Die Liberalisierung der internationalen Finanzmärkte als Hebel zum neoliberalen Umbau nationalstaatlicher Budgetpolitik unter besonderer Berücksichtigung von Deutschland und Österreich

Christian Schoder
2009 unpublished
Starting in the 1970s, the up to then strongly regulated international financial markets were successively liberalized. International currency cooperation was abolished, capital controls eliminated and financial institutions were given more and more liberties, as it is shown based on the examples of Germany and Austria in the first part of the present thesis. A global financial market was implemented, in which low transaction costs allow for unprecedented capital mobility. At the same time an
more » ... creasingly neoliberal list of policies regarding the federal budget can be distinguished, which is reflected in the dismantling of the welfare state, a redistribution of the tax burden from capital to labor, increasing debt service and the withdrawal of the state as a producer, investor and as a warrantor of stable employment relationships, as it is argued in the second part of the present thesis. In the third part, the causal relationship between the liberalized financial markets and neoliberal budgetary policy is stated and discussed. Essentially, four mechanisms are identified, through which the internationalization of financial markets has accounted for the neoliberal transformation of particularly German and Austrian budgetary policy: Specifically this happened through the competition between countries for international investors, the structurally weak growth of the finance-dominated accumulation regime, the concentration of corporate power and the structurally high interest level, which burdens the federal budget via the public debt.
doi:10.25365/thesis.5111 fatcat:rpq4ry7jkbfsdmjw3rtcqqn7m4