While most economists agree that the world is facing the worst economic crisis since the Great Depression, there is little agreement as to what caused it. Some have argued that the financial instability we are witnessing is due to irrational exuberance of market participants, fraud, greed, too much regulation, et cetera. However, some Post Keynesian economists following Hyman P. Minsky have argued that this is a systemic problem, a result of internal market processes that allowed fragility to build over time. In this paper we focus on the shift to the 'shadow banking system' and the creation of what Minsky called the money manager phase of capitalism. In this system, rapid growth of leverage and financial layering allowed the financial sector to claim an ever-rising proportion of national income-what is sometimes called 'financialization'-as the financial system evolved from hedge to speculative and, finally, to a Ponzi scheme. The policy response to the financial crisis in the United States and elsewhere has largely been an attempt to rescue money manager capitalism. Moreover, in the case of the United States. the bailout policy has contributed to further concentration of the financial sector, increasing dangers. We believe that the policies directed at saving the system are doomed to fail-and that alternative policies should be adopted. The effective solution should come in the way of downsizing the financial sector by two-thirds or more, and effecting fundamental modifications.
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机译:尽管大多数经济学家都认为,世界正面临自大萧条以来最严重的经济危机,但对于造成危机的原因却鲜有共识。有人认为,我们目睹的金融动荡是由于市场参与者的非理性繁荣,欺诈,贪婪,过多的监管等等。但是,跟随海曼·明斯基(Hyman P. Minsky)的一些凯恩斯主义后经济学家认为,这是一个系统性问题,这是内部市场流程导致脆弱性随着时间而增长的结果。在本文中,我们关注于向“影子银行系统”的转变以及明斯基所谓的资本主义的资金管理者阶段的创建。在这个系统中,杠杆的快速增长和金融分层使金融部门可以要求占国民收入的比重不断上升(有时也称为“金融化”),因为金融系统从对冲发展到投机,最后发展成庞氏骗局。方案。针对美国和其他地区金融危机的政策反应很大程度上是为了挽救理财师的资本主义。而且,以美国为例。救助政策促进了金融部门的进一步集中,增加了危险。我们认为,旨在保存系统的政策注定会失败,因此应采用替代政策。有效的解决方案应该是将金融部门的规模缩小三分之二或更多,并进行根本性的修改。
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