Burbujas especulativas y crisis fi nancieras. una aproximación neofuncionalista Report as inadecuate




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Reis. Revista Española de Investigaciones Sociológicas 2015, (150)

Author: José María García Blanco

Source: http://www.redalyc.org/


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Reis.
Revista Española de Investigaciones Sociológicas ISSN: 0210-5233 consejo.editorial@cis.es Centro de Investigaciones Sociológicas España García Blanco, José María Burbujas especulativas y crisis fi nancieras.
Una aproximación neofuncionalista Reis.
Revista Española de Investigaciones Sociológicas, núm.
150, abril-junio, 2015, pp. 71-87 Centro de Investigaciones Sociológicas Madrid, España Available in: http:--www.redalyc.org-articulo.oa?id=99743654004 How to cite Complete issue More information about this article Journals homepage in redalyc.org Scientific Information System Network of Scientific Journals from Latin America, the Caribbean, Spain and Portugal Non-profit academic project, developed under the open access initiative doi:10.5477-cis-reis.150.71 Speculative Bubbles and Financial Crises: A Neo-functionalist Approach Burbujas especulativas y crisis financieras.
Una aproximación neofuncionalista José María García Blanco Key words Abstract Group Cohesiveness • Economic crisis • Differentiation • Money • Functionalism • Social networks • Financial sector If economics tends to emphasize the role of irrational behaviour in the formation of the speculative bubble that caused the recent financial crisis, sociology tends to focus on the institutions and social structures that sustain the financial system, particularly the dense social networks formed by financial elites, which function as a socio-culturally closed circle leading to herd behaviour.
This article proposes a different interpretation of this supposed herd behaviour, based on functional differentiation and how it fosters internal, second order observation. Modern markets are a particularly striking example of this, and especially financial ones in which self-referential closure is particularly intense, because they trade money, the medium that supports the self-reference of the economic system. Palabras clave Resumen Cohesión de grupo • Crisis económic...





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