신자유주의적 금융화와 자본축적 구조 변화

• 영문명: A Study on the Structural Change of Capital Accumulation System by Neoliberal Financialization in U.S.A
• 발행기관: 한국무역연구원
• 저자명: 김의동(Eui-Dong Kim)
• 간행물 정보: 『무역연구』제7권 제4호, 561~594쪽, 전체 34쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2011.12.31

영문 초록

This paper aims to review the structural change of capital accumulation system by financialization through the case of U.S. capitalism since 1980. The era since 1980s has witnessed the emerging new phenomena commonly called ‘financialization.’ The financial crisis and the preceding bubble in US economy have also cast a light on the social economic transformation. Financial institutions have become adept at profit‐to-making through mediating transactions in open financial markets, that is, the combination of financial expropriation and investment banking system. Marked-to-market leverage is strongly procyclical in the lender-trader model. The financial sector has also become capable of extracting profit directly out of wages and salaries, a process called financial expropriation. Despite the recent increment of academic literature analyzing it, most of it seems to be suffering from the conventional dichotomy of ‘monetary and real spheres.’ Alternative theory of capital and its accumulation has suggested by the discounted ‘present value of expected future earnings’ financialization will generate, that is, market capitalization. Based on this view of ‘financialization,’ various changes happening in both finacial and real sector in contemporary capitalism are tried to be interconnected in terms of causality.

목차

Abstract

Ⅰ. 서론

Ⅱ. 신자유주의적 금융화 확산과 기존 연구에 대한 검토

Ⅲ. 금융의 ‘자기 확대’와 자본축적 구조의 변화

Ⅳ. 금융위기 발생과 금융주도 자본축적체제의 과제

Ⅴ. 결론

참고문헌

키워드

Financialization Finance-led Accumulation System Bubble Sub-prime Crisis Investment banking system Leverage Financial expropriation Present value of expected future earnings