Therootcausesofthecurrentfinancialcrisisandthereve.docx

Therootcausesofthecurrentfinancialcrisisandthereve.docx

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Therootcausesofthecurrentfinancialcrisisandthereve

TherootcausesofthecurrentfinancialcrisisandtherevelationAnalysis:

AMarxistPerspective

Abstract:

Forthecurrentglobalfinancialcrisiscauses,Chineseandforeignscholarshavedifferentviews;othersfromatechnicallevel,orrunlevelorthesupervisorylevel,toexplain,someoftheinstitutionallevelorsystemlevel,toexplain,havetheirowntruth.Butthedeepertheroots,saidthefinancialcrisisdidnotgobeyondMarx'stheoryofthelogicontheeconomiccrisis,itscausesarestillcausedbythebasiccontradictionofcapitalism.China'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'systemthat'isactuallya'systemthat'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