Finanskrisas bakgrunn

Denne artikkelen tar utgangspunkt i observasjonen at slutten av vekstfasene i kapitalismen har vært preget av en forvokst finanskapital på jakt etter store og raske profitter. Dette kan forklares med at jakten på profitt er selve drivkraften i den kapitalistiske produksjonsmåten. Pengekapital som søker avkastning innenfor finanssektoren, tar så å si en snarvei i profittjakten. Denne typen profittjakt forutsetter såkalte finansinnovasjoner, historisk for eksempel aksjer og obligasjoner, og i seinere tid ulike typer kredittderivater, hedgefond og pri- vate aksjefond som kan sirkulere så å si uten innblanding fra realøkonomien. Artikkelen diskuterer særlig kredittderivatenes, hedgefondenes og de private aksjefondenes rolle når det gjaldt å skape finansiell ustabilitet som til slutt førte til den generelle økonomiske krisa

Overaccumulation of productive capital or of finance capital? A view from the outskirts of a Marxist debate*

Abstract: The starting point of this paper is a discussion of an apparently neglected aspect of Marx's theory of surplus value and profit suggesting that finance capital can temporarily be decoupled from the productive sector in its hunting for profits. Then follows a discussion of the basis in the real economy for profit seeking and accumulation of finance capital in the last three decades, viz. the dominance of shareholder value, low wage policy combined with mortgage (re-)financing particularly in the US, the turn to fully funded pensions, and the rising foreign deficits and debt of the US. The paper next discusses new means of financial profit seeking, viz. credit derivatives, hedge funds, private equity funds and the increasing use of leverage within the financial sector. In the final section, it is argued that the present crisis is essentially a crisis of overaccumulation of finance capital which has turned into a general economic crisis characterised by increasingly deficient demand. The paper concludes that what is at stake is not only regulations, but the entire accumulation model of 'financialised' capitalism

Free trade: a dead end for underdeveloped economies*

Abstract In the last decades, the international institutions of finance and trade (IMF, World Bank, WTO, OECD) have become ever stronger supporters of free trade as a means of achieving economic development in the so-called developing countries. They argue that free trade will enable these countries to realise their "comparative advantages" (assumed to be in agricultural goods), which will -in turn -lead to higher economic growth and development. By contrast, this paper argues that the theory of comparative advantage, which presupposes balanced trade between countries, is a model of a substitution effect at given technology by opening for trade. In other words, the theory of comparative advantage is another version of the story of static efficiency, without any consideration or explanation of dynamic efficiency, i.e. long-term technical change and productivity growth, which is essential in economic development. With reference to Verdoorn's and Kaldor's "growth laws" it is argued that dynamic efficiency is closely related to industrial growth. Moreover, because industrial goods have higher income elasticity (higher than unity) than agricultural goods (lower than unity), there is a positive feedback mechanism from domestic and international demand for industrial goods to the Verdoorn-Kaldor "laws" of productivity growth. A brief review of the historical development experience of England, the United States, Germany, Japan, South Korea and Taiwan shows that international learning and protectionist policies, including support of domestic industries, were essential in their industrialisation strategies. It is argued that in order to achieve economic development, the poor countries need freedom to implement a strategy in the same manner as the now industrial countries did it. Such a policy is today prevented by the international finance and trade institutions. Available data indicates that the claim that poor countries have a comparative advantage in agricultural goods, is highly dubious. This is also indicated for example by the fact that the developing countries as a group are great net food importers, and that that 42 of the 50 least developed countries were net food importers in the period 1996-2001. A further liberalisation of trade in agricultural goods will therefore harm rather than help the poorest countries. The paper concludes by stating in nine points an alternative to the development policy presently advocated by the international finance and trade organisations

Kimerika - En levedyktig symbiose?

Etter århundreskiftet har verdensøkonomien vært preget av en særegen form for etterspørselsvekst i USA og av den raske kapitalistiske utviklingen i Kina. Både USA og Kina har voksende inntektsulikhet, men ellers har de funda-mentalt forskjellige vekstmodeller. USAs økonomiske vekst er i stor grad drevet av forbruk, Kinas av investeringer og eksport. Med stor ulikhet og stagnerende lønninger har forbruksveksten i USA vært drevet av gjelds-finansiering med grunnlag i aktivabobler. I Kina har inntektsulikheten forsterket økonomiens avhengighet av investeringer og eksport. Forskjellen mellom USA og Kina skaper i en viss forstand et symbiotisk avhengighets-forhold, et «Kimerika».1 USAs etterspørselsvekst har skapt markeder for Kinas industrivekst. Billig kinesisk import holder inflasjonen nede i USA, og Kinas overskuddssparing finansierer statsgjeld og holder nede rentenivået i USA. «Kimerika» har oppstått innenfor rammene av et internasjonalt papir-pengesystem med flytende valutakurser og store kapitalbevegelser. Den internasjonale finanskrisa i 1931 dannet opptakten til nesten 40 år med valuta- og kapitalkontroll, formalisert gjennom Bretton Woods-avtalen i 1944. USAs betalingsbalansekriser, framveksten av eurodollar-markedet og gull-dollar-systemets sammenbrudd var ensbetydende med denne avtalens endelikt i 1973. Valutakursene ble flytende, dvs. markedsbestemte og de ledende landene i verdensøkonomien avskaffet kontroll med kapitalbevegel-ser. Samtidig beholdt den amerikanske dollaren sin rolle som internasjonalt betalingsmiddel og reservevaluta. Systemet som ble innført fra 1973 og utover, kan kalles en papirdollarstandard med frie kapitalbevegelser. Disse endringene åpnet muligheten for på den ene siden USAs vedvarende og store handelsunderskudd, og på den andre siden særlig Japans og deretter Kinas store handelsoverskudd med USA. I tillegg økte USAs offentlige under-skudd. En betydelig del av disse offentlige underskuddene ble finansiert av utenlandske, særlig østasiatiske, kjøp av amerikanske statsobligasjoner

Kimerika : En levedyktig symbiose?

Etter århundreskiftet har verdensøkonomien vært preget av en særegen form for etterspørselsvekst i USA og av den raske kapitalistiske utviklingen i Kina. Både USA og Kina har voksende inntektsulikhet, men ellers har de funda-mentalt forskjellige vekstmodeller. USAs økonomiske vekst er i stor grad drevet av forbruk, Kinas av investeringer og eksport. Med stor ulikhet og stagnerende lønninger har forbruksveksten i USA vært drevet av gjelds-finansiering med grunnlag i aktivabobler. I Kina har inntektsulikheten forsterket økonomiens avhengighet av investeringer og eksport. Forskjellen mellom USA og Kina skaper i en viss forstand et symbiotisk avhengighets-forhold, et «Kimerika».1 USAs etterspørselsvekst har skapt markeder for Kinas industrivekst. Billig kinesisk import holder inflasjonen nede i USA, og Kinas overskuddssparing finansierer statsgjeld og holder nede rentenivået i USA. «Kimerika» har oppstått innenfor rammene av et internasjonalt papir-pengesystem med flytende valutakurser og store kapitalbevegelser. Den internasjonale finanskrisa i 1931 dannet opptakten til nesten 40 år med valuta- og kapitalkontroll, formalisert gjennom Bretton Woods-avtalen i 1944. USAs betalingsbalansekriser, framveksten av eurodollar-markedet og gull-dollar-systemets sammenbrudd var ensbetydende med denne avtalens endelikt i 1973. Valutakursene ble flytende, dvs. markedsbestemte og de ledende landene i verdensøkonomien avskaffet kontroll med kapitalbevegel-ser. Samtidig beholdt den amerikanske dollaren sin rolle som internasjonalt betalingsmiddel og reservevaluta. Systemet som ble innført fra 1973 og utover, kan kalles en papirdollarstandard med frie kapitalbevegelser. Disse endringene åpnet muligheten for på den ene siden USAs vedvarende og store handelsunderskudd, og på den andre siden særlig Japans og deretter Kinas store handelsoverskudd med USA. I tillegg økte USAs offentlige under-skudd. En betydelig del av disse offentlige underskuddene ble finansiert av utenlandske, særlig østasiatiske, kjøp av amerikanske statsobligasjoner

Industrial development in Tanzania : some critical issues

This study deals with some aspects of industrial development in Tanzania in the two last decades which the authors consider to be especially important. They adress mainly three groups of issues. First, choice and transfer of technology, technology policy, and the problems and implications of economies of scale. Second, the effects of foreign aid on industrial development in Tanzania. And third, the role of agriculture in industrial development. There is also a historical analysis of industrial development since independence and a critical assessment of the basic industry strategy (BIS) which was adopted as Tanzania's official industrialization strategy in 1975.Contents: PART 1: Historical background and strategies -- 1. Historical analysis of industrial development in Tanzania since independence -- 2. The basic industry strategy: presentation and interpretation -- PART 2: The basic industry strategy: problems and limitations -- 3. Choice of technology, transfer of technology and technology policy -- 4. Problems of economics of scale in industrial development -- 5. On the issue of linkages and sequencing in the basic industries strategy -- PART 3: Development through foreign aid or through internal mechanisms? -- 6. Foreign aid and economic growth in the 1970s with special reference to the manufacturing sector -- 7. The role of agriculture in industrial development -- 8. Summary and conclusions </p

Over-the-counter analgesics use is associated with pain and psychological distress among adolescents: a mixed effects approach in cross-sectional survey data from Norway

Background Over-the-counter analgesics (OTCA) such as Paracetamol and Ibuprofen are frequently used by adolescents, and the route of administration and access at home allows unsupervised use. Psychological distress and pain occur simultaneously and are more common among females than among males. There is a dynamic interplay between on-label pain indications and psychological distress, and frequent OTCA use or misuse can exacerbate symptoms. No studies have to date provided an overview of frequent OTCA use in a larger population-based study. The current study used survey data to explore associations between and the relative predictive value of on-label pain indication and measures of psychological distress, together with sex differences for weekly OTCA use. Methods This study included 349,528 adolescents aged 13–19. The data was collected annually between January 2014 and December 2018 as part of the Norwegian Young Data survey. Performance analysis was conducted to explore the relative roles and associations between on-label pain indication and psychological distress in weekly OTCA use. A mixed-effects logistic regression model was used to explore the unique contributions from four domains of on-label pain indication and psychological distress as measured by a combined measure of anxiety and depression (HSCL-10) and peer-bullying involvement as victims or bullies. Results Thirty percent of females and 13 % of males use OTCA weekly. Headache is the strongest on-label pain predictor of weekly OTCA use, followed by abdominal pain. Depression and anxiety are the strongest psychological predictor of weekly OTCA use, and higher symptom levels and being female increase the strength of this association. Anxiety and depression also predict weekly OTCA use after controlling for physiological pain. Conclusions Sex, pain and anxiety and depression are inter-correlated and strong predictors of frequent OTCA use. Frequent OTCA use in the context of psychological distress may be a form of self-medication that can exacerbate symptoms and decrease psychosocial function. Longitudinal studies that explore causal trajectories between frequent on-label OTCA use and psychological distress are required. OTCA use among adolescents, and particularly among females, with anxiety and depression should be administered with caution and closely monitored

A Contribution to the Theory of Financial Fragility Crisis

ABSTRACT The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to a credit crunch and fluctuations in the real economy, and, ultimately, to debt deflation. The next section extends the analysis to trace gradual evolution toward Ponzi finance and its consequences. The final section explains the link between the financial and the real sector of the economy, pointing to an inherent liquidity problem. The paper concludes with comments on the interactions between the three aspects