2009 年 46 巻 1 号 p. 32-42
The purpose of this paper is to examine the root of the subprime crisis from the perspective of household budgets and consumer spending. As indicated below, several factors compounded and ultimately led to the outbreak of crisis. First is the fact that the root of the subprime problem lies in "overproduction" and that the process where the "evasion of depression" is "deepening the likelihood of depression" is under way. The second is comprehension of the characteristics of the subprime income bracket. Through the examination of the foregoing, the author seeks to clarify the true reasons as to why the American people spend beyond their means as they accumulate debts. An analysis of the first issue leads to the following two conclusions: (1) The root of this problem lies primarily in "overproduction," which is an issue universal to the capitalist economy. That is, "consumption boosting" measures for expanding credit and ultimately realizing values are indispensable in order to defer the possibility of depression intrinsic to capitalist economies. The root of the subprime problem lies primarily in this universal structural problem faced by all capitalist economies, including the United States. (2) A particularity of the United States is the privilege it enjoys, due to seigniorage, which gives the country the ability to defer the occurrence of depression, resulting in the further aggravation of the internal contradictions of a capitalist economy. It is this same privilege that renders it possible for the United States to break through the limitations inherent to capitalistic production. However, even that cannot be achieved without expanded final consumption. With wages remaining stagnant, U.S. consumers have no choice but to increase their household debt, in order to accept the products that would otherwise become overstocked. Another factor that led to this subprime crisis is the fact that U.S. household budgets are no longer able to withstand the overall accumulation of debt. An analysis of the second issue leads to the following conclusions: (1) The increase in debt-based consumer spending is a result of the following capital needs. First, capital requires, as a means of avoiding overproduction, increases in credit in order to promote the ultimate realization of value in final consumption. At the same time, capital requires consumer credit as a "wage alternative" which renders possible the enhancement of competitive power through wage control amid global competition. This is made possible by the fact that the United States is able to promote loans to households, due to seigniorage. (2) A detailed analysis of U.S. household budgets reveals that the spending beyond means is due more to stagnant wages, employment instability, and lack of social support under neo-liberalism, rather than to extravagance. Further, it is highly likely that the subprime income bracket refers not to a special low-income bracket but encompasses the second to fourth quintiles; that is, it includes a large middle income group. Hence, the current subprime problem should be viewed not as a poverty issue specific to the low income group, but as a revelation of the fragility of the basis of life of "ordinary Americans."