TherootcausesofthecurrentfinancialcrisisandthereveWord格式文档下载.docx
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TherootcausesofthecurrentfinancialcrisisandthereveWord格式文档下载.docx
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sresponsetothefinancialcrisis.MustfirstadheretoanddevelopsocialismwithChinesecharacteristics,toresistandeliminatetheimpactofneo-liberalisminChina;
Second,wemustattachimportancetothevirtualeconomyandrealeconomyintegration;
againtoreduceChina'
sexcessiverelianceonforeigntrade;
andfinallytopreventthefinancialandeconomiccrisishazardstocontinuetoexpandandstrengtheneffectiveregulationofthevirtualeconomy.
Keywords:
financialcrisis;
virtualeconomy;
Marx'
stheoryofeconomiccrisis;
basiccontradictionsofcapitalism
CLCnumber:
F830.99Document:
AArticleID:
1005-0892(2009)08-0044-05
Since2007,theU.S.subprimemortgagedelinquencyrateincreasedsharply,triggeringthesub-primecrisis,andthusbrokeoutspreadtotheworldfinancialcrisis.Inparticular,inSeptember2008,theinternationalfinancialsituationdeterioratedsharplyandquicklyevolvedintothelastcentury,themostserioussincetheGreatDepressionoftheinternationalfinancialcrisis.Andrapidimpactoffinancialcrisis,therealeconomy,resultinginaglobaleconomicrecession,andthusthefinancialcrisishaslimitedthefinancialfield,infact,hasbecomeaseriouseconomiccrisis.Cuba'
sNationalPeople'
sCongressEconomicCommittee,thefamouseconomist,Osvaldo.Martinezbelievesthattheeconomiccrisisofoverproductionontheonehand,butitisalsoinsufficientconsumption.'
Wefacethesituationhasgonebeyondtheeconomicandfinancialcrisis,butalsoasocialcrisis,afoodcrisisandecologicalcrisisisacrisis,allofthesepotentandcomprehensiveresults.'
Whatistherootofthiscrisis?
Chineseandforeignscholars,amatterofopinion,eachopinion.Butitsdeep-rootedcausesofthat?
ManyChineseandforeignscholarshavebeen'
returntoMarx'
.Thereforewecansaytherootcausesofthecrisisinthecapitalistsystemitselffromthe
needtogolookingfor.
First,differentinterpretationsofthecausesofthefinancialcrisisandtheoreticaldifferences
ForthistheU.S.sub-primecrisistriggeredbytheglobalfinancialcrisis,thedifferentpositions,differentschoolsofthoughtofscholars,therootcauseoftheirdoingadifferentanalysisandinterpretation,mainlyinthefollowingfouraspects.
A'
marketthat'
.Thatis,fromamoremicroscopicpointofviewofthecausesofthefinancialcrisis,therearethreemainpoints.
(1)Thetheoryofconsumerdemandinexcess.WillbetherootcausesofthefinancialcrisiscomesdowntoconsumerdemandforU.S.residentsseriousthanpeople'
sincome,anddrawinspiration:
NomatterwhatpolicytheGovernmenttoimplement,unregulated'
sdebt-consumptionwillinevitablyleadtoafinancialcrisis.
(2)departurefromtherealeconomyandthevirtualeconomytheory.Thatsincethevalueofgoodswiththevalueoftheoperatingchannel,track,methods,andregulatoryagencies,operatorsofthemaindifferent,whichledtothevirtualeconomyandrealeconomyoutofline.Whenthisreachedaconsiderabledeparturefromtheseriousextent,thereisthepossibilityofseriousinflation,largefiscaldeficitsandtradedeficits,untilthefinancialcrisisandeconomiccrisis.(3)financialinnovationandaseriesofabusesontherise.Believethatexcessivefinancialinnovation,aswellasstructuredfinancialinstruments,derivativesandhighlyleveragedtrend,ledtoexcessivefinancialmarketliquidity,increasedinstabilityinthefinancialsystem,isthefinancialcrisis,thedirectcause.
2'
systemthat'
.Thatthehighdegreeoffreedom,excessivecompetition,theeconomicsystemandfinancialsystemisasystemgeneratedbytheglobalfinancialcrisiscauses.Themainpointisonthefinancialregulatorydefect.Thatthesub-primecrisis,themainrootoftheU.S.financialregulatorysystem,therearemajorshortcomings:
thesupervisionoffinancialinstitutionsintodifferentcategoriesforthesystemisincomplete;
toregulatoryagenciesfocusonfunctionalsupervisionisweak,cannotadapttothecharacteristicsofmixedoperationsonsomemulti-functionoflackofsupervisionoffinancialinstitutions;
rapiddevelopmentofderivativeproductsregulatorylag.Defecttheoryoffinancialsupervisionalsobelievethattheirresponsiblelendingbehavior,conflictofinterestsinsecuritiesbytheratingsandsoon,isthemaincauseofthecrisis.This'
isactuallya'
isfromtheinstitutionalperspectivecontrolsystemdeficiencies.Therearepeoplebelievethattherootcausesofthiscrisisistheneo-liberalcapitalism.Becausetheneo-liberalcapitalistmodeltoreplacetheoriginalcontrolbythestatecapitalistmodel,theGovernmentisnolongeractiveonthemacro-economicregulationandcontrol,relaxationofeconomicandfinancialcontrols,employerscompletecontroloverlabor,socialwelfare,drasticallyreduced,free,crueltyThe
competitiontoreplacethemodestcompetition,goods,servicesandcapitalbetweendifferentcountries,andsorelativelyfreeflow.Ithasliftedthefinancialcontrol,acceleratedthepolarizationbetweenrichandpoorwillinevitablyleadtofinancialcrises.Defecttheoryofthecapitalistsystemthattherealeconomyinordertosellgoodsonbehalfofhousing,producingarelativesurplusofinsufficienteffectivedemand,eventuallycausingthecrisis,sotherootcausesofthecrisisisthecapitalisteconomicsystem.
3'
policythat'
.Thatlong-termlowinterestratesandloosemonetarypolicyanddeficitfinancing,isaglobalfinancialcrisis,thepolicybasisfortheformationof.From2000toitspre-crisis,theFederalReservecutthefederalfundsrate14times,makingenterprises,financialinstitutionsandresidentstoaverylowcostfinancingandloans.Atthesametime,after2001,theU.S.government'
smassivetaxcutstopromotegrowthinhouseholdconsumption.LoosemonetarypolicyanddeficitfinancingtostimulatetheresidentsoftheUnitedStatesfinancialinstitutionsover-consumptionandhighoperatingleverage,resultinginassetpricebubbles.
4'
cycle,say'
.Thatthefinancialcrisisintheglobaleconomy,areflectionofalongcycle,butalsoaseriousimbalanceintheglobaleconomy,areflection;
itisthelastcenturysincetheGreatDepression30yearstheglobaleconomicstructure,tradeandfinancialstructures,amajoradjustmentinthefinancialsystemonaspeciesnecessarilyreflect,butalsoontheinternationaleconomicandfinancialsystem,therealeconomyandvirtualeconomy(modernfinancialorcapitalmarkets)indifferenteconomies,seriousstructuralimbalancebetweenamajoradjustmentinordertoachievethecapitalmarkets,financialassets,insizeandstructureanditssurvivaltomatchtherealeconomy.
Second,thecurrentfinancialcrisisstillliesinthedeep-seatedcausesofthebasiccontradictionsofcapitalism
Marx'
sanalysisofmonetarymeansofpaymenthadpointedoutthatinthechainofmeansofpayment,thehiddencrisis.Butonlyinacapitalisteconomy,thepossibilityofacrisiswillbecomeareality.Thecontemporarycapitalisteconomicdevelopment,finance,credit,Yeh-kwongasthedevelopmentofanunprecedentedexpansionofthevirtualeconomy,paymentchainconstantstretching;
paymentchain,oncebroken,wouldbeafinancialcrisis.Marxfurtherpointedoutthatfinancialspeculationisrampantfinancialcrisistriggeredadirectcause;
toexpandthebusinessactivitiesbroughtaboutbyexcessivecreditexpansionisanimportantfactorincausingoverproduction.Marx'
sprofoundanalysisoftherootofthecrisisforusaclearunderstandingofthecurrentfinancialcrisis,withamoredirecttheoreticalandpracticalsignificance.
Firstofall,MarxandEngelsonthefinancialcrisis,thetheoryisbasedonthebasisofthecurrencycrisistheory.AsMarxpointedout:
'
Oncetheperformanceofthesocialnatureoflaborasacommoditycurrencyexists,andthusexpressedasaproductotherthanwhatisinreality,independentofthecurrencycrisisorasanacutecrisis,therealityofthecurrencycrisisisinevitable.'
Marxbelievedthatthecurrencycrisisistheinherentcontradictionsinthecapitalistcommodityeconomyisaninevitableoutcomeoftheperformanceofthefundsintherealworldbreakthechain.Goodscannotbeconvertedtocurrency,commoditydevaluation;
currencydebtcannotbetranslatedintoreality,sothatthedebtduetoinabilitytopay;
creditmoneyshortage,banksandfactoriestoclosedown.Undernormalcircumstances,crisesoftenengenderedtwotypes:
oneisthecrisisofoverproduction;
theotherisbankcreditcrisis.Thecurrentfinancialcrisisdoesnotappearfromthefaceofthecrisisofoverproduction,butthecreditcrisisinbankingorcurrencycrisis,butinfactwiththecrisisofoverproductionisinextricablylinked.Bankersinordertohelpthecapitaliststosolvetheproblemofoverproductionandexcessprofitsfromsegmentationtodesignproductsthatcansurrealtradingoffinancialderivatives,sothatmeansthesolutiontooverproduction,resultinginlessmoneyinthehandsoftheoriginal,thelackofcapacitytopayordinarypeople,inthedesignoffinancialderivati
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