بحران مالی جهانی و شکست الگوی سرمایه‌داری نئو لیبرال یا آمریکائی

Vahabi, Mehrdad (2008): بحران مالی جهانی و شکست الگوی سرمایه‌داری نئو لیبرال یا آمریکائی. Published in: Ettela'at , Vol. 23, No. 253-254 (November 2008): pp. 4-33.

Abstract

The paper first investigates the causes of the recent financial and liquidity crisis in the US and all over the world as a preliminary phase of the imminent recession. It then questions Paulson-Bernanke’s plan as a solution to the crisis and ponders over the differences between EU plan and the American one. Finally, it provides an overview of some apparent consequences of the crisis and anticipates some major critical issues in the future. The crux of the paper is to argue that the easy money policy and lack of the state regulation which are usually regarded as the causes of the crisis should be understood as the specific features of a particular model of accumulation, namely the neo-liberal or American type of capitalism. The roots of the crisis lie in this type of accumulation. In this context, Paulson-Bernanke’s plan provides only a further impetus to merging and acquisitions in the banking sector, a process that has already led to the emergence of three giant banks, namely Stanley Morgan Chase, Bank of America and Citicorp. In fact, if the Glass-Steagall Act has become discredited in the nineties, the concentration of the banking sector during this recent crisis make the whole financial system more fragile and vulnerable to systemic risks. Moreover, the state will be hold up by giant banks and should bailout them whenever they encounter financial difficulties.

• Item Type: MPRA Paper
• English Title: Global financial crisis and the failure of neo-liberal or American model of capitalism
• Language: Persian
• Keywords: Global financial crisi;American model of capitalsim; merging and acquistion in the banking sector; Fordism and post-Fordism; shareholding capitalism; Systemic risk
• Subjects: G - Financial Economics > G2 - Financial Institutions and Services; G - Financial Economics > G3 - Corporate Finance and Governance > G38 - Government Policy and Regulation; G - Financial Economics > G3 - Corporate Finance and Governance > G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance; E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E44 - Financial Markets and the Macroeconomy; G - Financial Economics > G3 - Corporate Finance and Governance > G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill; F - International Economics > F3 - International Finance > F36 - Financial Aspects of Economic Integration

References

[1] Aglietta Michel, 1995, Macroéconomie financière, paris, La Découverte, Repères.

[2] Aglietta Michel, 1998, Le capitalisme de demain, Notes de la fondation Saint-Simon, numéro 101.

[3] Aglietta Michel, 2000, « Shareholder Value and Corporate Governance: Some Tricky Questions, » Economy and Society, vol. 29, no. 1, pp. 146-159.

[4] Akerlof G., 1970, « The market for « lemons» : quality uncertainty and the market mechanism », Quarterly Journal of Economics, vol. 84, n° 3, pp. 488-500. [5] Antonio Robert J. and Bonanno Alessandro, 2000, “A New Global Capitalism? From ‘Americanism and Fordism’ to ‘Americanization-Globalization’”, American Studies, Vol. 41, Nos. 2-3, pp. 33-77.

[6] Baily Martin Neil, 2002, “The New Economy: Post Mortem or Second Wind? ,” Journal of Economic Perspectives, Vol. 16, No. 2, pp. 3-22.

[7] Bernanke Ben, 1983, “Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression,” American Economic Review, Vol. 73, No. 3, pp. 257-276.

[8] Bernanke Ben, 2005, Essays on the Great Depression, Princeton, Princeton University Press.

[9] Boyer Robert (ed.), 1986, Capitalismes, fin de siècle, Paris, Presses Universitaires de France.

[10] Boyer Robert, 2000, “Is a finance-led growth regime a viable alternative to Fordism? A preliminary analysis,” Economy and Society, vol. 29, no. 1, pp. 111-145.

[11] Brenner R. [1998], “The Economics of Global Turbulence,” New Left Review, No. 229, May/June.

[12] Bunning Jim, 2008, “Senator Bunning says Paulson Acts Like Socialist, Should Resign”, September 9, http://www.bloomberg.com/

[13] Economist, 2008, September 27th – October 3rd.

[14] Elias Diana and El-Tablawy Tarek, 2008, “Financial Crisis Moves to Gulf Arab Nations”, October 26, http://apnews.excite.com/article/20081026/D942C1680.html

[15] Engels, Frédéric, [1876-1878] 1987, Anti-Dühring (M.E. Dühring bouleverse la science), Moscou, Editions du Progrès.

[16] Foroohar Rana, 2008, « A New Age of Global Capitalism Starts Now, » Newsweek, October 13th, pp. 24-29.

[17] Galbraith John Kenneth, 1954, The Great Crash: 1929, Boston, Houghton Mifflin; Penguin Books Ltd., New Impression Edition, November 1969.

[18] Gilpin Robert, 2001, Global Political Economy, Understanding the International Economic Order, Princeton and Oxford, Princeton University Press.

[19] Gramsci Antonio, 1971, Selections from the Prison Notebooks (Edited by Q. Hoare and G.N. Smith), New York, International Publishers

[20] Hayek von Friedrich, 1976, Choice in Currency, A Way to Stop Inflation, The Institute of Economic Affair, web edition: http://www.asiaing.com/choice-in-currency-a-way-to-stop-inflation-by-f.a.-hayek-1976.html

[21] Keynes John Maynard, 1936, The General Theory of Employment, Interest, and Money, Cambridge, Macmillan Cambridge University Press.

[22] Krugman Paul, 2008, “Moment of Truth,” The International Herald Tribune, October 11-12.

[23] Le Monde, 2008, “Plus de 1300 milliards d’euros pour sauver les banques en Europe”, mardi 14 octobre, www.lemonde.fr

[24] Libération, 2008, « Plan européen, ça passe ou ça krach », lundi 13 octobre, www.liberation.fr

[25] Lordon Frédéric, 2008, “Sauver les banques du désastre, le jour où Wall Street est devenu socialiste”, Le Monde Diplomatique, 55e année, No. 655, Octobre.

[26] Maddison Angus, 1982, Phases of Capitalist Development, Oxford, Oxford University Press.

[27] Mandel Michael, 2008, “After the Binge, Who Should Suffer?”, Business Week, October 13.

[28] Marx Karl and Engels Frederick, [1848] 1998, The Communist Manifesto, A Modern Edition, with an introduction by Eric Hobsbawm, London, New York, Verso.

[29] Marx, Karl, [1894]1959, Capital, Volume III, Moscow, Progress Publishers.

[30] Maury Klein, 2001, Rainbow’s End: The Crash of 1929, New York, Oxford University Press.

[31] Mises von Ludwig, 1944, Bureaucracy, Yale University Press, downloadable on http://mises.org/etexts/mises/bureaucracy.asp

[32] Nocera Joe, 2008, “So When Will Banks Give Loans?”, The New York Times, October 25.

[33] Phelps Edmund, 2008, “Recapitalize the Banks,” The Wall Street Journal, October 2, p. 15.

[34] Philips Mathew, 2008, “The Monster That Ate Wall Street”, Newsweek, October 13th, pp. 44-45.

[35] Reich Robert, 2007, Super Capitalism: the Transformation of Business, Democracy, and Everyday Life, New York, Knopf.

[36] Rupert Mark, 1995, Producing Hegemony: The Politics of mass Production and American Global Power, Cambridge, Cambridge University Press.

[37] Sapir Jacques, 2008a, “How far could the US Dollar fall?”, Real-World Economics Review, issue No. 47, 3 October, pp. 232-236, URL: http://www.peacon.net/PAEReview/issue47/Sapir47.pdf

[38] Sapir Jacques, 2008b, « Trop peu, trop tard? Les aventures du “plan Paulson” et leurs conséquences, Réflexions sur un plan contestable mais nécessaire », Document de travail, CEMI-EHESS, 6 octobre.

[39] Sapir Jacques, 2008c, « Le monde qui vient », Document de travail, CEMI-EHESS, 24 octobre.

[40] Schumpeter Joseph Allois, [1912] 1968, The Theory of Economic Development. An Inquiry into Profits, Capital, Credit, Interest and Business Cycles, Cambridge, Harvard University Press.

[41] Stiglitz J. and Weiss A, 1981, “Credit rationing in markets with imperfect information,” American Economic Review, June.

[42] Stiglitz Joseph, 2008a, “US economist calls financial crisis worst since 1930s,” The Economic Times, 19 March.

[43] Stiglitz Joseph, 2008b, “Interview by Ron Garmon”, 24 September, Los Angeles CityBeat, http://www.Lacitybeat.com/cms/story/detail/dr_joseph_stiglitz/7545

[44] Stiglitz Joseph, 2008c, “Joseph Stiglitz: Bail Out Wall Street Now, Change Terms Later”, October 2, http://www.globalissues.org

[45] Stiglitz J. and Bilmes L., 2008, The Three Trillion Dollar War, The True Cost of the Iraq Conflict, London, Allen Lane, Penguin Books Ltd.

[46] Warde Ibrahim, 2008, “Fannie et Freddie tombent à l’eau”, Le Monde Diplomatique, 55e année, No. 655, Ocobre.

[47] Wall Street Journal, 2008, « Bill versus Barrack on Banks », Thursday October 2nd, p. 13.

[48] Woodward Bob, 2000, Maestro: Greenspan’s Fed and the American Boom, New York, Simon and Schuster.