‘금융화’의 이론적 규정을 위한 시론
A Contribute to the Theoretical Clarification of ‘Financialization’
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1980년대 이후 ‘금융화’라는 용어로 지칭되는 일련의 현상들이 나타났고 이에 대한 여러 가지의 기술과 분석이 학계에서도 있어 왔지만, ‘금융과 실물’의 이분법이 극복되지 않은 상태에서 전자의 후자에 대한 중요성 증대의 기술에 멈추는 경향이 있었다고 보인다. 베블린(Thorstein Veblen)과 닛잔/비클러(Jonathan Nitzan & Shimshon Bichler)는 그러한 이분법을 넘어서서 자본의 본질을 금융적인 존재로 규정하는 대안적인 이론을 제시하고 있다. 이들의 이론에 근거하면 자본의 크기는 그것이 가져올 미래 소득의 흐름을 현재 가치로 할인한 것, 즉 시장 현재가치로 자본화 한 것으로 볼 수 있고, ‘금융화’란 모든 경제적 사회적 활동이 그렇게 금융적 자산의 크기로 평가된 바를 극대화하기 위한 행동으로서 규준이 통일되는 현상으로 이해할 수 있게 된다. 이러한 대안적 자본 및 축적 이론을 근거로 하여 금융과 실물 부문에 걸쳐서 벌어지고 있는 현대 자본주의의 여러 현상들 간의 연관을 좀 더 총체적으로 설명할 수 있다.
Abstract
The era since 1980s has witnessed the emerging new phenomena commonly called ‘financialization.’ Despite the recent increment of academic literature analyzing it, most of it seems to be suffering from the conventional dichotomy of ‘monetary and real spheres.’ Alternative theory of capital and its accumulation has suggested by Thorstein Veblen and Jonathan Nitzan & Shimshon Bichler, which measures the capital accumulation by the discounted present value of expected future earnings it will generate, that is, market capitalization. If, then, ‘financialization’ could be understood as the phenomena where all economic and social activities make their market capitalized value the supreme norm to which they should restructure themselves. Based on this view of ‘financialization,’ various changes happening in both finacial and ‘real’ sector in contemporary capitalism are tried to be interconnected in terms of causality.
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