COLONIALITY OF POWER AND FINANCIAL MARKET IN LATIN AMERICA: critical analysis of the Basel Accords

Abstract

The expansion of capitalism through financialization has produced a wide range of high-leverage, high-risk financial products and services, requiring banking regulation to establish standards and guidelines for regulating the banking and financial sector at a global level. Decolonization, as a critical approach, seeks to undo the structures of domination and exploitation that resulted from colonial periods, taking into account the legacy of oppression, inequality and marginalization. This theoretical-critical essay aims to explore the Basel Accords from the perspective of Quijano's (1992) colonization of power, describing how these agreements aim to perpetuate colonial structures and power relations that have historically impeded the economic and social development of America. Latin. This work presents a brief history of the Basel Accords, highlighting their emergence as a result of the financial crises resulting from capitalist expansion. Criticisms are presented to the Basel Accords related to their universal character, unequal impact on economies, pro-cyclical effect, possibility of regulatory arbitration, lack of transparency and concerns about accountability. Finally, research suggestions related to the financialization and coloniality of power are proposed.