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1、The root causes of the current financial crisis and the revelation Analysis: A Marxist PerspectiveAbstract: For the current global financial crisis causes, Chinese and foreign scholars have different views; others from a technical level, or run level or the supervisory level, to explain, some of the
2、 institutional level or system level, to explain, have their own truth. But the deeper the roots, said the financial crisis did not go beyond Marxs theory of the logic on the economic crisis, its causes are still caused by the basic contradiction of capitalism. Chinas response to the financial crisi
3、s. Must first adhere to and develop socialism with Chinese characteristics, to resist and eliminate the impact of neo-liberalism in China; Second, we must attach importance to the virtual economy and real economy integration; again to reduce Chinas excessive reliance on foreign trade; and finally to
4、 prevent the financial and economic crisis hazards to continue to expand and strengthen effective regulation of the virtual economy. Key words: financial crisis; virtual economy; Marxs theory of economic crisis; basic contradictions of capitalism CLC number: F830.99 Document: A Article ID :1005-0892
5、 (2009) 08-0044-05 Since 2007, the U.S. subprime mortgage delinquency rate increased sharply, triggering the sub-prime crisis, and thus broke out spread to the world financial crisis. In particular, in September 2008, the international financial situation deteriorated sharply and quickly evolved int
6、o the last century, the most serious since the Great Depression of the international financial crisis. And rapid impact of financial crisis, the real economy, resulting in a global economic recession, and thus the financial crisis has limited the financial field, in fact, has become a serious econom
7、ic crisis. Cubas National Peoples Congress Economic Committee, the famous economist, Osvaldo. Martinez believes that the economic crisis of overproduction on the one hand, but it is also insufficient consumption. We face the situation has gone beyond the economic and financial crisis, but also a soc
8、ial crisis, a food crisis and ecological crisis is a crisis, all of these potent and comprehensive results. What is the root of this crisis? Chinese and foreign scholars, a matter of opinion, each opinion. But its deep-rooted causes of that? Many Chinese and foreign scholars have been return to Marx
9、. Therefore we can say the root causes of the crisis in the capitalist system itself from the need to go looking for. First, different interpretations of the causes of the financial crisis and theoretical differences For this the U.S. sub-prime crisis triggered by the global financial crisis, the di
10、fferent positions, different schools of thought of scholars, the root cause of their doing a different analysis and interpretation, mainly in the following four aspects. A market that. That is, from a more microscopic point of view of the causes of the financial crisis, there are three main points.
11、(1) The theory of consumer demand in excess. Will be the root causes of the financial crisis comes down to consumer demand for U.S. residents serious than peoples income, and draw inspiration: No matter what policy the Government to implement, unregulateds debt-consumption will inevitably lead to a
12、financial crisis. (2) departure from the real economy and the virtual economy theory. That since the value of goods with the value of the operating channel, track, methods, and regulatory agencies, operators of the main different, which led to the virtual economy and real economy out of line. When t
13、his reached a considerable departure from the serious extent, there is the possibility of serious inflation, large fiscal deficits and trade deficits, until the financial crisis and economic crisis. (3) financial innovation and a series of abuses on the rise. Believe that excessive financial innovat
14、ion, as well as structured financial instruments, derivatives and highly leveraged trend, led to excessive financial market liquidity, increased instability in the financial system, is the financial crisis, the direct cause. 2 system that. That the high degree of freedom, excessive competition, the
15、economic system and financial system is a system generated by the global financial crisis causes. The main point is on the financial regulatory defect. That the sub-prime crisis, the main root of the U.S. financial regulatory system, there are major shortcomings: the supervision of financial institu
16、tions into different categories for the system is incomplete; to regulatory agencies focus on functional supervision is weak, can not adapt to the characteristics of mixed operations on some multi - function of lack of supervision of financial institutions; rapid development of derivative products r
17、egulatory lag. Defect theory of financial supervision also believe that the irresponsible lending behavior, conflict of interests in securities by the ratings and so on, is the main cause of the crisis. This system that is actually a system that is from the institutional perspective control system d
18、eficiencies. There are people believe that the root causes of this crisis is the neo-liberal capitalism. Because the neo-liberal capitalist model to replace the original control by the state capitalist model, the Government is no longer active on the macro-economic regulation and control, relaxation
19、 of economic and financial controls, employers complete control over labor, social welfare, drastically reduced, free, cruelty The competition to replace the modest competition, goods, services and capital between different countries, and so relatively free flow. It has lifted the financial control,
20、 accelerated the polarization between rich and poor will inevitably lead to financial crises. Defect theory of the capitalist system that the real economy in order to sell goods on behalf of housing, producing a relative surplus of insufficient effective demand, eventually causing the crisis, so the
21、 root causes of the crisis is the capitalist economic system. 3 policy that. That long-term low interest rates and loose monetary policy and deficit financing, is a global financial crisis, the policy basis for the formation of. From 2000 to its pre-crisis, the Federal Reserve cut the federal funds
22、rate 14 times, making enterprises, financial institutions and residents to a very low cost financing and loans. At the same time, after 2001, the U.S. governments massive tax cuts to promote growth in household consumption. Loose monetary policy and deficit financing to stimulate the residents of th
23、e United States financial institutions over-consumption and high operating leverage, resulting in asset price bubbles. 4 cycle, say. That the financial crisis in the global economy, a reflection of a long cycle, but also a serious imbalance in the global economy, a reflection; it is the last century
24、 since the Great Depression 30 years the global economic structure, trade and financial structures, a major adjustment in the financial system on a species necessarily reflect, but also on the international economic and financial system, the real economy and virtual economy (modern financial or capi
25、tal markets) in different economies, serious structural imbalance between a major adjustment in order to achieve the capital markets, financial assets, in size and structure and its survival to match the real economy. Second, the current financial crisis still lies in the deep-seated causes of the b
26、asic contradictions of capitalism Marxs analysis of monetary means of payment had pointed out that in the chain of means of payment, the hidden crisis. But only in a capitalist economy, the possibility of a crisis will become a reality. The contemporary capitalist economic development, finance, cred
27、it, Yeh-kwong as the development of an unprecedented expansion of the virtual economy, payment chain constant stretching; payment chain, once broken, would be a financial crisis. Marx further pointed out that financial speculation is rampant financial crisis triggered a direct cause; to expand the b
28、usiness activities brought about by excessive credit expansion is an important factor in causing overproduction. Marxs profound analysis of the root of the crisis for us a clear understanding of the current financial crisis, with a more direct theoretical and practical significance. First of all, Ma
29、rx and Engels on the financial crisis, the theory is based on the basis of the currency crisis theory. As Marx pointed out: Once the performance of the social nature of labor as a commodity currency exists, and thus expressed as a product other than what is in reality, independent of the currency cr
30、isis or as an acute crisis, the reality of the currency crisis is inevitable. Marx believed that the currency crisis is the inherent contradictions in the capitalist commodity economy is an inevitable outcome of the performance of the funds in the real world break the chain. Goods can not be convert
31、ed to currency, commodity devaluation; currency debt can not be translated into reality, so that the debt due to inability to pay; credit money shortage, banks and factories to close down. Under normal circumstances, crises often engendered two types: one is the crisis of overproduction; the other i
32、s bank credit crisis. The current financial crisis does not appear from the face of the crisis of overproduction, but the credit crisis in banking or currency crisis, but in fact with the crisis of overproduction is inextricably linked. Bankers in order to help the capitalists to solve the problem o
33、f overproduction and excess profits from segmentation to design products that can surreal trading of financial derivatives, so that means the solution to overproduction, resulting in less money in the hands of the original, the lack of capacity to pay ordinary people , in the design of financial der
34、ivatives bankers induced ahead of consumption, and lengthen the chain of credit funds. The long chain of credit funds, for the currency crisis and the economic crisis in society as a whole conceals potential problems. Second, Marx believed that capitalist economic crisis is rooted in the basic contr
35、adictions of capitalism, namely, the socialization of production and the means of production, the contradiction between the capitalist private ownership. The nature of capital determines the unlimited expansion of production scale and capacity to pay the contradiction between demand relatively short
36、, so that aggregate supply is greater than the total demand of the phenomenon will not become a normal run. This contradiction will be accumulated to a certain extent, the outbreak of the economic crisis of overproduction. As Marx pointed out: All true of the most fundamental causes of the crisis, t
37、he total no more than the masses of poverty and their limited consumption, capitalist production, ignoring the situation and trying to develop the productive forces as though only the absolute consumption of the community the limits of capacity is the development of productive forces. Should be note
38、d that Marx talked about refers to commodity overproduction overproduction overproduction rather than products. Marx pointed out: As long as a significant portion of societys most pressing needs have not been met, absolutely not to mention products, overproduction. In this sense, in the usual basis
39、of capitalist production is the production of less thanproducts, overproduction, and overproduction of goods is entirely different things. Because the limits of capitalist production, the profits of the capitalists, rather than the needs of the masses. From the phenomenon of perspective, leading to
40、the outbreak of the crisis, arguing that Americas subprime mortgage crisis is the crisis in the financial sector, but its essence is the overproduction of the real economy. Overproduction of the performance of the U.S. housing vacancy rate in housing on the continuous improvement: from 1978 to aroun
41、d 6% to 2008 13%. This shows that the effective demand for housing exceeds the supply is growing. Moreover, the houses have been sold, by a large share of the mortgage buyers. In 2007, mortgage loans to buy houses by the total percentage of homes sold was 68%. Can be seen that the emergence of sub-p
42、rime crisis was not by accident, by the continuous expansion of housing supply, the capacity to pay real lack of demand caused by the accumulation of contradictions, and its essence is still overproduction. The fact that the current development of capitalism, even though the development of modern fi
43、nance and the use of various financial instruments to make more of the economic crisis financial crisis is manifested in the form of the first, but as a harbinger of economic crisis, financial crisis, not the reasons for the economic crisis : on the contrary, it is the result of overproduction and c
44、risis manifestations. Once again, the capitalist system exacerbated the virtual economic development, so out of step with the real economy; the ultimate source of the virtual economic crisis, but also the real economy crisis. The U.S. economy is characterized by the largest virtual economy component
45、 is greater, that is highly dependent on the virtual capital of the loop to make a profit. As the virtual capital is not the reality of capital, and thus the virtual economic development and economic development entities, seriously out of line. Concrete manifestation of this gap as follows: on the o
46、ne hand is the virtual economy, the enormous demand on real economic growth of a false illusion caused by the formation, that is, the virtual economy created by the needs of the blind illusion induced by the real economy development; the other hand, society has ability to pay the demand needed to ke
47、ep up with the real economy is far from the pace of development, when the Social Credit in a link in the chain broke, the first outbreak is the financial crisis or credit crisis. A direct impact on the financial crisis, a reduction in income related to the masses, thereby increasing demand for capac
48、ity to pay has plummeted and triggered by the virtual economy has created a false demand for capacity to pay shattered. So that in the real economy would have concealed the existence of an infinite expansion of production trends and the capacity to pay insufficient demand to reveal themselves to ret
49、urn to the real economy, the economic crisis of overproduction. While the real economy recession, which in turn exacerbate the volatility of the virtual economy, forming a vicious circle. This is a testament to Marx pointed out: the relative surplus of capitalist production is based on the economic crisi
