【作者】 马锦生；

【导师】 何自力；

【作者基本信息】 南开大学 ， 政治经济学， 2013， 博士

【摘要】 2007年美国次贷危机、2008年资本主义世界金融危机、2009年欧元区主权债务危机的接连爆发导致大量经济学者对危机的原因进行了分析。但主流经济学将关注点更多地停留在外生因素和政策层面上,并没有对危机的原因进行更深层次的制度分析。本文坚持马克思主义政治经济学的立场,从资本主义的经济制度本身对原因进行制度分析,探讨在资本主义生产方式下生产与金融的关系。指出无论是金融危机还是债务危机其最根本的原因存在于资本主义生产方式所固有的基本矛盾中,即生产资料的资本主义私人占有与社会化生产之间的矛盾。经济的金融化赋予了作为资本主义基本矛盾强制解决方式的经济危机以金融危机和债务危机的具体形式。要正确理解当今发生在资本主义世界的金融危机及债务危机,需要我们重新看待资本主义的“去工业化”与“金融化”过程,并主要从资本主义制度本身对“去工业化”和“金融化”过程的本质进行解读。本文对金融化概念的理解遵循阿瑞吉的观点,把其解释为一种资本积累模式的转变,利润通过金融渠道获得而不是通过生产和贸易渠道。并把美国当今的金融化看作是以美国为中心的第四个资本主义体系积累周期的金融扩张阶段,每个体系积累周期都由物质扩张阶段和金融扩张阶段两个阶段组成,当体系积累的中心国家达到了金融扩张之际就是该中心以及该体系危机之时,作为体系积累中心的热那亚、荷兰、英国和美国都难逃此规律。从历史上看,热那亚、荷兰、英国在他们失去了生产和贸易的竞争优势时进入了金融化阶段,而今天的美国正在经历着相同的金融扩张。与去工业化相伴随的金融化虽然在短时期内赋予了中心盈利能力的恢复,但长期内却难以持续下去,伴随新的中心的崛起老的中心将会被取代和衰落。从资本主义的发展历程来看,处于体系积累中心的国家难以摆脱金融化的最终趋势。但金融资本毕竟不能直接创造剩余价值,所以金融资本利润的来源终究还是产业资本所创造的剩余价值,从而使得产业资本的积累和金融资本的积累之间产生了矛盾。这必将会带来劳资之间、资本之间以及市场与政府之间关系的变化,从而资本主义金融化实际上带来的是资本主义的全面转型。本文在对资本主义金融化的内涵和本质进行系统梳理的基础上,建立了一个马克思主义的理论分析框架解释金融化的发生机制。这一框架包含三个层次的内容：资本主义金融化的实现机制,资本主义金融化的历史演进机制,资本主义金融化的制度驱动因素。本文分析了金融化的机制,论述了工业化,去工业化和金融化的内在关系,指出工业化是金融化基础,去工业化是金融扩张的需求条件。在论证工业化演变为金融化的内在机制的基础上,本文对美国经济的“金融化”进行了理论和实证分析。本文从金融化的角度对金融危机和债务危机进行了分析,作为解决资本主义基本矛盾措施的金融化导致了金融危机的爆发,同时金融化导致债务危机成为了金融危机的具体形式。作为资本主义基本矛盾的强制性的解决途径,金融危机是资本主义发展到金融资本主义阶段下资本主义基本矛盾的特有运动方式和必然结果。论文的主要内容如下：第一章是导论部分。本章主要介绍了论文的选题背景、意义、研究方法、主要内容以及论文的创新点及展望等；第二章是关于资本主义金融化的内涵及实质分析,对金融化的内涵从三个角度进行了归纳总结,指出金融化的内涵及实质；第三章研究基于马克思主义货币金融理论的资本主义金融化驱动因素,从资本主义生产方式探讨金融化的实现机制；第四章从资本主义体系积累视角研究工业化、去工业化与金融化之间的关系,以及资本主义体系扩张的原因及机制,探讨资本主义金融化的历史演进机制；第五章研究资本主义金融化与新自由主义经济体制之间的关系,指出新自由主义经济体制的崛起开启了金融化的进程；第六章研究美国金融化的实证及机制分析,指出了美国经济金融化的表现、驱动因素以及实现机制；第七章研究资本主义金融化与金融危机的关系,论述了作为解决资本主义基本矛盾措施的资本主义金融化、去工业化导致的劳资矛盾加剧和全球经济失衡促使了2008年金融危机的爆发；第八章研究资本主义金融化与债务危机的关系,金融化建立在家庭、企业和政府负债的基础上,并最终导致了金融危机以债务危机的形式爆发；第九章研究金融化后的资本主义即金融资本主义的本质、特征和未来。试图从美国的“再工业化”战略的实施及美元霸权的不可持续来揭示美国经济未来的走向。更多还原

【Abstract】 A large number of economists have analyzed the cause of the crisis after outbreak of U.S. subprime mortgage crisis in2007, financial crisis of the capitalist world in2008, the euro zone sovereign debt crisis in2009.Mainstream economists focus mainly on exogenous factors and policies, and not on institutional analysis.Based on the Marxist political economy, this paper will focus on institutional analysis, explore the relationship between production and finance under the capitalist mode of production and point out capitalist economic system itself is the deeper cause of the crisis.The paper points out that the fundamental reason of both the financial crisis and the debt crisis exists in the basic contradictions inherent in the capitalist mode of production between capitalist private ownership of production materials and socialized production.Financialisation gives the economic crisis as a forced solution of basic contradiction of capitalism the specific form of the financial crisis and the debt crisis.To correctly understand the financial crisis and the debt crisis in the capitalist world today, we need to re-look at capitalism "de-industrialization" and "financialisation", the paper will interpret the nature of these processes from the capitalist system itself. Followed Arrighi’s view, in this paper the concept of financialisation will be interpreted as change in the pattern of capital accumulation that profit obtained through financial channels rather than through the production and trade channels.The paper treat the financialisation of the United States as the fourth capitalism system accumulation cycle that United States is the center and each system accumulation cycle composed of two stages:material expansion phase and financial expansion phase.When the center entered into financial expansion phase.the system faced crisis, as the system accumulated Center Genoa, the Netherlands, the United Kingdom and the United States were unable to escape this rule.Historically, Genoa, the Netherlands, the United Kingdom entered into the financial expansion stage,when they lost the competitive advantage of production and trade and today United States is experiencing the same financial expansion.In a short period of time, financialisation and de-industrialization helped to the restoration of the Centre profitability that in long-term difficult to continue. Accompanied by the rise of the new center, the old center will be replaced and fade.Judging from the course of the development of capitalism, the countries as center of the system accumulation were difficult to get rid of the final financial expansion trend. After all, financial capital can not directly create surplus value, so the source of profits of financial capital lies in surplus value created by industrial capital, which leads to contradictions between industrial capital accumulation and financial capital accumulation.This will certainly lead to changes in relationship between employers and employees, the capital and market and government, so financialisation of capitalism actually brings the comprehensive transformation of capitalism. The paper establishes a Marxist theoretical framework to explain the financialisation mechanism, based on the meaning and essence of capitalist financialisation. This framework consists of three levels:the internal conditions of capitalist financialisation, exteral driving factors of the outer loop of the capitalist financialisation and the system driving factors of capitalist financialisation.Based on analysis of mechanism of capitalist financialisation, the paper discusses the inherent relationship between industrialization, de-industrialization and financialisation and points out that industrialization is the basis of the financialisation and de-industrialization is the demand condition of financial expansion. Based on the analysis of internal mechanism of financialisation,the paper makes theoretical and empirical analysis of financialisation of U.S. economy.In this paper, from the perspective of financialisation, financialization as a solution to the basic contradiction of capitalism led to the outbreak of the financial crisis, at the same time, debt crisis has become a specific form of financial crisis. As a mandatory solution to resolve the basic contradictions of capitalism, financial crisis is a unique movement of the basic contradictions of capitalism and the inevitable result of the development of capitalism to financial capitalism stage.The main contents are as follows:Chapter Ⅰ is the introduction, introduces the background, significance, researching methods, the main contents as well as the innovation and prospects of the paper; Chapter Ⅱ is about the connotation and nature of the capitalist financialization, financialization connotation is summarized from three angles, and points out the connotation and nature of financialisation; Chapter III investigates internal driving factors of financialization in capitalist mode of production based on the Marxist theory of monetary and financial theories; Chapter IVexplores the outer loop of the capitalist financial conditions,from the piontview of capitalist accumulation system,analyzes the relationship between industrialization, de-industrialization and financialisation, and the reasons for the expansion of the capitalist system and mechanism; Chapter V explores the relationship between the financialisation of capitalism and neo-liberal economic system, and points out the rise of neo-liberal economic system start the process of financialization; Chapter Ⅵanalyzes performance and mechanism of U.S. financialization,points out performance, driving factors as well as mechanisms of the U.S. economy; Chapter VII explores relationship between financialization and financial crisis of capitalism, discusses the basic contradiction of capitalism that dampens the financialization of capitalism, de-industrialization, intensified labor conflicts and global economic imbalances led to the outbreak of the financial crisis in2008. ChapterⅦ explores relationship between financialization and sovereign debt crisis of capitalism,and points out financialisation is the cause that led to the occurrence of the debt crisis;Chapter IX explores the nature,feature and future of financial capitalism.This paper is trying to reveal the future direction of the U.S. economy from the piontviews of "re-industrialization" strategy implementation and the unsustainable dollar hegemony.更多还原