对欧债危机的根源和治理的另一种解读与反思——工资政策转变的视角

Rethinking the Origins of the European Debt Crisis and Governance of the Euro Zone: A Perspective of Wage Policy Transformation

随着欧美国家在劳动力市场制度和宏观经济政策领域的新自由主义改革,二战之后盛行的"团结工资政策"普遍转向"竞争性工资政策"。后者导致工资份额下降和收入分配差距扩大,进而引发潜在的需求不足危机。借助金融衍生品市场与欧洲货币一体化带来的投机和融资便利,欧美国家发展出了两种互为条件的依靠外生需求驱动的增长方式——"负债驱动的增长方式"和"出口驱动的增长方式",虽暂时掩盖了需求不足的危机,却使需求结构与国际收支的失衡不断累积,直至全面危机相继在美国和欧洲爆发。被称作"结构性改革"的危机治理措施延续并强化了新自由主义的制度体系与竞争性工资政策,使危机恶化。而欧洲经济的全面复苏仰赖对这一问题的根本性解决。

With the neo-liberal reforms of the labor market institutions and macroeconomic policies in Europe and the United States, the solidarity wage policy prevailing in the postwar era has been substituted by the corrqjetitive pay policy,which led to a declining wage share and the polarization of income distribution, and hence to the potential under consumption crisis.Taking advantage of the convenience at speculation and financing enabled by the financial derivatives market and the European monetary union,Europe and the US have developed two interdependent exogenously driven growth patterns, that is, debt-driven and export-driven growth, which, despite the temporary concealing of under-consumption,intensified the imbalance between the demand structure and international payment until an over-all crisis erupted successively in the US and Europe. The governance measures carried out under the name of structural reform extended and even consolidated the neo-liberal institutions andcompetitive wage policy, and hence worsened the crisis. A real-term recovery of the European economy relies on innovative returning to the solidarity wage policy and the European social model, which the author names as European Solidarity Wage Policy and New European Social Model.