金融资本寄生性积累的债务通缩趋势——马克思主义政治经济学视角下大萧条的成因探析

Deflation Trend of Financial Capital Parasitic Accumulation——Analysis of the Causes of the Great Depression from the Perspective of Marxism Political Economics

金融资本积累具有从生产性积累向寄生性积累偏移的内在趋势,这表现为创业利润的获取从推动技术革新为主向以推高证券价格为主偏移,信用制度从支持生产向支持虚拟资本交易方向偏移,金融创新从方便资本动员向金融赌博和金融欺诈方向偏移,金融资本的投资重心从制造业日益向寻租性的地产金融偏移,消费信用制度的设计从解决有效需求不足问题向建立新型高利贷体系的目标偏移。金融资本的寄生性积累导致了债务膨胀和产业萎缩。一方面,金融资本对产业资本的过度信用投放导致了经济体的债务膨胀;另一方面,金融资本寄生性积累所带来的两极分化、有效需求不足、生产成本高企等因素导致了产业萎缩。债务膨胀和产业萎缩相互加强,导致了金融资本寄生性积累的债务通缩趋势,正是这一趋势把金融资本主义引向了大萧条。金融寡头集团以国家名义实施的危机救助政策没有消除危机,只是使危机向国家财政危机、公共信用危机、福利体系危机以及金融资产阶级统治的合法性危机转化。

The accumulation of financial capital has an inherent trend of shifting from productive accumulation to parasitic accumulation,which shows as follows:the acquisition of entrepreneurial profits has shifted from promoting technological innovation to pushing up securities prices,the credit system has shifted from supporting production to supporting virtual capital transactions,and the financial innovation has shifted from facilitating capital mobilization to financial gambling and financial fraud.The investment focus of financial capital is shifting from manufacturing industry to rent-seeking real estate finance,and the consumer credit system is shifting from solving the problem of insufficient effective demand to establishing a new usury system.The parasitic accumulation of financial capital leads to the dual results of debt expansion and industrial contraction:the excessive credit investment of financial capital to industrial capital leads to the debt expansion of the economy on the one hand;on the other hand,the polarization caused by parasitic accumulation of financial capital,insufficient effective demand,high production costs and other factors lead to industrial shrinkage.The mutual reinforcement of debt inflation and industrial contraction leads to the debt deflation trend of parasitic accumulation of financial capital,which leads financial capitalism to the great depression.The crisis relief policy implemented by the financial oligarchs in the name of the state did not eliminate the crisis,but only transformed the crisis into the national financial crisis,public credit crisis,welfare system crisis and the legitimacy crisis of financial bourgeois rule.