Liberalización financiera internacional, inversores institucionales y gobierno corporativo de la empresa

In this paper we analyze how profitability crisis in the seventies was overcome by means of neoliberal reforms, with a main support in financial liberalization and deregulation. These policies have impelled the setting up of a new international financial architecture, characterized by the great extent of market liquidity and by the global power of institutional investors. These new elements have transformed relationships between finances and non financial corporations, making possible (thanks to the control exerted by market liquidity) the preeminence of financial objectives within these organizations.