紀要論文

百年に一度の危機

A crisis that comes only once in a hundred years

jpn

00229741

https://doi.org/10.15002/00003978

法政大学経済学部学会

76

4

99

129

2009-03-09

Version of Record

The phrase, "a crisis that comes only once in a hundred years" has been heard here and there. It is not an exaggeration, but an accurate perception of the contemporary global financial crisis, which brings to mind the 1930s. This thesis attempts to sketch the major process of the extraordinary financial crisis of today, together with the housing bubble and its burst. The main points are: first, that this crisis tells us that a form of "bubble capitalism" was developed after the US abandoned the gold standard in 1971, and second, that the world market system has entered into a new catastrophe. The crisis is catastrophic in that the system can no longer return to its former state, as the world monetary system has collapsed. Beginning in the 1980's, the US developed and put into full effect a new management method for the global market system and a new method of capital accumulation, which involved ignoring the current account balance deficit as long as the capital account surplus could fill the gap. This new management method of the global market system is no longer tenable. Moreover, as the contemporary crisis was caused by both failures of the state and of the market, it cannot be overcome by mere state intervention. State intervention as 'a "new" New Deal'-will only be able to narrowly avert a catastrophic contraction. Therefore, in order to overcome the catastrophe, it is necessary to build a third principle, or third factor in addition to the state and the market.

Article

AN00071028