反思金融危机:基于金融化视角的成本分析

Cost Analysis of Financial Crisis Based on the Financialization Perspective

资本主义作为一种生产方式虽然是不断变化着的,但"以积累为中心"关注财富的来源始终是研究资本主义的一个基本且重要的视角。从这一视角观照当代资本主义,可以看出,金融化是当代资本主义发展中一个非常重要的特征,金融危机作为一种结果,集中展现了当代资本主义在过去一个时期所发生的主要变化。分析金融危机中市场所进行的各类交易活动,特别是对这些交易行为的成本分析,揭示出金融衍生的过程既表现为一个私人成本不断外化的过程,又表现为一个社会成本持续累积的过程。私人成本的不断外化和社会成本的持续累积可从资本积累的角度解释金融危机爆发的内生机制。

Capitalism as a production mode is kept changing, but it still concentrated on the source of wealth with accumulation as the center. This perspective is a fundamental perspective to study capitalism. Based on this perspective, financialization is a significant characteristic of capitalism development, and a result of financial crisis. It is an accumulated reflection of a certain period of capitalism development. The analysis of various transactions revealed that financial derivative was a process of externalization of private capital, and social capital accumulation. These two could explain the inner mechanism of financial crisis.