Język Polski
English
Published
:
2014-06-30
The Banking Sector under Neoliberal Economics
Anna Figna
Abstract
From the multiple transformations taking place in the area of international finance, and in the banking sector in particular, is emerging a new global financial system. Financial realities clearly diverge from the standards outlined in the theory of economics, and are driving a quest for new models and new theoretical foundations for economic decisions. The world of globalized finance, and financial conglomerates controlling assets throughout the world, undermines the theoretical basis of the ideology. This article applies neoliberal economic theory to analyzing the actions and behaviors of commercial banks across the European Union during the ongoing economic crunch. In doing so, it effectively puts a question mark over the role of the state vis-à-vis today's complex financial reality, and especially with regard to bank operations. The role of the state, which is, on the one hand, seen as that of a "night watchman", and on the other, as the lender of last resort and provider of extensive aid to major banks, needs to be addressed by new theoretical solutions. The first part of the article sets out to describe the salient features of a neoliberal economic system. In the second part, the theoretical foundations are confronted with the practice of bank operations in times of economic downturn.Keywords:
Banking sector, Neoliberalism, Economic doctrine, Financial crisisMost read articles by the same author(s)
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Figna, A. (2014). The Banking Sector under Neoliberal Economics. Zeszyty Naukowe Wyższej Szkoły Bankowej W Poznaniu, 54(3). Retrieved from https://journals.wsb.poznan.pl/index.php/znwsb/article/view/1122