美国金融危机的政治经济学解读

对危机传导链条的逆推式探究表明,在泡沫破裂、泡沫形成这两个关键阶段的背后都有着共同的政治经济根源,即20世纪80年代之后,随着美国政治的右转,新自由主义开始盛行,从而导致平等与效率之间的权衡朝着不利于前者的方向大大倾斜。在住房政策、货币政策等一系列因素的推动下,泡沫逐渐成形。然而,金融产品的创新与供给只是暂时为中低收入阶层提供了支付手段,却无法解决实际收入与真实购买能力不足的根本问题。正是由于缺乏实际收入的支撑,泡沫最终破裂,引发了本次金融危机。基于政治经济学视角的解决之道在于,平衡收入分配、提高社会保障力度、使经济增长的果实能够惠及广大中低收入阶层。

The Political Economy of the US Financial Crisis

This article takes a backward inquiry on US financial crisis.It shows that to a great extent,the explanation for reasons of the forming of bubble and its burst can be found in the political economy.Since 1980s,great changes have taken place in US domestic politics.As far as the equality-efficiency nexus is concerned,the prevailing of neo-liberalism in US has severely undermined the equality side.Although financial innovation provided means of payment for middle-income and low-income classes,the real income ...