资本运动、道德风险与金融危机

Capital Movement, Moral Risk and Financial Crisis

本文试图回归马克思资本运动分析的方法,从当代资本运动规律,即从资本社会化与资本自由化两大运动趋势入手,揭示经济全球化和当前金融危机的内在发展逻辑。当代以美国等发达资本主义国家主导的经济全球化,是资本运动全球扩张的结果,当前的金融危机,是虚拟经济过度膨胀、资本运动极度疯狂的结果。过度膨胀的虚拟经济远离实体经济,极度疯狂的虚拟资本运动隐藏着巨大道德风险,而有效的监管机制却严重缺失,于是危机成为必然。文章的开篇阐述了当代资本社会化和资本自由化这两大资本运动的发展趋势及其表现形式,为问题的深入探讨奠定理论基础。

Trying to return to Mark’s analytic method of capital movement, This artile reveals the inherent developing logic of the economic globalization and current financial crisis from the law of modern capital movement, that is, from two main movement tendencies of capital socialization and capital liberalization. It argues that modern economic globalization dominated by developed capitalist countries headed by U.S.A is the result of global expansion of capital movement, and the financial crisis today is the result of overexpansion of virtual economy and the frenzy of capital movement. Crisis cannot but happen when virtual economy goes far away from real economy, and the capital movement of virtual economy, which conceals a great deal of moral risk, drives into a frenzy while lacking of an effective system of supervision. To lay a solid foundation for the arguments above, the first part of this paper outlines the modern tendencies and their expressive forms of the capital socialization and capital liberalization.