{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","uuid":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","normalized_title":"虚拟资本金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","isbns":["9787300330303"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":236,"navigation_url":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title_url":"https://workshop.closeclaw.top/ai/title/%E8%99%9A%E6%8B%9F%E8%B5%84%E6%9C%AC%EF%BC%9A%E9%87%91%E8%9E%8D%E6%80%8E%E6%A0%B7%E6%8C%AA%E7%94%A8%E6%88%91%E4%BB%AC%E7%9A%84%E6%9C%AA%E6%9D%A5","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","page_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page","search_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/search"},"page":{"printed_page":"11 / 139","pdf_page":177,"physical_index":177,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"524b550ef424f310618131d52ef4362beca49d858cb09fa78a9d463af63319dd"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"我们刚刚研究过的著作偏向某种功能主义，将金融视为资本主义生产变革的工具。它们将眼前的不稳定和有害的社会影响描绘成经济结构调整必须付出的代价，而经济结构调整将在中期或长期内带来好处。现在，我们将转而研究一种相反的解释，即当代金融化构成了生产力发展的障碍。该论点依据一个确凿的事实（尽管是程式化的）——近几十年来，在主要富裕国家，固定资本形成总额占国内生产总值的比例出现了不均衡但显著的下降（见图8-1）。积累减速与同期增长放缓完全一致。\n\n如果这种动态伴随着利润的下降，那就没有什么可奇怪的了；如果在利润下降的情况下，企业的投资资源减少，投资动力减弱，那也完全合乎逻辑。然而，事实并非如此。20世纪80年代初，利润率下降的趋势得到了遏制，尽管人们对这一转变的程度还存在争议。①从那时起，我们面对的是一种虚假的资本主义，概括起来就是“无须积累的利润”（Cordonnier，2006；Husson，2008；Stockhammer，2008）。图8-2显示了非金融企业利润再投资比例的变化情况。在英国和法国，这一比例的下降尤为明显，尽管在法国，这一比例在相关时期结束时有所提高。在美国，这一趋势的程度较小，在20世纪90年代末，随着新技术泡沫的出现，这一趋势曾一度中断。自20世纪90年代中期以来，日本和德国的投资相对于利润也同样失去了活力。\n\n11\n\n第八章 无须积累的利润之谜\n\n139","previous_page":176,"next_page":178}