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Von der Finanzialisierung zurück zum Boring Banking?

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  • Christoph Scherrer

Abstract

Is it possible to return to the seemingly boring, but stable banking of the Glass-Steagall era without the securitization of financial products? This article tries to answer this question by first consulting a number of theoretical approaches to finance: neoclassical economics, modern finance theory, Keynesianism, Marxism with some of its modern variants. They differ not only in terms of its desirability but also of its likelihood of being realized. Second, the articles explores the possibilities for returning to boring banking at the example of the U. S. A. Guided by the insights of Neogramscianism and Poststructuralism the article concludes that limited reforms might actually allow financialization to continue because they legitimate its less extreme forms. Inwieweit können der Finanzialisierung, die insbesondere durch Verbriefung gekennzeichnet ist, Grenzen gesetzt werden, inwieweit kann zu einem stabilen, aber „langweiligen“ Bankgeschäft zurückgekehrt werden? Hierzu werden diverse theoretische Zugänge zum Finanzwesen befragt: neoklassische Ökonomik, moderne Finanztheorie, Keynesianismus und moderne Varianten des Marxismus. Es zeigt sich, dass nicht nur die Wünschbarkeit eines langweiligen Finanzwesens, sondern auch seine Realisierbarkeit sehr unterschiedlich eingeschätzt wird. Angeleitet von neogramscianischen und poststrukturellen Einsichten wird am Beispiel der USA ausgelotet, inwiefern eine umfassende Einhegung des Finanzwesens derzeit möglich ist. Dabei wird deutlich, dass kleinere Reformschritte die Gefahr bergen, dass sie nur kurzfristig Auswüchse der Finanzialisierung eindämmen und durch ihre legitimatorische Wirkung die Vorherrschaft des Finanzkapitals stabilisieren.

Suggested Citation

  • Christoph Scherrer, 2013. "Von der Finanzialisierung zurück zum Boring Banking?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 82(4), pages 31-44.
    • Handle: RePEc:diw:diwvjh:82-4-3
    DOI: 10.3790/vjh.82.4.31
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    References listed on IDEAS

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    1. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    2. Scherrer, Christoph, 1992. "Im Bann des Fordismus: Die Auto- und Stahlindustrie der USA im internationalen Konkurrenzkampf," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 122883, December.
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    More about this item

    Keywords

    Finanzwesen; Finanzialisierung; Finanzmarktregulierung; Theorien zum Finanzwesen; Hegemonie des Finanzwesens;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services

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