Pubblichiamo due recensioni del volume Dove va la finanza? di Giorgio Vitangeli
La recensione di ADNCronos
IL TRAMONTO DEL LIBERISMO E LA PARTECIPAZIONE DEI LAVORATORI AGLI UTILI DELL’IMPRESA
Dove ci sta portando una finanza globale che assomiglia sempre piu’ a un pericoloso gioco planetario? Una ragionata risposta arriva dal nuovo libro-intervista di Giorgio Vitangeli, direttore del mensile ‘Finanza Italiana’, dal titolo significativo: ‘Dove va la Finanza?’, (a cura di Luigi Tedeschi, edizioni Settimo Sigillo, Roma, pp. 121, euro 10). Una riflessione a tutto campo con una delle firme di punta del giornalismo economico che in questo contributo mette a nudo ritardi di sistema e prassi produtive, aiutando a comprenderne gli scenari mobili e globalizzati.
Cosi’, fa riflettere Vitangeli, ‘’il mondo e’ pieno di analisti, economisti e ‘guru’ della Borsa, di venditori di quote fondi ma anche di giornalisti e impeigati di banca che dispensano ai risparmaiatori suggermenti e consigli pretendendo di sapere quel che accadra’ domani’’. In realta’ il futuro del capitalismo finanziario e’ gia’ scritto nel suo passto, ‘’e come la parabola di un missile, per capire dove andra’ a cadere, basta sapere da dove e’ partito e calcolare la traiettoria’’.
Le pagine, che si collocano a pieno titolo nella pregevole collana di approfondimenti economici diretta da Carlo Gambescia, prendono allora partenza dal ‘sabotaggio di Bretton Woods’, per fermarsi agli scossoni del greggio sui costi della vita, senza dimenticare la lunga marcia verso l’euro e le ‘quinte’ del neocorporativismo.
A chi gli chiede poi quale tipo di futuro ci attende, l’esperto replica: ‘’Al collasso del liberismo selvaggio non potra’ seguire che quel capitalismo neocorporativo che e’ la naturale linea evolutiva del capitalismo’’. Il neocorporativismo, a sua volta, tende a sfociare nella partecipazione concreta alle scelte politiche ma anche, e finalmente, nella partecipazione dei lavoratori agli utili delle imprese, ‘’cosicche’ la democrazia politica organica si saldi con la liberta’ economica’’. Quest’ultima, taglia corto Vitangeli, ‘’non si realizza certo sul mercato finanziario, come pretende il capitalismo anglosassone che cerca di risucchiare i risparmi della povera gente nella bisca della ‘finanza casino’’’; si realizza nel lavoro e col lavoro, cioe’ nell’impresa, con la corresponsabilita’ de lavoratori’’.
Allo stesso tempo, la ‘’sciocca illusione di poter produrre a costi da Terzo Mondo e vendere a prezzi da Paese avanzato non potra’ durare ancora a lungo. Tutti i nodi –avverte l’economista in conclusione- stanno venendo al pettine. Il liberismo darwinista, all’improvviso, fara’ la stessa fine del comunismo’’. Perche’ ‘’questa finanza casino’ e questa selvaggia economia globale, incapaci di correggersi, vanno verso l’autodistruzione’’.
per acquistare il libro il link alla casa editrice
Recensione pubblicata su solon-line.de
Rome, April 20, 2008 – During these days of intense discussions about the recent book of former economics minister Giulio Tremonti on the global financial crisis and on the necessity of a new economic order, a New Bretton Woods, another book I had read after its publication early 2007 came to my mind: “Dove va la finanza?” (Where is finance going?) much less known and publicly debated, but probably more precise and complete in the analysis of the crisis.
The writer is an economist whom I have known since more than 30 years, Giorgio Vitangeli, a conservative intellectual and one of the rare Italian Gaullists, director of the monthly “Finanza Italiana”, and a former journalist and oil market expert of the independent economic daily “Il Fiorino”.
Vitangeli details the way the financial bubbles were created and how the economy was handed over to financial speculation during the past 40 years, something that many free market economists discovered only after the explosion of the sub prime crisis of August 2007.
But there are some singularities in the book that are worth of a special notice.
Vitangeli reports how he was one of the very few people who competently identified the dangerous decision of president Richard Nixon on August 15, 1971, namely, to decouple the dollar from the gold reserve values and to establish a floating currency system which opened the gates to monetary and trade instability, to an inflationary printing of the American currency and to global speculation.
Vitangeli writes that shortly after that date, the director of the Bank of Italy, Paolo Baffi, with whom he had regular discussions, publicly detailed and denounced what would become the negative effects of that decision and called the printing of dollars a “polluting element” of the international monetary system. He also writes about an interview he had in the eighties with American economist Robert Triffin who told him that in only ten years after Nixon’s decision,nine times more liquidity was produced than all liquidity produced in the entire human history!
The author writes also of his studies of the analyses of the French economist Jacques Rueff, economic adviser of Charles De Gaulle, who exposed the growing debt of the US economy and the unlimited printing of dollars as a bomb for the world economy. Rueff also demanded to return to a gold reserve based monetary system to give an anchor to the dollar value. Arguing for a rational solution to the unleashing of financial speculation, Rueff denounced that the USA was then buying goods and paying the rest of the world with “bills of exchange”, i.e. with dollars without a gold backing, which then came back to buy American T-bonds.
The book discusses in detail all the steps of financial globalization, as a programmed process of economic degenerations and of deregulations after 1971; it describes the oil crises, the Eurodollars period followed by the petrodollars explosion, the “debt bomb” in Latin America, then the various financial and stock exchange crises like in 1987, the IT bubble, the LTCM collapse, up to the present derivatives disaster. It recalls that even Guido Carli, governor of the Bank of Italy, called the Eurodollars a “paper pyramid”.
Another important moment in the unfolding global crisis was the Maastricht Treaty with its abstract constrictions on the national economies, and here Vitangeli develops his analysis also from the ideas of the French Nobel price in economics, Maurice Allais, who called the Brussels economists and leaders “ignorant and irresponsible, but also guilty for delivering the European community into the hands of globalization and for leaving Europe without any reasonable protection.”.
This leads Vitangeli to endorse the book of French writer Michel Albert “Capitalism versus capitalism” in which the author counterposes the neo-American capitalism to the renanian capitalism (from the Rhine river), where the first one considers the enterprise as a “commodity” while the second one, which is strong in Europe and in Japan, a “community”. In other words, there is a resistance to the empire of free market and its ideology.
The book is really full of details and descriptions on the formation of the speculative bubbles and call for the realization of the new international monetary and financial architecture to give rules and controls on the financial processes.
At the end, Vitangeli combines these enlightened proposals with a personal idea which is not so inspiring. He sees that in the future of the economy there is a return of corporativism, also called “neo contractualism”, because both the neo keynesian and the monetarist (Milton Friedman) approaches are not fit to deal with the present global crisis. Corporativism was the system of labour-industry national negotiations promoted during Mussolini’s rule in the thirties. While it is true that there is a resurgent discussion on a modern, “democratic” neo-corporativism, both in the right as well in the left political spectrum, this return to the past may be welcome by certain financial interests in bankruptcy but is definitively not the solution to the present problems.
Here Vitangeli makes also the mistake to compare Italian corporativism with the New Deal of F.D. Roosevelt after the Great Depression in the USA. While it is true that in the thirties in America there was a big sympathy for some aspects of the Italian fascism, it is wrong to see any similarity just because one can find labour, capital and state participation in economic and programmatic decisions both in the Italian corporativist as well as in the New Deal periods.
The real inspirer of the New Deal was the American System of Political Economy, the cultural and economic ideas of the American founding fathers who fought against the British colonialism and its free market ideology.
Indeed, one of the main representative of the American freedom and economic system was Henry C. Carey with his “Harmony of Interests” written in 1851, a concrete project of cooperation between labour and industry with the active support of the state for social stability and real economic and human development. Also Karl Marx wrongly and consciously rejected the ideas of the American economic system, denouncing Carey and his allies as “bourgeois” and choosing instead the British “Manchester capitalism” of brutal labour exploitation as the fundamental reference point for his economic and social analyses to justify the necessity and the inevitability of a global class struggle.