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Systemtic Analysis of the Root Causes of the Financial Crisis

Author: HeHua
Tutor: ZhuZhiHong
School: Taiyuan University of Technology
Course: The basic principles of Marxism
Keywords: Subprime mortgage crisis Financial crisis Financial innovation Source Systems Analysis Neoliberal Credit rating agencies
CLC: F831.59
Type: Master's thesis
Year: 2010
Downloads: 396
Quote: 0
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Abstract

Since the outbreak of the U.S. subprime mortgage crisis in 2007, the global economy is deteriorating, the subprime crisis gradually evolved into a global financial crisis. 2008 Lehman declared bankruptcy, century-old Merrill Lynch also hosted gradually and continuously increase due to a variety of uncertainties, the impact of the financial crisis, resulting in U.S. real estate, the stock market, banks, financial industry crash, weak demand in the global market, and led to the overall decline of the world economy. What is the root of the global financial crisis and economic recession? Entire world economy is to figure out how to be plunged into crisis, and fermentation and become a global financial crisis. This is not only of theoretical significance, but also has a practical significance. This article is based on the global financial crisis as the research object, standing on the perspective of system science, respectively, from the five levels of personal, corporate, national, global and system of the root causes of the current global financial crisis is analyzed. Reveals the greed of the financiers of the United States, the level of personal credit, and exposure to the financial crisis is not just financial problems, or a moral crisis. At the enterprise level, and from five to find the root causes of the financial crisis. : Excessive financial derivatives innovation is a serious breach of the principles of finance; Second: the loss of internal credit system;: financial regulation in place to promote the growth of the global crisis; fourth: the of internal financial industry vulnerability , leading to the instability of the U.S. financial model; fifth: the the enterprises pay system defects. At the national level, from six aspects. First: the implementation of monetary policy by the Federal Reserve in 2000 to the United States to provide a large cheap funds, and promote the expansion of the real estate market; second: the loose financial regulatory regime and the United States government supervision of the financial sector is not in place; Third: a serious imbalance in the economic structure of the United States, the virtual economy of more than a certain percentage of the real economy; Fourth: Excessive consumption patterns of the public life of the people of the United States led to issue a lot of money to a lot of borrowing; Fifth: the neo-liberal market absence; Sixth: America's democratic political structure conflicts. The global level, and from the four aspects of analysis. First: the dollar-based world monetary system is the dominance of financial hegemony; Second: the imbalance of the global economic and industrial structures;: International super financial monopoly its highly virtualized contrary to the law of value; Fourth: The capitalization of the global economy, capital has greedy nature. System level, the system with Marxist principles analysis of the social system root cause of the financial crisis that caused by the capitalist contradictions between the production of capitalist private possession and production of socialized production of relative surplus and market disorder The root of the system, the financial crisis and the capitalist is inherent, is a genetic disease, the system disease, disease cycle. The innovation of this article is to systematically analyze the root causes of the financial crisis, from the source of the outbreak of the five-level progressive analysis of the financial crisis, the interpretation of a single factor and multiple factors can not fully explain the puzzle. , And pointed out that the financial crisis is multifaceted, nonlinear result of the interaction of multiple factors, it is necessary to look at the root causes of the financial crisis, with the vision of the system. U.S. financial policy successes and failures of the current financial reform in China has a lot of reference. Especially under the influence of the serious financial crisis, China has also been a shock. Only by understanding the root causes of the financial crisis in order to provide for the future development of China's financial direction. Clear understanding of the root causes of the crisis, but also help us to get useful experience and lessons learned from this crisis, re-adjustment of the political, economic policies and improve the system of the financial industry to provide a solid premise.

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CLC: > Economic > Fiscal, monetary > Finance, banking > World of finance, banking > Financial crisis
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