21세기 자본주의와 아시아 탐색하기: 금융화의 영향
Exploring 21st Century Capitalisms and Asia: The Impact of Financialization
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최근 지구화, 신자유주의, 그리고 2008년 세계금융위기의 충격을 계기로 자본주의의 유형이 어떻게, 그리고 왜 변화하고있는지에 대한 관심이 증가하고 있으며, 특히 동아시아 자본주의에 대해서 더욱 그러하다. 이 글은 국가 자본주의 사이의상호의존성과 금융화에 초점을 맞추고 있다. 서구 자본주의 유형과 아시아 자본주의 유형 간 상호의존성에 대해 분석하고자 한다. 그리고 금융화가 아시아 자본주의에 어떠한 방식으로 등장하며, 그러한 것이 서구 자본주의들의 금융화 과정과어떻게 연결되는지, 그리고 이 둘 간의 상호작용의 결과는 무엇인지에 대하여 논한다. 서구 자본주의는 지난 20년 동안 더욱 금융화되었다. 이러한 금융화 과정은 서구 자본주의의 제도적 틀을 상당히 변화시켰고, 불평등, 안전, 복지 정책, 조세, 혁신과 공공 서비스 제공 등에도 충격을 가했다. 금융화가 동아시아 자본주의의형태를 관통하고 있는가? 결론적으로 말하자면, 관통하지 못한 것으로 보인다. 일본과 한국의 금융기관은 주요 행위자가아니며 최근 몇 년간 상대적으로 약한 위치에 놓여 있다. 중국의 경우 정부는 거대한 금융 자원을 자신의 이익을 위해 대내ㆍ외적으로 운용하고 있다. 그 결과 중국은 자산 호황을 겪고 은행의 손실이 커지면서 중국 금융체제의 불안정성 증가에대한 우려가 있지만, 금융기관이 독립적으로 위기를 불러온 것은 아니다. 아시아의 금융화에서 가장 흥미로운 측면은 인구전반에 대한 신용과 채무의 확장이다. 이러한 경향을 좀더 깊이 이해하고 규제의 변화와 임금의 변화, 국가와 기업복지의변화, 그리고 미래에 대한 예측의 변화가 이러한 경향과 어떻게 연결되는지 연구할 만한 가치가 있다.
Abstract
The study of institutions is increasingly dominated by discussions ofchange; how and why forms of capitalism are changing, particularly inlight of the impact of globalization, neo-liberalism and the 2008 globalfinancial crisis, and specifically related to East Asia. This study focuseson the interdependencies between national capitalisms and examinesinterdependencies across regional contexts, for example between the formsof Western and Asian capitalism. This paper is an effort to consider in whatways financialization is emerging in Asian capitalism, how this connects itto the processes of financialization in the Western forms of capitalism andwhat the consequences of these interactions might be. Western forms of capitalism have over the last two decades becomeincreasingly financialized. The processes of financialization has changed theinstitutional framework of Western forms of capitalism to varying degreeswith impact on inequality, security, welfare policy, taxation, innovation andthe provision of state services. Is financialization penetrating into these EastAsian forms of capitalism? Overall, the answer seems to be that this is notthe case. Financial institutions are not the dominant players, and in Japanand Korea in particular have been relatively weak over the recent years. Inthe Chinese case, the government has massive financial resources whichit directs internally and externally for its own interests. Perhaps the most interesting aspect of financialization in the Asian case is the expansion of credit and debt to the population as a whole. It would be interesting to understand this further and more specifically how financialization is related to changes in regulation, changes in wages and salaries, changes in state and corporate welfare and changes in expectations.
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