The Cultural Background to the Financial Crisis

Economics, like politics, echoes and reflects the culture and values prevailing in each society.

Friday, August 19, 2011

There are a number of European countries facing serious financial difficulties as a result of the mismanagement of public finances. The situation is serious, and the globalization of financial markets threatens to spread these difficulties worldwide.

When assigning responsibility for what is happening, the answers are as varied as the interests at stake, especially from the political point of view. Technical reasons are emphasized, and white boards are filled with numbers and equations that attempt to explain the situation and how it was arrived at.

Taking a very different approach, Marcos Cantera Carlomagno, Doctor of History and author, points to profound reasons for the problem: the culture and values prevailing in societies where financial imbalances are most acute. Greece, Portugal, Spain, Italy, Ireland are the countries where the fire will be very difficult to extinguish and via which Central American countries will also be affected.

But it is important to take into account the cultural genesis of the problems in Europe, so that we can recognize in our own Central American countries the seeds of similar disasters.

You can read more extracts from Revolución Mental, by Marcos Cantera Carlomagno, published in 1.621 edition of Semanario Búsqueda. Link in Spanish

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