Debating the causes of the 2007–09 financial crisis monopoly capital versus the tendency of the rate of profit to fall

Tämän tutkielman tarkoitus on vertailla monopolipääomateorian ja voiton suhdeluvun laskutendenssin teorian esittämiä selityksiä vuosien 2007–2009 finanssikriisille ja paikantaa näiden selitysten suhteelliset vahvuudet ja heikkoudet. Koska suurten osakeyhtiöiden (ts. monopolien) olemassaolo on ollut...

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Main Author: Kyyrönen, Otto
Other Authors: Humanistis-yhteiskuntatieteellinen tiedekunta, Faculty of Humanities and Social Sciences, Yhteiskuntatieteiden ja filosofian laitos, Department of Social Sciences and Philosophy, Jyväskylän yliopisto, University of Jyväskylä
Format: Master's thesis
Language:eng
Published: 2021
Subjects:
Online Access: https://jyx.jyu.fi/handle/123456789/75800
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author Kyyrönen, Otto
author2 Humanistis-yhteiskuntatieteellinen tiedekunta Faculty of Humanities and Social Sciences Yhteiskuntatieteiden ja filosofian laitos Department of Social Sciences and Philosophy Jyväskylän yliopisto University of Jyväskylä
author_facet Kyyrönen, Otto Humanistis-yhteiskuntatieteellinen tiedekunta Faculty of Humanities and Social Sciences Yhteiskuntatieteiden ja filosofian laitos Department of Social Sciences and Philosophy Jyväskylän yliopisto University of Jyväskylä Kyyrönen, Otto Humanistis-yhteiskuntatieteellinen tiedekunta Faculty of Humanities and Social Sciences Yhteiskuntatieteiden ja filosofian laitos Department of Social Sciences and Philosophy Jyväskylän yliopisto University of Jyväskylä
author_sort Kyyrönen, Otto
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description Tämän tutkielman tarkoitus on vertailla monopolipääomateorian ja voiton suhdeluvun laskutendenssin teorian esittämiä selityksiä vuosien 2007–2009 finanssikriisille ja paikantaa näiden selitysten suhteelliset vahvuudet ja heikkoudet. Koska suurten osakeyhtiöiden (ts. monopolien) olemassaolo on ollut kiistämätön tosiasia 1800-luvun lopulta lähtien, tutkin myös, missä määrin on pätevää argumentoida, että näiden suuryhtiöiden synty muunsi kapitalismin kriisitendenssejä ja johti lopulta vuosien 2007–2009 finanssikriisiin. Monopolipääomateoria korostaa suurten osakeyhtiöiden mullistavaa vaikutusta kapitalismin modus operandiin: suuryhtiöt hävittävät hintakilpailun ja synnyttävät liiallista tuotantokapasiteettia ja stagnaatiota. Monopolipääomakoulukunnan jäsenet rakentavat tulkintansa vuosien 2007–2009 finanssikriisin syistä juuri näiden tekijöiden varaan. Tätä vastoin voiton suhdeluvun laskutendenssin teoria argumentoi, että suuret osakeyhtiöt eivät ole muuntaneet kapitalistisia kriisitendenssejä laadullisesti ja että voiton suhdeluvun laskutendenssiin epäsuorasti liittyvät yhteiskunnalliset prosessit ja mekanismit aiheuttivat vuosien 2007–2009 finanssikriisin. Argumenttini on, että voiton suhdeluvun laskutendenssin teoria tarjoaa sekä pätevämmän selityksen vuosien 2007–2009 finanssikriisille että vahvemman viitekehyksen kapitalististen kriisien tutkimiseksi kuin monopolipääomateoria, koska edellinen liikkuu metodologisesti tuotantosuhteista markkinasuhteisiin ja jälkimmäinen toimii päinvastoin. Tuotantokeskeinen metodologinen lähestymistapa sallii voiton suhdeluvun laskutendenssin teorian tarkastella kokonaisvaltaisesti niitä ilmiöitä, joita tuotannon ulkoistaminen Yhdysvalloista maailmantalouden periferiaan 1980-luvulta alkaen on luonut. Kyseiset ilmiöt synnyttivät Yhdysvalloissa sekä kysyntää kulutusluotolle että tarjontaa ja kysyntää uusille rahoitustuotteille. Lopulta nämä globaalilla tasolla operoivat yhteiskunnalliset prosessit johtivat vuosien 2007–2009 finanssikriisiin. The objective of this thesis is to assess the comparable strengths and weaknesses of the explanations that monopoly capital theory and the falling-profit-rate theory have provided for the 2007–09 financial crisis. Furthermore, insofar as the existence of large joint-stock companies (i.e. monopolies) has been an undeniable fact since the late nineteenth century, I study whether or not it is viable to argue that the ascent of these large companies altered the crisis tendencies inherent to capitalism and, ultimately, helped produce the 2007–09 financial crisis. Monopoly capital theory highlights the transformational impact of large joint-stock companies on the modus operandi of capitalism in the sense that these large companies abolish price competition and give rise to excess productive capacity and stagnation. The members of the monopoly capital school refer to these factors in their interpretation of the causes of the 2007–09 financial crisis as well. Conversely, the falling-profit-rate theory argues that large joint-stock companies have introduced no qualitative rupture in capitalist crisis tendencies, and that the 2007–09 financial crisis was generated by social processes and mechanisms related to the tendency of the rate of profit to fall, albeit indirectly. My argument is that the falling-profit-rate theory provides a more viable explanation for the 2007–09 financial crisis and a stronger framework for studying capitalist crises than monopoly capital theory because the former moves methodologically from relations of production towards market relations, whereas the latter does the opposite. The production-centred methodological approach allows the falling-profit-rate theory to consider the full impact of the offshoring of manufacturing from the U.S. to the periphery of the world economy since the 1980s which, in turn, generated demand for consumer debt and supply and demand for new financial products in the United States. Ultimately, these social processes, which operated on the global scale, led to the 2007–09 financial crisis.
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Koska suurten osakeyhti\u00f6iden (ts. monopolien) olemassaolo on ollut kiist\u00e4m\u00e4t\u00f6n tosiasia 1800-luvun lopulta l\u00e4htien, tutkin my\u00f6s, miss\u00e4 m\u00e4\u00e4rin on p\u00e4tev\u00e4\u00e4 argumentoida, ett\u00e4 n\u00e4iden suuryhti\u00f6iden synty muunsi kapitalismin kriisitendenssej\u00e4 ja johti lopulta vuosien 2007\u20132009 finanssikriisiin.\n\nMonopolip\u00e4\u00e4omateoria korostaa suurten osakeyhti\u00f6iden mullistavaa vaikutusta kapitalismin modus operandiin: suuryhti\u00f6t h\u00e4vitt\u00e4v\u00e4t hintakilpailun ja synnytt\u00e4v\u00e4t liiallista tuotantokapasiteettia ja stagnaatiota. Monopolip\u00e4\u00e4omakoulukunnan j\u00e4senet rakentavat tulkintansa vuosien 2007\u20132009 finanssikriisin syist\u00e4 juuri n\u00e4iden tekij\u00f6iden varaan. 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spellingShingle Kyyrönen, Otto Debating the causes of the 2007–09 financial crisis : monopoly capital versus the tendency of the rate of profit to fall monopoly capital rate of profit crisis theory Valtio-oppi Political Science 208 finanssikriisit monopolit kapitalismi financial crises monopolies capitalism
title Debating the causes of the 2007–09 financial crisis : monopoly capital versus the tendency of the rate of profit to fall
title_full Debating the causes of the 2007–09 financial crisis : monopoly capital versus the tendency of the rate of profit to fall
title_fullStr Debating the causes of the 2007–09 financial crisis : monopoly capital versus the tendency of the rate of profit to fall Debating the causes of the 2007–09 financial crisis : monopoly capital versus the tendency of the rate of profit to fall
title_full_unstemmed Debating the causes of the 2007–09 financial crisis : monopoly capital versus the tendency of the rate of profit to fall Debating the causes of the 2007–09 financial crisis : monopoly capital versus the tendency of the rate of profit to fall
title_short Debating the causes of the 2007–09 financial crisis
title_sort debating the causes of the 2007 09 financial crisis monopoly capital versus the tendency of the rate of profit to fall
title_sub monopoly capital versus the tendency of the rate of profit to fall
title_txtP Debating the causes of the 2007–09 financial crisis : monopoly capital versus the tendency of the rate of profit to fall
topic monopoly capital rate of profit crisis theory Valtio-oppi Political Science 208 finanssikriisit monopolit kapitalismi financial crises monopolies capitalism
topic_facet 208 Political Science Valtio-oppi capitalism crisis theory financial crises finanssikriisit kapitalismi monopolies monopolit monopoly capital rate of profit
url https://jyx.jyu.fi/handle/123456789/75800 http://www.urn.fi/URN:NBN:fi:jyu-202105203062
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