International Financial Crisis: Ruptures and Challenges

The aim of this paper is to evaluate the causes of the first financial crisis in the XXIst century and the institutional proposals offered to overcome it. Two proposals can be studied in the current global context: one that aims to correct dysfunctions and restore balance to strengthen and sustain the current economic order, and another that seeks structural and functional changes in the dynamics of the system. Both consider the need to advance toward building a new international financial architecture. Descriptive exploratory research was conducted, based on a documentary review. The research findings made it possible to observe the emergence of an alternative proposal to the dominant financial order, which is advanced by Latin American countries and aims to create a new international financial system based on relations that diminish the asymmetries between countries, ensure financial independence and become promoters of development.