La Telaraña Financiera

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La Telaraña Financiera Ricardo Méndez LA TELARAÑA FINANCIERA OTROS TÍTULOS UNA GEOGRAFÍA DE LA PUBLICADOS FINANCIARIZACIÓN Y SU CRISIS EN ESTA SERIE LA TELARAÑA FINANCIERA Desde hace cuatro décadas el mundo vive un período de desmesura financie- UNA GEOGRAFÍA DE LA FINANCIARIZACIÓN Y SU CRISIS Ricardo Méndez Metamall ra que condujo a la Gran Recesión de 2007-2008 y que, con ligeros ajustes, Gutiérrez Del Valle Espacio y consumo urbanos persiste hasta la actualidad. Al poder de los grandes bancos sistémicos y Doctor en Geografía, fue Catedrático en la sociedad neoliberal chilena de otros inversores institucionales se une el crecimiento espectacular de los de Geografía Humana en la Universi- LILIANA DE SIMONE flujos de capital que se mueven en los diferentes mercados, con segmentos dad Complutense de Madrid y Profe- de elevada opacidad y destacada presencia del mundo offshore. Las finanzas sor de Investigación en el Instituto de también imponen su lógica de funcionamiento al conjunto de la economía, Economía, Geografía y Demografía La distribución de la riqueza familiar las relaciones sociales, la acción pública y la vida cotidiana de los ciudada- del Consejo Superior de Investigacio- en Monterrey. Un enfoque alternativo nos. nes Científicas (CSIC) de España. En para estudiar la pobreza La telaraña financiera, gestionada desde una red de ciudades mundiales, la actualidad es Profesor Honorífico envuelve y atrapa al mundo actual. Conocer las estrategias competitivas y del Departamento de Geografía de la JUAN NOYOLA espaciales de sus principales actores, junto al impacto del proceso de finan- Universidad Complutense. ciarización sobre el funcionamiento de las empresas y su cambiante localiza- Su investigación se ha orientado Revolución urbana. ción, la precarización laboral, la creciente desigualdad social, los problemas hacia la geografía económica, los es- Estado, mercado y capital de soberanía alimentaria y deterioro ambiental, o las burbujas inmobiliarias tudios urbanos o metropolitanos y el en América Latina y el desordenado crecimiento urbano, permitirá comprender mejor las raíces desarrollo territorial. Buena parte de CARLOS A. DE MATTOS de numerosos problemas que hoy enfrentan nuestras sociedades. sus publicaciones en la última década Basado en una abundante información bibliográfica y estadística, el libro analizan la lógica espacial del capita- ofrece una perspectiva geográfica de la globalización financiera y de sus lismo global y las transformaciones Lefebvre revisitado: crisis, finalizando con una propuesta para regular las finanzas globales y, al urbanas asociadas, junto al desigual Capitalismo, vida cotidiana mismo tiempo, promover una economía con valores éticos desde los dife- impacto social y territorial de sus y el derecho a la ciudad rentes territorios. crisis y las propuestas alternativas al CARLOS A. DE MATTOS sistema. En 2015 recibió el Premio FELIPE LINK autor Internacional de Geocrítica. Es autor de diversos libros rela- Ricardo Méndez cionados con estas temáticas: Orga- nización industrial y territorio (1996, con Inmaculada Caravaca); Geogra- fía económica. La lógica espacial del capitalismo global (1997); El nuevo ISBN 978-956-01-0582-0 mapa geopolítico del mundo (2011); Atlas de la crisis. Impactos socioeco- nómicos y territorios vulnerables en España (2015, con Luis Abad y Car- los Echaves). La telaraña financiera Ricardo Méndez Gutiérrez del Valle La telaraña financiera Una geografía de la financiarización y sus crisis 332.042 Méndez Gutiérrez del Valle, Ricardo M La telaraña financiera. Una geografía de la finan- ciarización y sus crisis / Ricardo Méndez Gutiérrez del Valle. – – Santiago : RIL editores - Instituto de Estudios Urbanos y Territoriales UC, 2018. 424 p. ; 23 cm. ISBN: 978-956-01-0582-0 1 finanzas internacionales. 2 globalización- aspectos económicos. La telaraña financiera Una geografía de la financiarización y sus crisis Primera edición: agosto de 2018 © Ricardo Méndez Gutiérrez del Valle, 2018 Registro de Propiedad Intelectual Nº 294.340 © RIL® editores, 2018 Sede Santiago: Los Leones 2258 cp 7511055 Providencia Santiago de Chile (56) 22 22 38 100 [email protected] • www.rileditores.com Sede Valparaíso: Cochrane 639, of. 92 cp 2361801 Valparaíso • (56) 32 274 6203 [email protected] Sede España: [email protected] • Barcelonav © Instituto de Estudios Urbanos y Territoriales UC, 2018 Facultad de Arquitectura, Diseño y Estudios Urbanos Pontificia Universidad Católica de Chile El Comendador 1916 cp 7520245 Providencia Santiago de Chile (56) 22 3545505 www.ieut.cl Serie GEOlibros N° 30 Instituto de Geografía • Pontificia Universidad Católica de Chile Composición, diseño de portada e impresión: RIL® editores Impreso en Chile • Printed in Chile ISBN 978-956-01-0582-0 Derechos reservados. Índice Introducción ................................................................................... 11 1. Una era de hegemonía financiera ............................................ 19 1.1. Los diversos significados de la globalización financiera ........................................................ 19 1.2. La globalización neoliberal como contexto ............................ 22 a) La construcción de un sistema mundial integrado ................ 23 b) La imposición de una racionalidad neoliberal ...................... 29 1.3. Un régimen de acumulación financiarizado ............................ 34 a) Orígenes de la segunda financiarización y claves de su expansión ........................................................... 37 b) Política y tecnología en la construcción de un sistema financiero global ................................................ 41 1.4. Capitalismo financiarizado: componentes principales ............................................................... 46 1.5. Lógica financiera y gobernanza corporativa de las empresas .......................................................... 51 1.6. Finanzas y geografía: un olvido mutuo ................................... 55 a) Financiarización: el territorio importa .................................. 59 b) Algunos contenidos para una geografía de la globalización financiera ................................................... 61 2. Las diversas geografías de los actores financieros ............. 67 2.1. Actores financieros, mercados y poder .................................... 67 2.2 Reestructuración bancaria, procesos de concentración y relocalización ................................... 70 a) Un imparable proceso de bancarización ............................... 72 b) Concentración del capital y bancos sistémicos ..................... 75 c) Reorganización de los servicios bancarios y exclusión financiera territorial ............................................... 89 2.3 Inversores institucionales, actores emergentes en la globalización financiera ........................................................ 94 a) ¿Financiarización o protección social? Fondos de pensiones y aseguradoras ........................................ 99 b) Fondos de capital privado: la expansión de un capitalismo irresponsable ......................... 105 c) Fondos especulativos, banca en la sombra y riesgo sistémico ................................................................... 123 2.4 Fondos soberanos: ¿una nueva multipolaridad? .................... 126 2.5 Desarrollo tecnológico y servicios financieros: el reto de las fintech .................................................................... 131 3. Redes y mercados financieros, arquitectura del poder global .................................................. 141 3.1. La creciente movilidad de un capital nómada ....................... 141 3.2. El entramado del sistema financiero global ........................... 145 a) Stocks y flujos financieros: del desbordamiento a la contracción ...................................................................... 146 b) Estructura espacial de la red de flujos ................................ 153 3.3. Inversión extranjera directa y desarrollo desigual: una geografía renovada ............................. 158 a) Una evolución discontinua de carácter cíclico .................... 160 b) Un mapa en movimiento: áreas emisoras, receptoras y de tránsito .......................................................... 163 c) Inversión extranjera directa y desarrollo económico: renovar el debate ................................................. 171 3.4. Bolsas de valores, símbolo permanente del capitalismo financiero ............................................................ 173 a) Un proceso de institucionalización ..................................... 174 b) La profunda mutación de los mercados de capital ............. 176 3.5. La diversidad de mercados financieros y sus geografías ......................................................... 180 a) Mercados de renta variable: cambios y permanencias en el mapa bursátil ........................................ 183 b) Mercados de renta fija: una lógica complementaria ........... 188 c) ¿El juego del dinero?: mercados de derivados y divisas ............................................................. 194 4. Territorios financieros estratégicos: ciudades globales y paraísos fiscales ....................................... 201 4.1. Los territorios de las finanzas ............................................... 201 4.2. Un sistema de centros financieros internacionales ................. 205 a) Ciudades globales en una economía de archipiélago .......... 205 b) Los centros financieros y la acumulación de capital relacional ..............................................................
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