화폐케인스주의와 유럽연합의 금융위기
The Monetary Keynesianism and the Financial Crisis in the EU
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이 논문은 채무경제의 새로운 시대에 케인스의 자본주의에 대한 경고와 그의 핵심적 문제의식을 재음미하고자 한다. 특히 케인스의 제자들이 발전시킨 화폐케인스주의의 논의에 주목하고, 이 관점으로부터 오늘날 유럽연합 금융위기의 원인과 배경을 조망하려 시도할 것이다. 본 논문은 다음의 세 가지 과제를 수행하고자 한다. 첫째, 케인스가 무엇보다 화폐이론가였으며 화폐에 내재된 불안정과 자기 파괴적 속성에 대해 면밀한 주의를 기울였음을 밝히는 것이다. 케인스의 이러한 문제의식은 나중에 화폐케인스주의 또는 금융케인스주의에 의해 계승되었고, 금융위기를 설명하는 유용한 분석 틀로 발전되었다. 둘째, 그러나 오늘날 금융위기는 비단 이론적 문제만이 아니며, 달러-월스트리트-체제로 알려진 미국 주도의 지구적 금융자본주의의 역사적 위기이기도 하다. 따라서 달러-월스트리트-체제의 형성과 발전에 주목하면서, 이 체제의 핵심적 특징인 금융화를 분석하는 것이다. 셋째, 화폐케인스주의 관점에서 유럽연합 금융위기의 원인과 배경을 조망하는 것이다. 화폐케인스주의는 금융시장이 재화시장이나 노동시장과 같은 실물영역을 화폐적으로 제약하면서 시장관계를 구성한다는 점을 강조한다. 이 입장에서 볼 때 유럽통합의 구성적인 결함은 재화와 노동의 영역에서 역내시장이 창출되었음에도 불구하고, 금융시장은 달러-월스트리트-체제에 깊숙이 포섭된 채 발전되었다는 사실에 있다. 이 결함 때문에 유럽연합은 금융위기를 차단․완화시킬 수 있는 하등의 안전망을 발전시키지 못했고, 미국 서브프라임 위기는 유럽연합에서 채무위기라는 형태로 전이되었던 것이다.
Abstract
This paper aims to reexamine Keynes's main criticism and warning on capitalism in the new age of debt economy. Along with due attention to the monetary Keynesian arguments developed by his disciples it is also a target of this paper to look out the causes and backgrounds of the recent financial crisis of the European Union from the above perspective. Three kinds of task are carried out here. The first one is to illustrate that Keynes as a monetary theorist was very attentive to the inherent instability and self-destructiveness of money itself. His acute sense on the money likewise was descended to the monetary Keynesianism later and became a useful frame for the explanation of financial crisis. The current financial crisis, however, is not only a matter of a theoretical sphere. It is also a historical crisis caused by US-led global financial capitalism based upon the Dollar-Wall Street-Regime. Hence, the second task is to analyze financialization, a major distinction of this regime, with a focus on its formation and development of the Dollar-Wall Street-Regime. The last task is to survey the reasons and backgrounds of the financial crisis of the EU from a monetary Keynsianism's viewpoint, which emphasizes that the financial market formulates market relations by restricting the real arena of goods and labour market in the monetary level. According to this point, the EU had a constitutive defect that her financial market had been developed closely including in the Dollar-Wall Street-Regime although interior market of goods and labour field had been created successfully. This defect prevented the EU from having any safety net for alleviation or cutoff of the financial crisis from the US and, as a consequence, the subprime mortgage crisis was led to the debt crisis in the EU.
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