20.500.12556/DKUM-60314 GOSPODARSKA KRIZA IN UČINKOVITOST DRŽAVNE REGULACIJE - PRIMERJALNA ANALIZA ZDA IN EVROPSKE UNIJE ECONOMIC CRISIS AND EFFECTIVENESS OF STATE REGULATION - US AND EUROPEAN UNION COMPARATIVE ANALYSIS Gospodarske krize se periodično ponavljajo in so značilne za razvoj kapitalizma, ki zaradi svoje tendence "produkcije profita, zaradi ustvarjanja profita", ciklično pregreva ekonomijo v času ekspanzije in ohlaja, ko je evforije konec. Takrat se najprej pokaže kriza likvidnosti in solventnosti vseh igralcev na finančnem ali nepremičninskem trgu, ki so zaradi pričakovanj o rasti cen v nedogled, poviševali svoje vzvode preko svojih zmožnosti. Takšno je bilo predkrizno obdobje pred Veliko depresijo leta 1929 in pred Veliko recesijo leta 2007. Nato se je vse sesulo. Keynesijanska ekonomska teorija in neoliberalna ekonomsko-politična doktrina sta si enotni; kriva je nepravilna državna intervencija. Keynes je verjel, da je kontrola nad pretokom kapitala predpogoj za učinkovito upravljanje kapitala in da naj država zagotavlja pogoje za efektivno povpraševanje v času krize s povečevanjem javne porabe. Po drugi strani je Friedman zagovarjal tezo, da bi gospodarstvo morala utrditi politika Zveznih rezerv oz. centralnih bank in ne povečevanje javne porabe, kar je nenazdanje pripeljalo do dolžniške krize. Neoliberalne dogme samo-regulativnega svobodnega trga, strogega laissez-faire, financializacije, finančno-poslovnega načela "ustvari in posreduj" ter ustvarjanje podjetij "prevelikih, da bi lahko padli" in "prepovezanih, da bi lahko padli", so ob poku balona priredile svojo politiko. Zdaj je potrebna državna intervencija, vendar kakšna re-regulacija je lahko učinkovita? ZDA in evropske države so za reševanje gospodarske krize oblikovale številne programe. Medtem ko je Veliko depresijo reševala ekspanzivna fiskalna politika (New Deal, protekcionizem in enormno povečana javna poraba, predvsem ob izbruhu 2. svetovne vojne), je pri reševanju Velike recesije veliko vlogo odigrala tudi ekspanzivna monetarna politika centralnih bank, z uporabo nestandardnih ukrepov pri operacijah na odprtem trgu (različni aranžmaji, avkcije, jamstva, neposredna trgovanja s toksičnimi obveznicami in neposredne pomoči "velikim", ki bi lahko s svojim propadom ogrozili poslovne partnerje itd.), ki je nazadnje s kvantitativnimi sproščanji poskušala izvleči gospodarstvo iz likvidnostne pasti. Rezultati makroekonomskih indikatorjev gospodarske rasti, brezposelnosti, medbančnega zaupanja, stabilnosti cen, ipd., že nekaj časa prikazujejo okrevanje gospodarstva, reševalne akcije pa pozitiven stimulus. Vendar, kako nam gre danes, bomo videli jutri. Economic crises occur periodically and are considered a normal part of capitalism, which in its tendency to "make profit in order to create profit" cyclically overheats the economy during the expansion and cools it down when the euphoria ends. That is how solvency and liquidity crises come to be, as due to expectations of continuous price growth those involved in the financial and real estate market raise their levers beyond their capabilities. Such were the pre-crisis period that lead to the Great Depression in 1929 and the one, which lead to the Great Recession in 2007. Both ended in an overall collapse. Keynesian economics and the neoliberal economic and political doctrine are unanimous: improper intervention of the state is to blame. Keynes believed that control over capital movements was a prerequisite for an effective capital management. Furthermore, he claimed that the state should ensure effective demand in times of crisis by increasing public expenditure. Friedman, on the other hand, argued that the solution for strengthening the economy lied in the policy of the Federal Reserves or the central banks, and not in increasing public spending, which ultimately lead to a sovereign debt crisis. Neoliberal dogmas of self-regulatory free market, strict laissez-faire, financialisation, financial and business principle of "create and distribute", and the creation of companies deemed "too big to fail" and "too interconnected to fail" adapted their policy when the bubble burst. Now, state intervention is necessary, but can any re-regulation be effective? United States and the European countries devised numerous plans to deal with the economic crisis. While the Great Depression found its solution in the expansionary fiscal policy (New Deal, protectionism and increased public expenditure, especially at the beginning of World War II), expansionary monetary policy of central banks played an important part in ending the Great Recession. By using non-standard measures in open market operations (different arrangements, auctions, guarantees, direct trading with toxic bonds and direct aid to "big companies", whose bankruptcy could jeopardize various business partners) it ultimately tried to pull the economy out of the liquidity trap with quantitative easing. The results of the macroeconomic indicators of economic growth, unemployment, interbank confidence, price stability etc. have been indicating that the economy is recovering, and the rescue operations show a positive stimulus. Still, we must wait until tomorrow to see if things are improving today. poslovni cikelj finančna kriza ekspanzivna fiskalna politika ekspanzivna monetarna politika z nestandardnimi ukrepi neoliberalizem business cycle financial crisis expansionary fiscal policy expansionary monetary policy and non-standard measures neoliberalism true true false [D. Hegler] Slovenski jezik Angleški jezik Magistrsko delo 2016-06-14 11:39:42 2017-05-23 11:20:02 2022-06-23 03:10:03 2019-07-11 11:42:22 2016 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 338.1 12738076 URN:SI:UM:DK:IBTZ7LWK MAG_Hegler_Dasa_2016.pdf MAG_Hegler_Dasa_2016.pdf 1 B9D030F010FE66CCB0881BC12C022D2E 7cfb6d582a586acb0bff580a192832390dd4196575ba684f517f327c439b174d 823e9b2a-7c0d-11eb-bb7a-00155d0001ca https://dk.um.si/Dokument.php?lang=slv&id=104909 Ekonomsko-poslovna fakulteta 0 0 0