{"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":115,"pdf_page":153,"physical_index":153,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"be31d705ab5a46e07fcf6ee2549e7d71c75981d75967221ea326af8439e7faba"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"公司利润的扣减基于生产活动中获取的剩余价值的重新分配，这些剩余价值被生产资本和金融资本瓜分。资本收益部分基于金融市场参与者与可支配货币资本提供者之间的零和博弈。创始人利润也与资本内部的博弈相对应。公司在股票市场上发售股票，使公司的创始人以及组织这一运作的银行能够将公司资产价格与基于未来利润资本化的市场价值之间的差额利润收入囊中。\n\n转让所得利润产生于一种截然不同的逻辑，这种逻辑让人想起前资本主义时期与债务相关的收入形式。它们代表着对个人收入的直接消耗，与对生产过程本身的任何控制无关。\n\n最后一类是我所说的“政治性利润”。这些利润来自以公共机构为中介的金融收入流。这些政治性利润本身又分为两个子类别。它们既来自政府债券的利息，也来自金融稳定政策带来的利息支付。后者是最后贷款人的政策，亦即金融部门从中获利颇丰的一整套担保和援助措施。这些措施包括将损失社会化的直接形式——我们只需想想美国保险公司美国国际集团(AIG）的资本重组、法国和比荷卢经济联盟（Benelux）的德克夏银行（DEXIA）或英国北岩银行（Northern Rock）的国有化。与普遍观点相反，我并不认为金融稳定是一项人人受益的公益事业。这并不是否认与金融不稳定相关的负面外部性，它们确实会影响到所有参与者。但值得强调的是，有利于金融稳定的国家行动首先有利于金融中介机构和寻求实现资本收益的参与者。金融稳定政策使虚拟资本在金融市场上的价值不断攀升，即使市场参与者的自主互动会导致虚拟资本突然贬值。这些政策也会带来社会成本，因为它们会导致公债增加（或通过提高利率增加公债成本)，或者导致发行过量货币。\n\n第六章 金融利润从何而来？\n\n115","previous_page":114,"next_page":116}