The Financial Crisis: Consensus and Disagreements Politique étrangère, Vol. 74, No. 1, Spring 2009

Far from mirroring the perversity of the financial system, the current crisis reflects the complexity of social practices. Wrong interpretations that are seemingly obvious must be kept at arm’s length, as they are misleading and hide real dangers. Risk aversion, which engenders insecurity, is a bad omen of economic recovery. Criticism of financial engineering may end up in protectionist measures in respect to trade relations. To properly interpret this crisis, a broader historical perspective is necessary, beyond short-term reactions.

Marc Crapez is an associate researcher in political science at Sophiapol (Université Paris-X). He is the author of  Défense du bon sens ou La controverse du sens commun (Monaco, Éditions du Rocher, 2004).

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