摘要
利润率的周期性下降揭示了经济周期波动的基本机制。将劳资斗争、价值实现和资本有机构成等因素纳入利润率公式,结合黄金非货币化条件下货币和信用因素,形成了对马克思主义危机理论新的综合。经验研究表明:1975—2008年美国实体经济利润率并未有效恢复;非生产工人比重上升导致的利润份额下降是利润率周期下降的最主要原因,其根源是生产过程在20世纪90年代之前的重组和之后的弹性化。在利润率长期停滞条件下,20世纪90年代初美国形成了新的金融化积累模式,不得不依赖流动性的增长,使美国经济更加脆弱。美联储促进金融化积累和维护美元作为准国际储备货币的合法性之间的内在矛盾必然引发当前的危机。
The cyclical decline of the profit rate reveals the basic mechanisms of cyclical fluctuations in the economy.We provide a new synthesis for the Marxist theory of crisis by integrating the labor-capital struggle,value realization and the organic composition of capital into the profit rate equation,as well as by combining currency and credit factors under conditions of gold-demonetization.Our empirical study shows that the profit rate in the U.S.real economy did not recover effectively from 1975 to 2008;the cyclical decline in the profit rate was mainly determined by the falling share of profits originating from the increased proportion of non-productive labor as a result of the reorganized production process prior to the 1990s and the flexibility that emerged after that.Against the background of the long stagnation of the profit rate,a new financialized accumulation mode came into being in the U.S.in the early 1990s.This made U.S.economy more vulnerable as it had to rely on increased liquidity.The inherent conflict between the Federal Reserve's efforts to advance financialized accumulation and maintaining the legitimacy of the U.S.Dollar as a quasi-international reserve currency has made the current crisis inevitable.
出处
《中国社会科学》
CSSCI
北大核心
2010年第5期65-82,共18页
Social Sciences in China
