美国资本积累金融化实现机制及发展趋势  

Research on the Mechanism and Trend of Financialization of Capital Accumulation of U.S.

作　　者：马锦生[1] 

机构地区：[1]清华大学社会科学学院经济学研究所

出　　处：《政治经济学评论》2014年第4期61-85,共25页China Review of Political Economy

摘　　要：资本积累金融化作为20世纪80年代以来美国经济结构的关键性变化,体现为利润来源由生产和贸易渠道向金融渠道的转移。本文从四个方面分析了利润来源渠道的变化即金融化的实现机制,并就资本积累金融化对经济运行机制的影响进行了分析,以揭示金融化的资本积累模式是否具有可持续性。资本积累的金融化所导致的债务经济运行机制不具有可持续性,从而导致了金融危机和债务危机的爆发。The financialization of capital accumulation has become a critical structural changes in the U. S. economy since the 1980s, with the source of profits transferred from production and trade channels to financial channels. This paper analyzes the trans- formation of profit source in four aspects, namely the implementation mechanism of fi- nancialization, and the impact of the financializtion of capital accumulation on operating mechanism of debt economy is analyzed to reveal weather financialization of capital accu- mulation mode is sustainable. The operating mechanism of debt economy caused by financialization of capital accumulation is unsustainable, thus leading to the outbreak of the financial crisis and the debt crisis.

关 键 词：金融化 资本积累 债务经济 金融危机 

分 类 号：F837.12[经济管理—金融学]