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Polarisierung der Einkommensverteilung als strukturelle Ursache der gegenwärtigen Finanz- und Wirtschaftskrise

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  • Engelbert Stockhammer

Abstract

Seit den frühen 1980er-Jahren ist es in praktisch allen OECD-Ländern zu einer Polarisierung der Einkommensverteilung gekommen. In diesem Artikel soll einerseits ein konzeptioneller Rahmen präsentiert werden, um verschiedene Kanäle, durch die die Polarisierung der Einkommensverteilung zur Krise beigetragen hat, zu identifizieren, und sollen andererseits vier Kanäle empirisch untermauert werden. Erstens wird argumentiert, dass die Polarisierung der Einkommensverteilung zu einer Stagnation der heimischen Nachfrage führt. Zweitens haben sich zwei Wachstumsmodelle herausgebildet: ein kreditgetriebenes und ein exportgetriebenes. Beide Modelle wurden durch die Liberalisierung der internationalen Kapitalflüsse möglich gemacht. Drittens haben sich in den kreditgetriebenen Regimen einkommensschwächere Gruppen überproportional (im Verhältnis zu ihrem Einkommen) verschuldet. Viertens erhöht die Polarisierung der Einkommensverteilung die Spekulationsneigung. Konkret hat das Wachstum der Hedgefonds, die vor allem die Superreichen bedienen, wesentlich zur Etablierung eines Markts für Verbriefungen von Subprime-Kredit beigetragen. Die gegenwärtige Krise ist daher als das Ergebnis einer Wechselwirkung der Deregulierung des Finanzsektors mit der Polarisierung der Einkommensverteilung zu verstehen.

Suggested Citation

  • Engelbert Stockhammer, 2011. "Polarisierung der Einkommensverteilung als strukturelle Ursache der gegenwärtigen Finanz- und Wirtschaftskrise," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 37(3), pages 378-402.
    • Handle: RePEc:clr:wugarc:y:2011v:37i:3p:378
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    References listed on IDEAS

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    Cited by:

    1. Alois Guger, 2012. "Einkommensverteilung als Krisenursache," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 38(2), pages 345-356.
    2. repec:clr:wugarc:y:2011:v:37i:4p:555 is not listed on IDEAS
    3. Michael Mesch, 2011. "Lohnverhandlungen und gesetzlicher Mindestlohn in Frankreich," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 37(4), pages 555-588.

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