Abstract

This article seeks to address one of the major pillars of the financial liberalization process from the 1980s onward, namely the commodification of financial supervision and regulation. This process can be regarded as the great transformation of the overall institutional framework of capitalist finance that resulted in the financialization of the economy. Such a transformation replaced public regulation by self-regulation and gave rise to a highly speculative and macro-economically perverse regime of accumulation that resulted in the 2007–2008 crisis. From an institutionalist perspective, this article maintains that contrary to the usual doctrinal assertions, market-related liberal regulation prevents finance from contributing to economic development and restrains public action from supervising markets without generating social dilemmas. Without an appropriate organization and supervision, financial markets do not lead to a social optimum since they suffer several inconsistencies like the discrepancy between micro-rationality and macro-coherence, cognitive bias, and the publicness of financial stability. The viability of market economies depends on the sustainability of financial operations that requires specific public action aimed at systemic stability. In order to prevent the catastrophic consequences of financialization, financial regulation must be decommodified and financial stability must be handled as a common good.

摘要

本文旨在探讨 80 年代以来金融自由化进程的主要支柱之一，即金融监管的商品化。这一过程可以看作是资本主义金融整体制度框架的巨大转变，导致了经济的金融化。这种转变以自我监管取代了公共监管，并产生了高度投机性和宏观经济上反常的积累制度，从而导致了 2007-2008 年的危机。从制度主义的角度来看，本文认为与通常的学说主张相反，与市场相关的自由监管阻止金融为经济发展做出贡献，并在不产生社会困境的情况下限制公共行为监督市场。如果没有适当的组织和监督，金融市场就不会导致社会最优，因为它们会遭受一些不一致的影响，例如微观理性与宏观连贯性之间的差异、认知偏差以及金融稳定的公开性。市场经济的可行性取决于金融运作的可持续性，这需要旨在系统稳定的特定公共行动。为了防止金融化的灾难性后果，金融监管必须去商品化，金融稳定必须作为共同利益来处理。市场经济的可行性取决于金融运作的可持续性，这需要旨在实现系统稳定的特定公共行动。为了防止金融化的灾难性后果，金融监管必须去商品化，金融稳定必须作为共同利益来处理。市场经济的可行性取决于金融运作的可持续性，这需要旨在系统稳定的特定公共行动。为了防止金融化的灾难性后果，金融监管必须去商品化，金融稳定必须作为共同利益来处理。