西方金融资本主义下的寄生阶级、债务通缩与大萧条——兼评迈克尔·赫德森的金融资本主义批判理论

金融资本生成于产业资本、商业资本和银行资本的垄断融合。在支配生产、流通和信用的基础上,金融资本通过定价权、金融投机、地租寻租、支配国债、滥用货币发行权等途径而建立一套寄生性的积累机制。随着金融资本对生产关系的全面支配,金融资本的寄生性积累也越来越系统化、自主化,造成的社会危机也越来越不容易从外部加以克服,但同时,金融资本内部自我否定的逻辑却表现得越来越强烈。金融资本的寄生性积累导致债务膨胀和产业萎缩相互加强的危机,即债务通缩危机。新自由主义量化宽松的反通缩政策,在一定程度上避免了旧版大萧条,却导致了更难以解决的新版大萧条。美国学者赫德森把对金融资本寄生性积累的批判纳入到从古典政治经学到马克思主义政治经济学的传统中,从金融资本的寄生性积累探讨西方经济、政治危机的根源,虽然其金融资本批判理论还因缺乏辩证逻辑而有一定的缺点,但是该理论基本的理论方向是值得肯定的。

Parasitic Class,Debt Deflation and the Great Depression under Western Financial Capitalism:On Michael Hudson’s Critical Theory of Financial Capitalism

Financial capital is generated from the monopoly and integration of industrial capital,commercial capital and bank capital.On the basis of controlling production,circulation and credit,financial capital establishes a parasitic accumulation mechanism through the power to setting prices,financial speculation,rent of real estate,controlling national debt and abusing the power of issuing money.With financial capital’s overall control of production relation,the parasitic accumulation of financial capital is becoming more and more systematic and autonomous,and the crisis is becoming more and more difficult to overcome from the outside.However,the logic of self-negation inside financial capital is more and more obvious.The parasitic accumulation of financial capital leads to the mutual strengthening crisis of debt inflation and industrial contraction,namely debt deflation crisis.The anti-deflation policy of Quantitative Easing may avoid the old version of the great depression,but will lead to a new version of the great depression which is more difficult to solve.Hudson has brought the criticism of parasitic accumulation of financial capital into the tradition from classical political economy to Marxist political economy,and explored the root of western economic and political crisis from the parasitic accumulation of financial capital.Although Hudson’s critical theory of financial capital has some shortcomings due to the lack of dialectical logic,its basic theoretical value is worth affirming.