Skip to main content

Entstehung und Krise des finanz-dominierten Akkumulationsregimes.

Eine postkeynesianische Perspektive auf Finanzialisierung

  • Chapter
  • First Online:

Part of the book series: Globale Politische Ökonomie ((GPÖ))

Zusammenfassu

In diesem Kapitel werde ich das Konzept der Finanzialisierung aus der Sicht der heterodoxen Ökonomie diskutieren. Im Abschnitt 2 beleuchte ich zunächst Veränderungen im Verhalten der Haushalte, insbesondere im Bezug auf ihre Verschuldung; Veränderungen im Verhalten von nicht-finanziellen Unternehmen, wie Shareholder- Value-Orientierung und die Zunahme finanzieller Aktivitäten; und Veränderungen im Finanzsektor selbst, insbesondere die Entstehung des (kaum regulierten) Schatten- Bankensektors (vgl. Kessler und Wilhelm in diesem Band), die Verschiebung des Kreditgeschäfts in Richtung der Haushalte (statt Unternehmen) und die Verlagerung hin zum Investmentbanking an Stelle des traditionellen Bankengeschäfts.

This is a preview of subscription content, log in via an institution.

Buying options

Chapter
USD   29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD   39.99
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD   49.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Learn about institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Literatur

  • Adrian, T., und H. Shin. 2010. The Changing Nature of Financial Intermediation and the Financial Crisis of 2007–09. Federal Reserve Bank of New York Staff Reports 439.

    Google Scholar 

  • Aglietta, M., und A. Rebérioux. 2005. Corporate Governance Adrift. A Critique of Shareholder Value. Cheltenham: Edward Elgar.

    Google Scholar 

  • Arrighi, G. 1994. The Long Twentieth Century. London: Verso.

    Google Scholar 

  • Atkinson, A., T. Piketty, und E. Saez. 2011. Top Incomes in the Long Run of History. Journal of Economic Literature 49 (1): 3–71.

    Google Scholar 

  • Barba, A., und M. Pivetti, 2009. Rising Household Debt: Its Causes and Macroeconomic Implications – a long-period Analysis. Cambridge Journal of Economics 33 (1): 113–37.

    Google Scholar 

  • Beck, T., A. Demirgüç-Kunt, und R. Levine. 2010. A New Database on Financial Development and Structure (updated November 2010). http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTRESEARCH/0,,contentMDK:20696167~pagePK:64214825~piPK:64214943~theSitePK:469382,00.html. Zugegriffen: 20. Mai 2011.

  • Bernanke, B. 2005. The Global Saving Glut and the U.S. Current Account Deficit. Sandridge Lecture, Virginia Association of Economics, Richmond, Virginia, March 2005. http://www.federalreserve.gov/boarddocs/speeches/2005/200503102/default.htm. Zugegriffen: 14. Dezember 2012.

  • Blackburn, R. 2007. Age Shock: How Finance Is Failing Us. London: Verso.

    Google Scholar 

  • Boone, L., C. Giorno, und P. Richardson. 1998. Stock Market Fluctuations and Consumption Behaviour: Some recent Evidence. OECD Economics department working papers No. 208. Paris.

    Google Scholar 

  • Boyer, R. 2000. Is a Finance-led Growth Regime a viable Alternative to Fordism? A Preliminary analysis. Economy and Society 29 (1): 111–145.

    Google Scholar 

  • Brenner, R. 2003. The Boom and the Bubble. London: Verso.

    Google Scholar 

  • Case, K., R. Shiller, und J. Quigley. 2001. Comparing Wealth Effects: The Stock Market Versus the Housing Market. NBER Working Paper No.8606.

    Google Scholar 

  • Catte, P., N. Girouard, R. Price, und C. André. 2004. Housing Markets, Wealth and the Business Cycle. OECD Economics Working Paper 394.

    Google Scholar 

  • Crotty, J. 2003. The Neoliberal Paradox: The Impact of destructive Product Market Competition and impatient Financial Markets on nonfinancial Corporations in the Neoliberal Era. Review of Radical Political Economics 35 (3): 271–79.

    Google Scholar 

  • Crotty, J. 2009. Structural Causes of the Global Financial Crisis: A Critical Assessment of the ‘New Financial Architecture’ Cambridge Journal of Economics 33 (4): 563–580.

    Google Scholar 

  • Cynamon, B., und S. Fazzari. 2009. Household Debt in the Consumer Age: Source of Growth – Risk of Collapse. Capitalism and Society 3 (2): 1–30.

    Google Scholar 

  • D’Arista, J., und T. Schlesinger. 1993. The Parallel Banking System. In Transforming the U.S. Financial System: Equity and Efficiency for the 21st Century, hrsg. G. Dymski, G. Epstein, und R. Pollin. Armon: M.E. Sharpe.

    Google Scholar 

  • Demir, F. 2009. Financial Liberalization, Private Investment and Portfolio Choice: Financialization of real Sectors in Emerging Markets. Journal of Development Economics 88: 314–24.

    Google Scholar 

  • Duménil, G., und D. Lévy. 2001. Costs and Benefits of Neoliberalism: A Class Analysis. Review of International Political Economy 8 (4): 578–607.

    Google Scholar 

  • Duménil, G., und D. Lévy. 2004. Capital Resurgent. Roots of the Neoliberal Revolution. Cambridge: Harvard University Press.

    Google Scholar 

  • Eichengreen, B., und M. Bordo. 2003. Crises now and then: What Lessons for the last Era of Financial Globalization? In Monetary History, Exchange Rates and Financial Markets. Essays in Honour of Charles Goodhart, Volume two, hrsg. P. Mizen. Cheltenham: Edward Elgar.

    Google Scholar 

  • Epstein, G. hrsg. 2005. Financialization and the World Economy. Cheltenham: Edward Elgar.

    Google Scholar 

  • Ertürk, I. J. Froud, S. Johal, A. Leaver, und K. Williams. hrsg. 2008. Financialization at Work. Key Texts and Commentary. London: Routledge.

    Google Scholar 

  • Ertürk, I., und S. Solari. 2007. Banks as Continuous Reinvention. New Political Economy 12 (3): 369–88.

    Google Scholar 

  • Fligstein, N. 1990. The Transformation of Corporate Control. Cambridge: Harvard University Press.

    Google Scholar 

  • Froud, J. S., Johal, A. Leaver, und K. Williams. 2006. Financialization and Strategy: Narrative and Numbers. London: Routledge.

    Google Scholar 

  • Gali, J., und L. Gambetti. 2009. On the Sources of the Great Moderation. American Economic Journal: Macroeconomics 1 (1): 26–57.

    Google Scholar 

  • Giannone, D., M. Lenza, und L. Reichlin. 2008. Explaining the Great Moderation: It is not the Shocks. Journal of the European Economic Association 6 (2–3): 621–633.

    Google Scholar 

  • Girouard, N., M. Kennedy, und C. André. 2006. Has the Rise in Debt made Households more vulnerable? OECD Economics Working Paper 535.

    Google Scholar 

  • Guttmann, R., und D. Plihon. 2010. Consumer Debt and Financial Fragility. International Review of Applied Economics 24 (3): 269–283.

    Google Scholar 

  • Harrison, A. 2002. Has Globalization eroded Labor’s Share? Some cross-country Evidence. Mimeo, UC Berkeley.

    Google Scholar 

  • Hein, E. 2011. ‘Financialisation’, Distribution and Growth. In A New Guide to Keynesian Economics and Economic Policies, hrsg. E. Hein and E. Stockhammer. Cheltenham: Edward Elgar.

    Google Scholar 

  • Henry, P. 2007. Capital Account Liberalization: Theory, Evidence, and Speculation. Brookings Global Economy and Development Paper No. 4.

    Google Scholar 

  • ILO. 2008. World of Work Report 2008. Income Inequalities in the Age of Financial Globalization. Geneva.

    Google Scholar 

  • IWF. 2002. Recessions and Recoveries. In World Economic Outlook 2002/1, 104–137.

    Google Scholar 

  • IWF. 2007. The Changing Dynamics of the Global Business Cycle. In World Economic Outlook 2007/2, 67–94.

    Google Scholar 

  • IWF. 2006. Global Financial Stability Report April 2006. Washington, DC.

    Google Scholar 

  • Jayadev, A. 2007. Capital Account Openness and the Labour Share of Income. Cambridge Journal of Economics 31: 423–443.

    Google Scholar 

  • Jensen, M., und W. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics 3: 305–60

    Google Scholar 

  • Kose, M. A., E. Prasad, K. Rogoff, und S. Wei. 2009. Financial Globalization: A Reappraisal. Internationaler Währungsfonds, IMF Staff Papers (2009) 56: 8–62.

    Google Scholar 

  • Krippner, G. 2005. The Financialization of the American Economy. Socio-Economic Review 3 (2): 173–208.

    Google Scholar 

  • Langley, P. 2004. In the Eye of the “Perfect Storm”: The Final Salary Pensions Crisis and the Financialization of Anglo-American capitalism. New Political Economy 9 (4): 539–58.

    Google Scholar 

  • Lapavitsas, C., A. Kaltenbrunner, D. Lindo, J. Michell, J. P. Painceira, E. Pires, J. Powell, A. Stenfors, und N. Teles. 2010. Eurozone Crisis: Beggar Thyself and Thy Neighbour. RMF occasional report, March 2010. http://researchonmoneyandfinance.org/media/reports/eurocrisis/fullreport.pdf. Zugegriffen: 14.12.2012.

  • Lapavitsas, C. 2009. Financialised Capitalism: Crisis and Financial Expropriation. Historical Materialism 17 (1): 114–148.

    Google Scholar 

  • Lazonick, W., und M. O‘Sullivan. 2000. Maximising Shareholder Value: A new Ideology for Corporate Governance. Economy and Society 29 (1): 13–35.

    Google Scholar 

  • MacKenzie, D., und Y. Millo. 2003.Constructing a Market, Performing Theory: the Historical Sociology of a Financial Derivates Exchange. American Journal of Sociology 109: 107–45.

    Google Scholar 

  • McKinnon, R. 1973. Money and Capital in Economic Development, Washington, DC: Brookings Institute.

    Google Scholar 

  • Martin, R. 2002. The Financialization of Dalily Life. Philadelphia: Temple University Press.

    Google Scholar 

  • Milberg, W., und D. Winkler. 2009. Financialisation and the Dynamics of Offshoring in the USA. Cambridge Journal of Economics 34: 275–293.

    Google Scholar 

  • Minsky, H. 1986. Stabilizing an unstable economy. New Haven: Yale University Press.

    Google Scholar 

  • Mishkin, F. S. 2006. The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich. Princeton: Princeton University Press.

    Google Scholar 

  • Onaran, Ö. 2009. Wage Share, Globalization, and Crisis: The Case of Manufacturing Industry in Korea, Mexico, and Turkey. International Review of Applied Economics 23 (2): 113–134.

    Google Scholar 

  • Orhangazi, Ö. 2008. Financialisation and Capital Accumulation in the non-financial Corporate Sector: A theoretical and empirical Investigation on the US Economy: 1973–2003. Cambridge Journal of Economics 32 (6): 863–886.

    Google Scholar 

  • Power, D., G. Epstein, und M. Abrena. 2003. Trends in the Rentier Income Share in OECD Countries 1960- 2000. Political Economy Research Institute Working Paper 58a.

    Google Scholar 

  • Reinhart, C., und K. Rogoff. 2009. This Time is Different: Eight Centuries of Financial Folly. Princeton: Princeton University Press.

    Google Scholar 

  • Reinhart, C., und V. Reinhart. 2008. Capital Flow Bonanzas: An Encompassing View of the Past and Present. NBER Working Paper No. W14321.

    Google Scholar 

  • Rodrik, D. 1998. Capital Mobility and Labor. Manuscript. http://ksghome.harvard.edu/~drodrik/capitalm.pdf. Zugegriffen: 14. Dezember 2012.

  • Rodrik, D., und A. Suramanian. 2009. Why Did Financial Globalization Disappoint? Internationaler Währungsfonds, IMF Staff Papers 56 (1): 112–38

    Google Scholar 

  • Shaw, E. 1973. Financial Deepening in Economic Development. New York: Oxford University Press.

    Google Scholar 

  • Stiglitz, J. 2000. Capital Market Liberalization, Economic Growth and Instability. World Development 28 (6): 1075–86

    Google Scholar 

  • Stockhammer, E. 2004. Financialization and the Slowdown of Accumulation. Cambridge Journal of Economics 28 (5): 719–41.

    Google Scholar 

  • Stockhammer, E. 2008. Some stylized Facts on the finance-dominated Accumulation Regime. Competition and Change 12 (2): 189–207.

    Google Scholar 

  • Stockhammer, E. 2010. Financialization and the Global Economy. Political Economy Research Institute Working Paper 242.

    Google Scholar 

  • Stockhammer, E. 2010. Income Distribution, the finance-dominated Accumulation Regime and the present Crisis. In The World Economy in Crisis – The Return of Keynesianism? , hrsg. S. Dullien, E. Hein, A. Truger, and T. van Treeck. Metropolis Verlag: Marburg.

    Google Scholar 

  • Stockhammer, E. 2013. Why have Wage Shares fallen? A Panel Analysis of the Determinants of functional Income Distribution. ILO Working Paper Conditions of Work and Employment Series No. 35.

    Google Scholar 

  • UNCTAD. 2008. Trade and Development Report 2008. New York: United Nations.

    Google Scholar 

  • UNCTAD. 2009. Trade and Development Report 2009. New York: United Nations.

    Google Scholar 

  • van Treeck, T. 2009. The Political Economy Debate on ‘Financialisation’ – A Macroeconomic Perspective. Review of International Political Economy 16 (5): 907–944.

    Google Scholar 

  • Wolff, E. 2009. Recent Trends in Household Wealth in the United States. Rising Debt and the Middle Class Squeeze – An Update to 2007. Levy Economics Institute Working Paper 589.

    Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Corresponding author

Correspondence to Engelbert Stockhammer .

Editor information

Editors and Affiliations

Rights and permissions

Reprints and permissions

Copyright information

© 2014 Springer Fachmedien Wiesbaden

About this chapter

Cite this chapter

Stockhammer, E. (2014). Entstehung und Krise des finanz-dominierten Akkumulationsregimes.. In: Heires, M., Nölke, A. (eds) Politische Ökonomie der Finanzialisierung. Globale Politische Ökonomie. Springer VS, Wiesbaden. https://doi.org/10.1007/978-3-658-03778-9_2

Download citation

  • DOI: https://doi.org/10.1007/978-3-658-03778-9_2

  • Published:

  • Publisher Name: Springer VS, Wiesbaden

  • Print ISBN: 978-3-658-03777-2

  • Online ISBN: 978-3-658-03778-9

  • eBook Packages: Humanities, Social Science (German Language)

Publish with us

Policies and ethics