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首页> 外文期刊>Leviathan >Die Finanzm?rkte und die Mittelschichten: der kollektive Buddenbrooks-Effekt
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Die Finanzm?rkte und die Mittelschichten: der kollektive Buddenbrooks-Effekt

机译：金融市场和中产阶级：集体布登布鲁克斯效应

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摘要

The article views the current financial crisis from the background of long term structural socio-economic changes in advanced industrial societies. Central points are the rise of the middle classes during the second half of the 20th century, the accumulation of financial wealth in the middle classes in combination with a continuing high and even increasing concentration of financial assets at the level of the top rich, and the advance of pension and investment funds as a new type of collective actors at global financial markets. These changes go parallel with an economic development which is characterized by increasing instability, declining growth rates and financial crises. The paper tries to clarify the interconnections between these phenomena in the framework of a multi-level analysis which culminates in the model of a “collective Buddenbrooks-effect”: A structural upward mobility of society will lead to an increasing imbalance at capital markets, since on the one hand the volume of financial assets searching for profitable investment will rise, whereas on the other hand the social reservoir of solvent debtors and promising investment opportunities will decline. Therefore, advanced industrial economies are characterized by a bias towards capital export and excessive financial liquidity, with the well known consequences of low economic growth rates and the danger of speculative bubbles at the global capital markets. The middle classes who originally benefitted from the post-war prosperity, are negatively affected too. The author argues that the current crisis cannot be understood sufficiently without taking account of these structural socio-economic backgrounds.
机译：本文从先进工业社会的长期结构性社会经济变化为背景来审视当前的金融危机。中心点是20世纪下半叶中产阶级的崛起，中产阶级金融财富的积累，以及最高富人水平上金融资产的持续高水平甚至不断增加的集中以及养老金和投资基金作为全球金融市场中新型的集体行动者而发展。这些变化与经济发展同时发生，其特点是不稳定增加，增长率下降和金融危机。本文试图在多层次分析的框架内阐明这些现象之间的相互联系，最后以“集体布登布鲁克效应”模型为最终结果：社会的结构性向上流动将导致资本市场的不平衡加剧，因为一方面，寻求获利投资的金融资产的数量将增加，而另一方面，具有偿债能力的债务人和有前途的投资机会的社会储备将减少。因此，发达的工业经济体的特征是偏向资本出口和过度的金融流动性，众所周知的后果是经济增长率低和全球资本市场存在投机泡沫的危险。最初从战后繁荣中受益的中产阶级也受到了负面影响。作者认为，如果不考虑这些结构性的社会经济背景，就无法充分理解当前的危机。

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  • 来源
    《Leviathan》 |2008年第4期|501-517|共17页
  • 作者

    Christoph Deutschmann;

  • 作者单位

    Universität Tübingen Tübingen Germany;

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  • 正文语种 eng
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