The Origin Of The Contemporary International Finacial Crisis

After the outbreak of the crisis, economists at home and abroad have not stopped to the causes ofthe crisis, discussion and debate. The new liberalism, that is "relaxed financial regulation","policy failure","underestimated the risk" and other factors caused the crisis. They underestimated the severity of the crisis,to blindly optimistic attitude, think that the financial crisis will soon be over, the world economy willrecover quickly. But in front of the subsequent crisis reality, new latitudinarian economist in anembarrassing state of continuous fermentation, most people hold one’s tongue to the crisis, only a few arestill contentious, there are a few people are willing to admit. To estimate the Keynes doctrine of stateintervention scholars on the severity of the crisis and the prospect of more realistic, serious they admit thatthis crisis to crisis, the prospect is not optimistic, not only worried about the possibility of "bottom two",worry more about the western developed economies may be due to the financial crisis and economic crisisand its attendant the debt crisis in years of stagnation. After2008, the government to rescue the market,strong intervention in the economy, the Keynes state intervention has become a magic weapon for westerncountries to resist the crisis. But good times don’t last long, in the next two years, it was discovered thatKeynes has not only failed to help the world economy to boom, but raises the sovereign debt crisis, thecountries of the Keynes doctrine was questioned.The Marx economics scholars believe that the cause of the crisis is still the basic contradictionsof capitalism, is the crisis of overproduction. Marx thinks the crisis basically is of two forms: one is theeconomic crisis of overproduction, bank credit currency crisis or financial crisis. The current financialcrisis from the view of the form does not seem to be economic crisis of overproduction, but bank credit currency crisis, the fact that Western governments in order to solve the problem of overproduction, thepersonal credit overdraft consumption and fiscal deficits, debt management mode, resulting in lowerincome communities and countries rely on the fiscal deficit, issue treasury survival, lengthen the chain offunds, has laid down the hidden danger for the world economic crisis broke out, eventually led to thesub-prime mortgage crisis, sovereign debt crisis. This paper also holds the same standpoint, which thecrisis is not over Marx’s crisis theory logic.Marx thinks economic crisis is divided into three levels: one is the essential reason mostprofound secret, namely the capital itself; the two is the reality: not consistent, namely the expansion ofproduction and market expansion. The imbalance of supply and demand, the contradiction betweenproduction and consumption, workers and the masses of the people in poverty the restrictions, profit, profitmargins and increased competition and overcapacity and the capitalist mode of production is limited; threefactors related to surface: commodity price fluctuations, expand enterprise to increase the number ofworkers, the non-productive capital into productive capital and improve the productivity of capital,interest rate fall rise, skilled workers emigration and immigration, industrial reserve army or surpluspopulation, reproduction two category between imbalance occurs, the depreciation of existing capital cycleand increasing accumulation, credit system, circulation through the volume, luxury consumption, war andrevolution time etc.. That is to say, Marx believes that the economic crisis is the most essential factor, alsohas the realistic factors and surface factors, crisis of the constitution is complex, not a single. Undercapitalism, essential factor capital, and realistic factors and surface factors will change with the change ofthe historical condition. The contemporary international financial crises have new characteristics in threeaspects: one is the transformation of the subprime crisis to the financial crisis; two is the virtual economyand real economy mutually negative influence; three is the complexity of multiple causes of the financial crisis. Western mainstream economics analysis of causes of the international financial crisis is analyzedfrom a point of view of reality and surface factors, so the analysis of the new characteristics of the crisis isone-sided, not to seize the essence. Thought that this crisis is not over Marx’s crisis theory logic, namely"the basic contradiction of capitalism--people’s increasingly poor insufficient effective demand--therelative surplus of production--to stimulate consumption--personal overdraft consumption--nationaldeficit management--economic prosperity--temporarily unable to repay the payment chain rupture--------personal default subprime crisis aggravated the economic crisis--National default--the sovereign debtcrisis", the cause of the crisis is still the product of financial capital, expansion is the force balancecapitalist basic contradictions, is the production of relative surplus caused by the financial crisis andsovereign debt crisis.In this paper, the international financial crisis is the science of Marx economics and a strictinspection and powerful testimony, to resolve the economic crisis from the root, is to go beyond the "newliberalism" and "the Keynes doctrine". One is to correctly grasp the connotation of Marx’s crisis theory,adhere to and develop Marx economics. The main difference between Marx economics and westerneconomics is in philosophical methodology significance, historical materialism is the theoretical basis ofMarx economics, we should be based on historical materialism, to seek truth from facts wrong thoughtscriticism of western economics in the attitude, the scientific and reasonable content. Two is to eliminatepolarization, implementation is collective and rich. Gap between the rich and the poor in the United Statesincreased the sub-prime crisis broke out, China on the road of socialist construction, to increase the incomeof the workers in the national income distribution of income, increase the proportion of labor remunerationin primary distribution of income distribution gap, efforts to solve the problem, realizing commonprosperity, the prevention of financial crisis. Three is to strengthen the risk management of China’s banking industry. The next few years, China’s economy is facing double pressure of inflation management, adjustthe economic structure, GDP growth was slowing trend, interest rate marketization pace, the RMBexchange rate volatility increases, the folk borrowing some potential risks can not be ignored. The outbreakof the international financial crisis warning us, the banking of our country to draw lessons from this crisis,risk identification, risk culture, from the country to build a comprehensive risk management, promote thesteady management of the commercial bank.