Zusammenfassung
Im Kern der hier vorgelegten Erklärung der Eurokrise steht der Prozess der Finanzialisierung, der in unterschiedlicher Form mit den divergierenden nationalen Kapitalismustypen interagiert. Die vorliegende Studie leistet damit einen Beitrag zu der sich jüngst entfaltenden Diskussion über länderbezogene Varianten der Finanzialisierung und deren Interdependenzen. Der starke Bedeutungszuwachs des Finanzsystems hat sich, kombiniert mit dem Wegfall des Währungsrisikos, in den südlichen Ökonomien der Eurozone vor allem in einer deutlichen Zunahme der Verschuldung der privaten Haushalte niedergeschlagen sowie in den damit einhergehenden Impulsen für ein konsumgetriebenes Wachstumsregime. Hier hatte sich eine Symbiose mit dem exportgetriebenen Wachstumsregime Deutschlands herausgebildet, insofern zumindest ein Teil dieser Konsumimpulse der deutschen Exportwirtschaft zugutekam und deutsche Banken zu den wichtigsten Kreditgebern der südeuropäischen Ökonomien gehörten. Nach der globalen Finanzkrise führte der Einbruch der Kreditvergabe zur Stagnation der südeuropäischen Ökonomien.
Abstract
The article provides an explanation of the Eurozone crisis by focusing on the process of financialization that interacts in different ways with diverging varieties of capitalism. By doing this it contributes to the emerging discussion on country-specific variations of financialization and their interactions. The strongly increasing importance of the financial system has led—together with the abolition of the exchange rate risk—to a strongly increasing private indebtedness in the Southern Eurozone economies and to the emergence of a consumption-driven growth regime. It has developed a symbiosis with the export-driven German growth regime, as far as parts of the demand created have benefitted the German export sectors and German banks have become important providers of credit in the Southern Eurozone. The reduction of credit provision after the global financial crisis has led to the stagnation of the Southern economies.
Notes
Der Fokus dieses Beitrages liegt auf der Entstehung der Eurokrise, nicht auf dem Krisenmanagement nach 2010. Ansonsten müsste man noch eine dritte Beobachtung hinzufügen, den von diesem Krisenmanagement verstärkte Mangel an Nachfrage.
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Nölke, A. Finanzialisierung und die Entstehung der Eurokrise: Die Perspektive der Vergleichenden Kapitalismusforschung. Köln Z Soziol 70 (Suppl 1), 439–459 (2018). https://doi.org/10.1007/s11577-018-0553-7
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DOI: https://doi.org/10.1007/s11577-018-0553-7