Finance-Led Capitalism: Structural Puzzles and the Subprime Crisis | Dominique Plihon

Описание: Finance-Led Capitalism represents a fundamental paradigm shift from the Fordist growth regime of the post-war era, characterized by the dominance of financial logic over productive accumulation. In this rigorous lecture delivered at the I International Meeting of the Keynesian Association (2008), Professor Dominique Plihon (University of Paris XIII) dissects the anatomy of this new economic order just as its contradictions were unraveling during the Global Financial Crisis.

Plihon utilizes a Regulationist framework to elucidate four distinct macroeconomic "puzzles" that defy orthodox expectations: the Consumption Puzzle (rising household expenditure despite declining wage shares), the Marxian Puzzle (soaring profits accompanied by stagnant productive investment), the Neoliberal Puzzle (the persistence of high public expenditure), and the Minskyan Puzzle (the apparent dampening of business cycles prior to the crash).

The central thesis posits that the global economy shifted towards a "consumer debt economy," where financial innovations and asset inflation masked the stagnation of real income. This decoupling of revenue and expenditure inevitably precipitated the subprime crisis—a classic "Minsky Moment." For researchers and economists, this recording serves as a prescient analysis of the fragility inherent in a system where finance has become autonomous from the real economy.

00:00 Introduction: Defining Finance-Led Capitalism
02:30 The Transition from Fordism to Neoliberalism
04:20 The Decoupling Hypothesis: Revenues vs. Expenditures
05:00 The Consumption Puzzle: Debt and Wealth Effects
09:45 The Marxian Puzzle: The Profit-Investment Gap
13:45 The Neoliberal Puzzle: Persistence of Public Spending
16:25 The Minskyan Puzzle: The Illusion of Stability
19:50 The Subprime Crisis as a Vindication of Keynes
23:00 Global Imbalances: US Deficits and Surplus Nations
26:30 Conclusion: Towards Multilateral Stock-Flow Models

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Speaker: Dominique Plihon

Date: 17/04/2008