisis and its basic differences from the older crises of the Thirties and Seventies.

Daniele Pompejano is full professor of the History of Latin America program at Università di Messina.

Introduction: The Dilemma of Currency 1. Without Gold and After the Dollar 2. Cycles of Crisis 3. Meanwhile, in Latin America... 4. The "Invisible Hand" of the Market. Conclusions: "Do Those Who Don't Obey the Rules Win"?