Finansyzacja gospodarki w teorii i praktyce: Pomyśleć kapitalizm od nowa

Authors

Dariusz Urban
Uniwersytet Łódzki, Wydział Zarządzania, Katedra Finansów i Strategii Przedsiębiorstwa
https://orcid.org/0000-0003-0500-1830

Keywords:

finansyzacja, definansyzacja, sektor finansowy, bank centralny, bank komercyjny, rynki kapitałowe

Synopsis

Finansyzacja przynależy do tej kategorii zjawisk ekonomicznych, które niczym w soczewce skupiają w sobie największe słabości współczesnego systemu kapitalistycznego (wśród nich m.in. krótkowzroczność inwestorów, inflację aktywów na rynkach kapitałowych, bezprecedensową skalę nierówności dochodowych i majątkowych, postępujący wzrost zadłużenia tak indywidualnych podmiotów, jak i całych państw czy wreszcie niestabilność systemu finansowego). Co więcej, w procesie finansyzacji nastąpiło redefiniowanie ekonomicznej roli sektora finansowego w gospodarce. Ze służebnej, podporządkowanej funkcji pośrednika, a także mediatora i katalizatora w procesach gospodarczych, przekształcił się on w kreatora nadrzędnych reguł i zasad, w radykalny sposób zmieniając optykę i logikę funkcjonowania wielu podmiotów z realnej sfery gospodarki, fundamentalnie przeobrażając rynki towarowe oraz modyfikując zachowania gospodarstw domowych.

Dominacja motywów i imperatywów finansowych doprowadziła do przekształcenia kapitalizmu przemysłowego w kapitalizm finansowy, w którym o sile i znaczeniu gospodarki w dużo mniejszym stopniu decydują podmioty wywodzące się z realnych jej sektorów. Ostatni globalny kryzys finansowy, stan wielu gospodarek kapitalistycznych świata zachodniego, a także odczucia społeczeństw wyrażane w procesie wyborczym wraz z wyzwaniami natury społecznej, demograficznej i środowiskowej, przed jakimi obecnie stoimy, skłaniają do stawiania pytań, czy można dalej akceptować model rozwoju, który w tak wyraźny sposób faworyzuje jeden sektor gospodarki. Stanowią one jednocześnie przesłankę do podjęcia rozważań na temat zasadności, a być może nieuchronnej konieczności, przywrócenia historycznie ugruntowanej roli sektora finansowego w gospodarce, co w niektórych przypadkach wiązać się może z przeprowadzeniem procesu definansyzacji.

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