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本文考察了金融化或金融主导的资本主义影响宏观经济绩效的一个重要渠道,即分配渠道。文章收集了15个发达资本主义经济体自20世纪80年代初期以来金融主导的资本主义时期在分配方面的经验数据:功能性分配,个人/家庭分配及最高收入人群的比重和组成。根据卡莱茨基的收入分成的确定方法,本文详细地研究了金融化对功能型收入分配的影响,把一些已确定的金融化事实整合到卡莱茨基方法之中,并通过回顾实证和计量经济学文献发现,自80年代初期以来,金融化和新自由主义通过下述三种主要渠道导致了劳动收入比重的下降:(1)经济部门结构的变化;(2)高管薪资的增加和食利阶层利益要求的增加,以及因此所导致的日常管理费用的增加;(3)工会议价能力的下降。
This paper examines one of the important channels through which financial or financially led capitalism affects macroeconomic performance, namely distribution channels. The paper collects empirical data on the distribution of financially dominant capitalist periods in 15 developed capitalist economies since the early 1980s: functional distribution, individual / household distribution, and the share and composition of the highest income groups. According to the method of determining Karetsky’s income share, this paper studies in detail the impact of financialization on the distribution of functional income, integrates some identified facts of financialization into the Karetsky’s method, Econometric literature finds that since the early 1980s, financialization and neoliberalism have led to a decline in the share of labor income through three main sources: (1) changes in the structure of the economic sector; (2) an increase in executive pay And the interests of the profit class, and the resulting increase in the daily overhead expenses; and (3) the decline in the bargaining power of the unions.