The U.S. Banking and Corporate Structure: Some Implications for Industrial Policy

This paper argues that a fundamental aspect of the process of financialization is the transformation and evolution of certain key institutions. In national spaces, these include those that play essential roles in financing economic activity, such as the central bank and the commercial banking sector, and also the institutions that determine the quantity and form of public expenditure. In Latin American countries, these changes have reduced the possibilities of national authorities to influence financial processes.