신자유주의적 금융화와 금융주도 자본주의-전후 미국자본주의의 구조변화와 90년대 후반 금융 거품

Abstract

The purpose of this paper is to examine the structural transformations of the U.S. capitalism since the golden age of capitalism. Defining the U.S. economy since the golden age of capitalism is decisively important. In this paper, the U.S. capitalism in the golden age capitalism is defined as a fordistic maageral capitalism where finance was regulated and the financial interest groups were controllde, while the earlier french regulationist approach defined it as a mere fordism, focusing on tayloristic work prganization. This paper draws our attention to the fact that the regulation of finance and the control of financial interest groups were essential for managerial autonomy and fordistic class compromise. Ever since the crisis of American fordism was causde by profitability fall in the 70's and it led to a galloping inflation, the American economy has tried to overcome this crisis through neoliberal financialisation. Under these circumstances, a financial liberalisation and globalization has been accompanied inevitably with the neoliberal financialisation. There has been no consensus amonf the researchers regarding what types of capitalism in emerging in the U.S. economy as a donsequence of neoliberal begemony. The American 'new economy' and the american stock bubble in the late 90's should be approached with the perspective of neoliberal structural adjstment and accumulation logics of finance-led capitalism in the 90's.