IDEAS home Printed from https://ideas.repec.org/a/clr/wugarc/y2011v37i3p378.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://emedien.arbeiterkammer.at/viewer/pdf/AC08890876_2011_003/wug_2011_37_3_0378.pdf
    File Function: PDF-file of article
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Wilfried Altzinger & Christopher Berka & Stefan Humer & Mathias Moser, 2012. "Die langfristige Entwicklung der Einkommenskonzentration in Österreich, 1957-2009," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 38(1), pages 77-102.
    2. Engelbert Stockhammer, 2009. "Determinants of functional income distribution in OECD countries," IMK Studies 05-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    3. Engelbert Stockhammer & Özlem Onaran & Stefan Ederer, 2009. "Functional income distribution and aggregate demand in the Euro area," Cambridge Journal of Economics, Oxford University Press, vol. 33(1), pages 139-159, January.
    4. Carmen M. Reinhart & Vincent R. Reinhart, 2009. "Capital Flow Bonanzas: An Encompassing View of the Past and Present," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 5(1), pages 9-62.
    5. Nathalie Girouard & Mike Kennedy & Christophe André, 2006. "Has the Rise in Debt Made Households More Vulnerable?," OECD Economics Department Working Papers 535, OECD Publishing.
    6. Arjun Jayadev, 2007. "Capital account openness and the labour share of income," Cambridge Journal of Economics, Oxford University Press, vol. 31(3), pages 423-443, May.
    7. Wolfgang Eggert & Tim Krieger, 2009. "„Home Ownership“ als Substitut für Sozialpolitik," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 89(6), pages 390-396, June.
    8. Engelbert Stockhammer & Robert Stehrer, 2011. "Goodwin or Kalecki in Demand? Functional Income Distribution and Aggregate Demand in the Short Run," Review of Radical Political Economics, Union for Radical Political Economics, vol. 43(4), pages 506-522, December.
    9. Ulrike Stein, 2009. "Zur Entwicklung der Sparquoten der privaten Haushalte: eine Auswertung von Haushaltsdaten des SOEP," SOEPpapers on Multidisciplinary Panel Data Research 249, DIW Berlin, The German Socio-Economic Panel (SOEP).
    10. Gustav A. Horn & Heike Joebges & Torsten Niechoj & Christian R. Proaño & Simon Sturn & Silke Tober & Achim Truger & Till van Treeck, 2009. "Von der Finanzkrise zur Weltwirtschaftskrise (I)," IMK Report 38-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    11. Raghuram G. Rajan, 2010. "Fault Lines: How Hidden Fractures Still Threaten the World Economy," Economics Books, Princeton University Press, edition 1, number 9111, April.
    12. James Livingston, 2009. "Their Great Depression and Ours," Challenge, Taylor & Francis Journals, vol. 52(3), pages 34-51.
    13. Karl Brenke, 2011. "Einkommensumverteilung schwächt privaten Verbrauch," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 78(8), pages 2-12.
    14. Gustav Horn & Simon Sturn & Till Treeck, 2010. "Die Debatte um die deutsche Exportorientierung," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 90(1), pages 22-28, January.
    15. Aldo Barba & Massimo Pivetti, 2009. "Rising household debt: Its causes and macroeconomic implications--a long-period analysis," Cambridge Journal of Economics, Oxford University Press, vol. 33(1), pages 113-137, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. repec:clr:wugarc:y:2011:v:37i:4p:555 is not listed on IDEAS
    2. 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.
    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. repec:clr:wugarc:y:2011:v:37i:3p:378 is not listed on IDEAS
    2. Engelbert Stockhammer & Ozlem Onaran, 2013. "Wage-led growth: theory, evidence, policy," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(1), pages 61-78, January.
    3. Engelbert Stockhammer, 2010. "Financialization and the Global Economy," Working Papers wp240, Political Economy Research Institute, University of Massachusetts at Amherst.
    4. Jakob Kapeller & Bernhard Schütz, 2015. "Conspicuous Consumption, Inequality and Debt: The Nature of Consumption-driven Profit-led Regimes," Metroeconomica, Wiley Blackwell, vol. 66(1), pages 51-70, February.
    5. Daniel Detzer, 2017. "Financialisation, Debt and Inequality: Export-led Mercantilist and Debt-led Private Demand Boom Economies in a Stock-flow consistent Model," Working Papers 2016-03, Universita' di Cassino, Dipartimento di Economia e Giurisprudenza.
    6. Thomas Goda & Özlem Onaran & Engelbert Stockhammer, 2017. "Income Inequality and Wealth Concentration in the Recent Crisis," Development and Change, International Institute of Social Studies, vol. 48(1), pages 3-27, January.
    7. Constantinos Alexiou & Joseph G. Nellis, 2016. "Investment Decisions within the Context of Financialization: Cointegration Evidence from the UK Economy," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(1), pages 113-133, March.
    8. Lavoie, Marc. & Stockhammer, Engelbert., 2012. "Wage-led growth : concepts, theories and policies," ILO Working Papers 994709363402676, International Labour Organization.
    9. van Treeck, Till. & Sturn, Simon., 2012. "Income inequality as a cause of the Great Recession? : A survey of current debates," ILO Working Papers 994709343402676, International Labour Organization.
    10. Engelbert Stockhammer & Rafael Wildauer, 2016. "Debt-driven growth? Wealth, distribution and demand in OECD countries," Cambridge Journal of Economics, Oxford University Press, vol. 40(6), pages 1609-1634.
    11. Hein, Eckhard, 2011. "Distribution, 'financialisation' and the financial and economic crisis: Implications for post-crisis economic policies," IPE Working Papers 09/2011, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    12. Daniel Detzer, 2016. "Financialisation, Debt and Inequality – scenarios based on a stock flow consistent model," Working papers wpaper151, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    13. Eckhard Hein, 2012. "The Macroeconomics of Finance-Dominated Capitalism – and its Crisis," Books, Edward Elgar Publishing, number 14931, September.
    14. Detzer, Daniel, 2019. "Financialization made in Germany: A review," IPE Working Papers 122/2019, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    15. Alexander Guschanski & Özlem Onaran, 2016. "The political economy of income distribution: industry level evidence from Austria," Working Paper Reihe der AK Wien - Materialien zu Wirtschaft und Gesellschaft 156, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik.
    16. Stockhammer, Engelbert & Rabinovich, Joel & Reddy, Niall, 2017. "Distribution, wealth and demand regimes in historical perspective. USA, UK, France and Germany, 1855-2010," Economics Discussion Papers 2017-5, School of Economics, Kingston University London.
    17. Robert A. Blecker & Michael Cauvel & Yun Kim, 2020. "Systems estimation of a structural model of distribution and demand in the US economy," FMM Working Paper 54-2020, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    18. Karsten Kohler & Alexander Guschanski & Engelbert Stockhammer, 2019. "The impact of financialisation on the wage share: a theoretical clarification and empirical test," Cambridge Journal of Economics, Oxford University Press, vol. 43(4), pages 937-974.
    19. Tristan Auvray & Cédric Durand & Joel Rabinovich & Cecilia Rikap, 2020. "Financialization's conservation and transformation: from Mark I to Mark II," CEPN Working Papers hal-03079425, HAL.
    20. Alexandru Avram & Flavia Maria Barna & Miruna Lucia Năchescu & Costin Daniel Avram & Roxana Loredana Avram, 2020. "Responsible Governance and the Sustainability of Populist Public Policies. The Implications of Wage-Led Growth Strategy in Romania," Sustainability, MDPI, Open Access Journal, vol. 12(7), pages 1-21, April.
    21. Eckhard Hein, 2017. "Post-Keynesian macroeconomics since the mid 1990s: main developments," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(2), pages 131-172, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:clr:wugarc:y:2011v:37i:3p:378. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://edirc.repec.org/data/awakwat.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Michael Birkner (email available below). General contact details of provider: https://edirc.repec.org/data/awakwat.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.