当前金融危机的根源:基于马克思危机理论的分析

Analysis on the Origin of U.S.Subprime Mortgage Crisis:Based on the Marxist Crisis Theory

关于美国次贷危机引起的金融风暴的根源,主流经济学的反思,时至今日仍然停留在诸如"监管缺位"、"政策失误"、"金融创新"等原因的解释上。从表面上看,引起美国次贷危机的原因则是有效需求"过度"或"透支消费",而引发1929年的大危机主要原因是"有效需求不足"。但是,当我们揭开其层层面纱,透视美国次贷危机本质时,发现次贷危机与以往危机原本同根生,都是生产过剩的危机,只不过是把古典危机的皮球从供给方踢向了现代危机的需求方而已。"透支消费"或"透支经济"暂时填补收入与消费之间的缺口,掩盖了产业经济扩张与有效需求不足的矛盾,其本质仍然是生产相对过剩,其根源依然是资本主义社会的内生矛盾。

As for the origin of U. S. subprime mortgage crisis, the reflections ot main stream econo- mists still remain in reasons such as lack of supervision, policy errors and financial innovation until today. On the surface, the main reason causing crisis in 1929 is insufficient effective demand, and the reason causing U. S. subprime mortgage crisis is excessive effective demand or overdraft consumption. However, when we discoverd its veil to prespective the nature of U. S. subprime mortgage cri- sis and we found that the two crisises have the same origin which is over production. The only difference is that capitallist tried to adopt overdraft consumption or overdraft economic to fill the gap be- tween ineom and consumption temporarily and to cover up the contradiction between inclustrial economic expansion and insufficient effective demands. But it＇s nature is still a relative surplus of produciion, and its original cause is still endogenous contradiction of capitalism society.