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Der kollektive 'Buddenbrooks-Effekt': Die Finanzmärkte und die Mittelschichten

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  • Deutschmann, Christoph

Abstract

Der Beitrag analysiert die aktuelle Finanzmarktkrise vor dem Hintergrund längerfristiger sozioökonomischer Strukturveränderungen der fortgeschrittenen Industriegesellschaften. Die lange Phase wirtschaftlicher Prosperität nach dem Zweiten Weltkrieg hat dazu geführt, dass - bei anhaltender starker sozialer Ungleichheit der Vermögensverteilung - beträchtliche Finanzvermögen auch bei den Mittelschichten der Gesellschaften Westeuropas, der USA und Japans entstanden sind. Der Aufstieg der Investmentfonds als neuer Gruppe kollektiver Akteure auf den globalen Finanzmärkten ist vor diesem Hintergrund zu erklären. Gleichzeitig ist eine zunehmend instabile, durch Finanzkrisen und sinkende wirtschaftliche Wachstumsraten gekennzeichnete wirtschaftliche Entwicklung zu beobachten. In dem Beitrag werden die Zusammenhänge zwischen den genannten Phänomenen im Rahmen einer Mehrebenenanalyse untersucht, die in das Modell eines 'kollektiven Buddenbrooks-Effekts' mündet: Mit der strukturellen Aufwärtsmobilität in der Gesellschaft kommt es zu einem wachsenden Ungleichgewicht an den Vermögensmärkten derart, dass einem überproportionalen Wachstum der Anlage suchenden Finanzvermögen eine sinkende Zahl potenziell solventer Schuldner gegenübersteht. Die Folgen sind eine Neigung zum Netto-Kapitalexport und eine tendenzielle Überliquidität an den Finanzmärkten, mit negativen Auswirkungen auf das wirtschaftliche Wachstum und die soziale Lage der gleichen Mittelschichten, die von der Nachkriegsprosperität zunächst profitiert hatten. Darüber hinaus entsteht die Gefahr von Spekulationsblasen an den Kapitalmärkten. Die These des Beitrages ist, dass das aktuelle Krisengeschehen nicht ohne Berücksichtigung dieser strukturellen Hintergründe verstanden werden kann.

Suggested Citation

  • Deutschmann, Christoph, 2008. "Der kollektive 'Buddenbrooks-Effekt': Die Finanzmärkte und die Mittelschichten," MPIfG Working Paper 08/5, Max Planck Institute for the Study of Societies.
  • Handle: RePEc:zbw:mpifgw:085
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    1. Charles P. Kindleberger & Robert Z. Aliber, 2005. "Manias, Panics and Crashes," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-0-230-62804-5.
    2. Markus M. Grabka & Joachim R. Frick, 2008. "Schrumpfende Mittelschicht: Anzeichen einer dauerhaften Polarisierung der verfügbaren Einkommen?," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 75(10), pages 101-108.
    3. Knorr Cetina, Karin, 2007. "Economic sociology and the sociology of finance: Four distinctions, two developments, one field?," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 8(3), pages 4-10.
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    1. Klüh, Ulrich & Hütten, Moritz, 2016. "No more cakes and ale: banks and banking regulation in the post-bretton woods macro-regime," MPRA Paper 72357, University Library of Munich, Germany.

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