紀要論文

アングロサクソン・モデルの変質（下） : ポスト資本主義の展望

The Metamorphosis of the Anglo-Saxon Model (Part 2)

jpn

https://doi.org/10.15002/00021808

法政大学経済学部学会

86

3・4

71

152

2019-03-20

Version of Record

The metamorphosis of the Anglo-Saxon Model has stemmed from commodification of labor (humans), capital (money), and land (nature). In his seminal work The Great Transformation, Karl Polanyi presciently pointed out the danger of market liberalism, or economic liberalism, in that it would tend to treat labor, capital, and land as fictitious commodities. He dissected the advent of fascism in the wake of excessive profit seeking in the late 19th and early 20th century by then emerging giant corporations. In the period from 1990s to 2000s, deregulation of both financial and labor markets under the regime of global market liberalism exacerbated income inequality, leading to the political movement of populism. Abundant supply of cheap credit led to commodification of money whereby proliferation of ‘sophisticated financial products’ brought down the global economy in the Great Recession starting in 2008. Major banks achieved excessive profits by promoting financial deregulation to the detriment of financial stability. Meanwhile, big information and communication technology companies tried to emulate banks to ascertain their monopolistic profits by expanding the realm of their businesses. The end result is a trilemma of low growth, income inequality, and high level of debt for the world economy. In view of the possible transformation into post capitalist society, institutional reorganization of Anglo-Saxon model is deadly needed in order to stem malpractice of the commodification.

Article