Vermow respectively distribution as an opportunity? Part 2
In the first part (a paradox between warranting and increasing wealth relief distribution) of this three-part article series on the wedding respectively distribution was shown that a paradox exists between the self-regulating warrant compensation, which is derived from the theory of free labels, and the rising wedding respectively distribution. This paradox is not taken seriously by some representatives of the theory of free market and relativized. As a matter of principle, the theory of free market is acquitted and the problem increasingly assigned to other factors other than the market events. Thus, the theory of free market continues to be used as a flawless regulatory and economic reference.
In addition to the market theoretical tribulists, which do not interpret the continuously increasing wealth relief distribution as a fundamental disruption of market events, also reality-related market theorists who seriously take the paradox between the theoretical wealth equalization and empiricism. In doing so, soft doubts wide that something can not be voted on the theory of free market itself. And there are important important and practical questions in the foreground.
What will happen if flexibilization and privatization, the rising rising in increasingly real economic demand remain unimportant and remain in the financial sector, although interest rates are low? What will happen if the growing went in the financial sector and not the corporate sector will be provided as capital as investments in derivative financial products are increasingly profitable than real economic investments? What will happen when workplaces are always constructed slower, since in the corporate sector is invested too little? And what will happen if replacement investment in new machine systems are increasingly replacing expansion investments so that the productivity growth faster than the workplace structure?
After the long low interest rate phase in the EU, German companies had to. Swimming in liquiditat, 2. Your investment massively climb and 3. Building workplaces that brings the goal of full-time fiction. The risks of the financial sector are mitigated by the European stability mechanism. The European economy were delivered in low prices in unprecedented high. The policy of Troika drove the welfare state reduction, wage labor costs were minimized and market-compliant tax reforms for companies were decided. In short: the conditions for enterprise investments and for capitalization are market theoretically.
But economic growth of the FRG develops hardly after the historical burglary, despite all media jubilations of 2008. And it is even flattering in the long run.
The real payroll growth of the last two decades (!) In the FRG remain tendencially at a low level. They are even phased-run. Thus, 2009 Karl Brenke wrote in the weekly report of the DIW Berlin Nr. 33/2009:
Net real teeth have barely risen in Germany since the beginning of the 1990s. From 2004 to 2008 they even returned, a development in the history of the Federal Republic, because never before went a very powerful economic growth with a reduction in the real net without several years. This is not a higher burden on payroll income by taxes and social security contributions, but also in international comparison – extremely weak increase in fees. This finding is all the more remarkable, as the qualification of the worked workers has increased on average, which was expected to be a significant increase in merits. In contrast to wage development, income from self-activity as well as capital-enhanced increased in recent years, so the employee fees make an increasingly smaller part of the national income.
And today is the little one "Sip from the wage powder" from the years 2010 to 2012 again at O. In 2013, the real wage index was even negative again.
Reallohnindex FRG. Graphic: Destasis
The working power management continues to rise and transforms into an open and concealed unemployment, coupled with increasing sub-employment in the form of a growing low-wage sector. 1991 still went 5.5 million. People of a part-time acquisition, so it was more than 9.5 million in 2000. And in 2010, the number grew to a proud 12.5 million.
This trend is also read on the growing number of mini jobbers. In 2003, the number of mini-jobber was still 5.5 million. And until today, she grew continuously. In 2013, then 7.45. Mio. Mini jobs registered.
And at the same time, the established workforce can hardly rescue before working prere. Wolfgang Hien writes in time:
Each third breakfast is done due to mental illness. The world of work is unhealthy: prere, stress, close room for maneuver, uncertainty and anxiety take dramatically. It is scientifically well examined that from the combination of unfavorable factors of the work situation and unfavorable person variables mental illnesses such as depression and burn-out can be created. This leads to immense economic costs. The Federal Association of Business Health Councils has examined that the unhealthy working conditions a year of 50 to 100 million euros arises. Apart from the suffering of the individual.
Germany’s risk of poverty risks increased in 2012 to 16.1%. And the investment behavior on the German company side will comment on the Federal Association of German Industry in its first economy report for 2014:
The macroeconomic investment ratio has fallen from 22 percent in 2000 to 18 percent in 2012. In individual industries, more is written off than invested. This is called: There is substance delay.
On the European level, it does not look better. A noteworthy economic upswing in Europe continues to remain after the burglary of the financial and global economic crisis 07/08 and the next recessionary thunderstorm is already attracting. In 2012, the EU GDP grew by -0.4% in the previous year and, in 2013, GDP changed to 0.1% for the previous year. In the euro area, PIB grew by -0.7% in 2012 in 2012. And in 2013 it grew compared to 2012 to a lot -0.5%.
Unemployment in Europe rises in absolute terms since 2008 continuously:
Absolute unemployment in 1 000 overall; non-seasonally adjusted. Graphic: Eurostat
The lack of perspectiveness of the European youth is always obverter awakened:
Youth unemployment of the under 25-year-old in 1 000 in total . Graphic: Eurostat
The European poverty dazzel stands according to the Eurostat Press Release 184/2013 with 24.8% of EU population on record level. These are more than 120.000.000 Europe.
Measured by the rising private enhanced in the upper income classes and the available capital, which has been circulating in the capital markets for years, these testing steps of economic recovery are more alarm signals than success reports, although in recent decades, economic and social policy in the EU according to the rules of theory Free market was operated. So, if, despite continuously rising on the one side of the full-time workplace construction on the other hand, it is so sluggish and the theoretical amed wealth equalization does not occur, some politicians, companies, workers and expertise of EU burgers make themselves.
The continuously rising private mains have to be somewhere if they are not invested in real. A direct note where you are, the financial professor Marc Chesney delivers. He says:
The nominal value of all derivative financial products corresponds to around 12 times the global gross domestic product (GDP). That’s too much. If these products were used only as hedging, as provided in the textbookers, then they should make a share of perhaps 10 to 20 percent of GDP. But certainly not 1200 percent.
And as a convinced market theorist he says about the worldwide derivatives volume: "Yes, they demand more and more wealth for an ever smaller part of the population and creates more and more risks for the others – including the middle class."
In short, the opposite economic situation is some market theorists who recognize the continuously increasing wealth relief distribution as part of a continuous economic structure crisis in which capital is more and more concentrated, suspect. Because continuously increasing wealth concentrations on the one hand and lack of investment in the corporate sector on the other side bring the market at some point completely to succumb.
The problem is that the rapid growth of derivative financial enhancies increasingly penetrate the repatriated real-dermogs and both forms as mixed financing in other wealthy equipment. In 2007, there were votes that claimed that the bursts of the securitized real estate and consumer loans of the US could not be overwhelmed on Europe. Finally, it is only for excretion book values. How much these "Book values" The remainder of the economy influenced, one could then also observe very vivid after the depreciation wave of these book values.
So you should not ame that the derivative financial enhancers that correspond to 12x of world GPIPs swim on the Realvermogen such as OL on the water. Both forms of warrants are now inseparably interlinked, so that the devaluation of derivative financial enhancies will drive the real-dermogs in evaluation shocks. The strategies of the Bad Banks also do not help anymore. The presentation of the European Commission, the lazy financial enhanced. Outlore in a shadow banking and 2. The lazy outsourced financial enhanced slowly offset without shocks, just let the air slow out of the balloon, is completely wrong. Above all, as the financial enhanced relevant worldwide rises again and the growth rates of the real economy leave behind. It can also be said: The real-dermogen always requires great shares from the derivative financial tax to be tantative for its competitive. For the securing and creation of new private workplaces, which depend on growth, this development is fatal.
Part 3 Them: The consumer loss and investment.