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Arbeitsmarktrigiditäten Oder Nachfragemangel? Die Ursachen Der Arbeitslosigkeit In Europa

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  • Engelbert Stockhammer

    (Department of Economics, Vienna University of Economics & B.A.)

Abstract

Der Fordismus, das Akkumulationsregime der Nachkriegszeit, das auf einem impliziten Kompromiss zwischen Kapital und Arbeit basierte, war durch einen regulierten Finanzsektor und durch niedrige reale Zinsen gekennzeichnet war, kam in den 70er Jahren in die Krise. Mit der Neo-Konservativen Revolution der frühen achtziger Jahre verschoben sich die Kapital-Arbeits-Beziehungen zugunsten des Kapitals, ausgedrückt in einer steigenden Profitquote. Der Wohlfahrtsstaat wurde zurückgebaut und der finanzielle Sektor dereguliert und realen Zinssätze stiegen. Gleichzeitig fielen Wachstumsraten und Akkumulationsrate, und Arbeitslosigkeit erhöhte sich auf Niveaus, die in der Nachkriegsgeschichte beispiellos waren. Die Keynesianische Erklärung, die in diesem Artikel vorgeschlagen wird sieht im Rückgang der Kapitalbildung die Hauptursache für den Anstieg der Arbeitslosigkeit. Der Grund für Verlangsamung in der Akkumulation ist in den Änderungen im Finanzsektor suchen. Nicht nur haben Realzinssätze die Wachstumsraten überstiegen, auch haben Shareholder Value Orientierung die die Managementprioritäten weg vom Wachstum hin zu Renditen verschoben. In der Folge sind nicht-finanzielle Unternehmen selbst zu Finanzinvestoren geworden, was Hand in Hand mit einer Abnahme der Realinvestition ging.

Suggested Citation

  • Engelbert Stockhammer, 2005. "Arbeitsmarktrigiditäten Oder Nachfragemangel? Die Ursachen Der Arbeitslosigkeit In Europa," Working Papers geewp45, Vienna University of Economics and Business Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
    • Handle: RePEc:wiw:wiwgee:geewp45
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    References listed on IDEAS

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    1. Engelbert Stockhammer, 2004. "Is there an equilibrium rate of unemployment in the long run?," Review of Political Economy, Taylor & Francis Journals, vol. 16(1), pages 59-77.
    2. Douglas Vickers, 1992. "The Investment Function: Five Propositions in Response to Professor Gordon," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 14(4), pages 445-464, July.
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