次贷金融危机的历史意义和社会成本:基于日本经验的比较  

The Historical Significance and the Social Costs of the Sub-prime Crisis:Drawing on the Japanese experience

作　　者：伊藤诚[1,2] 蔡万焕 

机构地区：[1]日本东京大学 [2]日本学士院 [3]中国人民大学经济学院

出　　处：《政治经济学评论》2010年第2期109-120,共12页China Review of Political Economy

摘　　要：本文透过三种不同但又相互关联的方法角度,对此次次贷危机的历史意义和社会成本进行了探讨。次贷危机源于2007年美国的金融动荡,并迅速演变为严重的世界经济危机。本文第一部分分析次贷危机,特别是它与20世纪80年代日本泡沫经济及随之发生的20世纪90年代经济危机相比所具有的具体特征,着重指出劳动力的金融化这一重大新趋势。第二部分通过简短讨论了1929年的大萧条,并将二者作进一步比较,提出当前危机并非如此严重的几点根据。第三部分探讨此次危机的社会成本。次贷金融危机的爆发证明了新自由主义思潮关于理性效率和自由市场观点的错误,宣告了新自由主义时代的终结。The historical significance and the social costs of the sub-prime crisis are examined in three separate but related sections.The sub-prime crisis originated from the financial turmoil in the USA in 2007,and soon turned into a serious world economic crisis.Section 1 treats the specific features of the sub-prime crisis particularly in comparison with the Japanese bubble of the 1980s and the ensuing crisis of the 1990s,and discusses why the crisis became re-coupled this time.A notion of financialization of labour-power as an important new trend is also presented.Section 2 pursues the comparison further by discussing briefly the great depression that followed after 1929,and suggests reasons why the current crisis might not be equally drastic.Finally,section 3 probes into the social costs of the crisis in four aspects. They proved the failure of neo-liberal belief in the rational efficiency of unregulated market principles,and concluded the age of neo-liberalism.

关 键 词：次贷危机 劳动力的金融化 美国住房融资结构 抵押贷款证券化 次贷危机的社会成本 

分 类 号：F831.59[经济管理—金融学] F131.3