IDEAS home Printed from https://ideas.repec.org/a/rvr/journl/20119233.html
   My bibliography  Save this article

Conséquence de la crise financière ou crise d’une forme de capitalisme : la faillite des Big Three

Author

Listed:
  • Freyssenet, Michel
  • Jetin, Bruno

Abstract

Les constructeurs automobiles américains n’ont pas été les victimes malheureuses de la crise financière qui les aurait empêchés de se redresser à temps. L’aggravation des inégalités sociales à partir des années 1980 a fait émerger notamment une demande de véhicules onéreux, les light-trucks. Elle s’est révélée très rentable pour GM, Ford et Chrysler et leur a permis de prospérer tout au long des années 1990 malgré la concurrence des constructeurs japonais. L’externalisation d’une part croissante de la production et la diversification dans les services devait en outre renforcer la profitabilité. L’éclatement de la bulle internet en 2000 révéla le mirage de la « nouvelle économie » et l’externalisation, combinée aux engagements de l’entreprise pour assurer les pensions de retraite, entraîna une hausse inexorable des coûts salariaux des Big Three et une baisse des profits dès 2005. L’accroissement de l’endettement des ménages maintint artificiellement les ventes jusqu’au dénouement final. Les Big Three ont directement contribué à ce que la crise advienne, en adhérant à la « nouvelle économie » et en mettant en œuvre ses recettes. La question est de savoir s’ils avaient une alternative.

Suggested Citation

  • Freyssenet, Michel & Jetin, Bruno, 2011. "Conséquence de la crise financière ou crise d’une forme de capitalisme : la faillite des Big Three," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 9.
    • Handle: RePEc:rvr:journl:2011:9233
    as

    Download full text from publisher

    File URL: http://regulation.revues.org/9233
    Download Restriction: no
    File URL: http://regulation.revues.org/pdf/9233
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Atif Mian & Amir Sufi, 2011. "House Prices, Home Equity-Based Borrowing, and the US Household Leverage Crisis," American Economic Review, American Economic Association, vol. 101(5), pages 2132-2156, August.
    2. Vincent Frigant, 2009. "Winners and Losers in the Auto Parts Industry: Trajectories Followed by the Main First Tier Suppliers Over the Past Decade," Palgrave Macmillan Books, in: Michel Freyssenet (ed.), The Second Automobile Revolution, chapter 22, pages 419-442, Palgrave Macmillan.
    3. repec:dau:papers:123456789/4189 is not listed on IDEAS
    4. Alan Greenspan & James Kennedy, 2008. "Sources and uses of equity extracted from homes," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 24(1), pages 120-144, spring.
    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. Vincent FRIGANT, 2011. "Three uncertainties looming over the European auto industry," Cahiers du GREThA (2007-2019) 2011-34, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).

    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. Chan, Sewin & Haughwout, Andrew & Tracy, Joseph, 2015. "How Mortgage Finance Affects the Urban Landscape," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 987-1045, Elsevier.
    2. Branch, William A. & Petrosky-Nadeau, Nicolas & Rocheteau, Guillaume, 2016. "Financial frictions, the housing market, and unemployment," Journal of Economic Theory, Elsevier, vol. 164(C), pages 101-135.
    3. Steven Laufer, 2018. "Equity Extraction and Mortgage Default," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 28, pages 1-33, April.
    4. Khandani, Amir E. & Lo, Andrew W. & Merton, Robert C., 2013. "Systemic risk and the refinancing ratchet effect," Journal of Financial Economics, Elsevier, vol. 108(1), pages 29-45.
    5. Xiaoqing Zhou, 2022. "Mortgage borrowing and the boom-bust cycle in consumption and residential investment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 44, pages 244-268, April.
    6. Chao He & Randall Wright & Yu Zhu, 2015. "Housing and Liquidity," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(3), pages 435-455, July.
    7. Moritz Schularick & Paul Wachtel, 2012. "The Making of America's Imbalances," Working Papers 12-09, New York University, Leonard N. Stern School of Business, Department of Economics.
    8. Ebner, André, 2013. "A micro view on home equity withdrawal and its determinants: Evidence from Dutch households," Journal of Housing Economics, Elsevier, vol. 22(4), pages 321-337.
    9. Rafael Wildauer, 2016. "Determinants of US household debt: New evidence from the SCF," Working Papers PKWP1608, Post Keynesian Economics Society (PKES).
    10. Duca, John V. & Kumar, Anil, 2014. "Financial literacy and mortgage equity withdrawals," Journal of Urban Economics, Elsevier, vol. 80(C), pages 62-75.
    11. Caporale, Guglielmo Maria & Costantini, Mauro & Paradiso, Antonio, 2013. "Re-examining the decline in the US saving rate: The impact of mortgage equity withdrawal," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 26(C), pages 215-225.
    12. Joel A. Elvery & Mark E. Schweitzer, 2020. "Partially Disaggregated Household‐Level Debt Service Ratios: Construction, Validation, And Relationship To Bankruptcy Rates," Contemporary Economic Policy, Western Economic Association International, vol. 38(1), pages 166-187, January.
    13. Kartashova, Katya & Tomlin, Ben, 2017. "House prices, consumption and the role of non-Mortgage debt," Journal of Banking & Finance, Elsevier, vol. 83(C), pages 121-134.
    14. Jörg Bibow, 2010. "Alternative Strategien der Budgetkonsolidierung in Österreich nach der Rezession," IMK Studies 03-2010, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    15. Pan, Xuefeng & Wu, Weixing, 2021. "Housing returns, precautionary savings and consumption: Micro evidence from China," Journal of Empirical Finance, Elsevier, vol. 60(C), pages 39-55.
    16. Lingxiao Li & Bing Zhu, 2020. "Housing Wealth, Consumption Channels and Mortgage Liberalization," International Real Estate Review, Global Social Science Institute, vol. 23(4), pages 433-465.
    17. Michael LaCour-Little & Wei Yu & Libo Sun, 2014. "The Role of Home Equity Lending in the Recent Mortgage Crisis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 42(1), pages 153-189, March.
    18. Ms. Rima A Turk, 2015. "Housing Price and Household Debt Interactions in Sweden," IMF Working Papers 2015/276, International Monetary Fund.
    19. Bhutta, Neil, 2015. "The ins and outs of mortgage debt during the housing boom and bust," Journal of Monetary Economics, Elsevier, vol. 76(C), pages 284-298.
    20. Kajuth, Florian, 2010. "The role of liquidity constraints in the response of monetary policy to house prices," Journal of Financial Stability, Elsevier, vol. 6(4), pages 230-242, December.

    More about this item

    Keywords

    automobile; crise; dérégulation; États-Unis; finance; inégalités; régime de croissance; régulation; stratégie de profit; automobile; crisis; deregulation; finance; growth regime; inequalities; profit strategy; regulations; United States; crisis; desigualdades; desregulación; Estados Unidos; estrategia de ganancias; finanzas; régimen de crecimiento; regulación;
    All these keywords.

    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L62 - Industrial Organization - - Industry Studies: Manufacturing - - - Automobiles; Other Transportation Equipment; Related Parts and Equipment
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies

    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:rvr:journl:2011:9233. See general information about how to correct material in RePEc.

    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: Pascal Seppecher (email available below). General contact details of provider: https://theorie-regulation.org/ .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.