金融危機の構造 - 金融の脆弱性と現代資本主義 -

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This paper aims to analyze the financial crisis which happened by 'bubble' of housing loan from 2007 to 2009. Financial crisis has happened many times since the 19th century. I have examined causes of this crisis in my another paper. In it I argued them as the 'general theory of financial crisis', but couldn't the historical and concrete aspects of it. In this paper I argued the structure of financial crisis from the view points of the latter. In sec.1 I argued the general theory of financial crisis on a 'hypothesis of financial unstability' of H. P. Minsky. In sec.2 I argued the current crisis on Minsky's hypothesis in more concrete aspects. He analyzed the causes of financial crisis as the process of 'hedge finance', 'speculative finance',and 'Ponzi finance'. In sec.3 the history of capitalism was treated. Its history has four steps from the beginning of 1800s to today. Today is in the fourth step, which is the era of globalization of capital. In conclusion, I argued that this crisis was the outcome of the conflict, which occurred between the sociality of production and the private property.
2011-03-31