从马克思时刻到明斯基时刻.PDFVIP

從 “馬克思時刻 ”到明斯基時刻“ ” ： * 馬克思主義危機理論和 1975—2008 年美國利潤率動態 謝富勝 、李安 摘要 馬克思主義學者對當前危機的解釋並不完善並缺乏與馬克思主義危機理論的邏輯 一致性。本文重新綜合了歷史上的多種危機理論，認為利潤擠壓、消費不足或有機構成提高 導致的利潤率下降帶來了危機的可能性；而金融化的不可持續則引發了現實的危機，其基礎 是貨幣的內在矛盾。對 1975—2008 年美國NFCB 去除金融化利潤率的計算和分解表明，利潤 份額波動是利潤率波動的最主要原因，利潤擠壓導致了歷次利潤率下降，但生產過程轉型卻 使工人階級力量減弱了。以 1975—2008 年美國NFCB的金融化利潤率和 RFCB利潤率為基 礎，本文說明了美國經濟在企業、個人負債和境外美元流入基礎上的、不可持續的金融化， 而美聯儲穩定美元幣值的行為引發了當前的危機。 關鍵字 馬克思；明斯基；利潤率下降；金融化；危機 謝富勝，安徽樅陽人，經濟學博士，中國人民大學經濟學院副教授；李安，北京人，中 國人民大學經濟學院碩士研究生。 Abstract: Marxist scholars‟ explanations to the current crisis are both incomplete and inconsistent with Marxist crisis theory in logic. This article reintegrates multiple kinds of Marxist crisis theory in the history, and argues that the fall of the profit rate caused by profit-squeeze, under-consumption, or rising-organic-composition-of-capital creates the possibility of a crisis; and the unsustainability of financialization leads to a real crisis, the basis of the latter process is the endogenous contradictions of money. The computation and decomposition of the rate of profit of US NFCB between 1975 and 2008 shows that changes in the profit-share is the dominating cause of the fluctuation of the profit rate, and profit-squeeze leads to every fall in the profit rate. However, underlying this process is a declining power of the working class caused by the transformation of the production process. Based on the financilized profit rate of US NFCB and the rate of profit of US RFCB between 1975 and 2008, this articles shows the unsustainable financialization of US economy on the basis of corporate and personal debts and inflow of overseas dollars. And when the Fed tried to conserve