Is a Finance-Led Growth Regime a Viable Alternative to Fordism? A Preliminary Analysis
Опубликовано на портале: 25-03-2008
Economy and Society.
2000.
Vol. 29.
No. 1.
P. 111-145 .
Тематический раздел:
The viability and desirability of a Ž nance-led growth regime is Ž rst
assessed against
the historical evidence about the many alternative regimes that have been proposed
as
successors to Fordism. A purely hypothetical model is then built by assembling various
hypotheses derived from the observation of current American trends. The imposition
of Ž nancial norms, such as shareholder value, requires a new and coherent architecture
for the mode of governance of Ž rms, the form of competition, the wage labour
nexus and the objectives of monetary policy, public budget and tax system. According
to the model, any requirement for increased proŽ t has a variable macro-economic
impact on wages and economic activity according to the size of accelerator effects
and
the relative importance of wage and proŽ t in income formation. The stability
of an
equity-based regime depends on monetary policy which controls Ž nancial bubbles
and thus the diffusion of Ž nance may push the economy into a zone of structural
instability.
The next major Ž nancial crisis may originate in the USA whose economy
approximates most closely to the model. But, the so-called American ‘new economy’
combines diverse but interdependent structural transformations: diffusion of Information
and Communication Technologies, search for new rules for competition,
increased exibility in wages and employment, shift from manufacturing to services.
Finance is an element in, but not the whole of, this complex emerging regime.
Ключевые слова
financial globalization financial markets Fordism & Post-Fordism globalization of financial market political economy of capitalism regulation theory varieties of capitalism
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