德国工业金融化的多种证据 Varieties of Financialization Evidence from German Industry in the 1990s.pdf

Hartmut Berghoff Varieties of Financialization? Evidence from German Industry in the 1990s Following some general remarks on the impact of financializa- tion on nonfinancial sectors of the economy, this article identifies common misconceptions about the German and American vari­ eties of capitalism. Itthen outlines the post-1960 U.S. experience with financialization, including the reasons for the rise of finan- cialization and its main consequences. The article will then look at Germany, a country with a very different entry point into the world of financialization, and ask when and to what degree the concept was adopted. Finally, a detailed case study of Siemens—one of Germanys largest industrial concerns—will explore how this icon of Germany Inc. adapted to the demands of financialization and coped with the external changes caused by globalization, deregulation, and digitalization. inancialization not only denotes the increasing role of financial insti­ tutions in the economy after 1970 but is also a megatrend affecting 你好 nonfinancial sectors. Regarding industrial corporations, the term indi­ cates a reorientation from the logic of production to the logic of finance. Corporations are increasingly perceived more as portfolios of diverse investments and less as integrated technical and social units. The interests of shareholders are deemed paramount—indeed, more im­ portant than those of other stakeholders.1 This shi^ began in the United States in the 1960s and gained speed in the 1980s, in the tailwind of the neoliberal reforms of the Reagan administration. Financialization was part of a sea change that recast the Western world from around 1970 onwards,