Waffen, Medikamente und Finanzmärkte

CAMBRIDGE – Die Hypothekenkrise hat wieder einmal gezeigt, wie schwer es ist, die Finanzindustrie zu zähmen, eine Branche, die sowohl die Lebensader der modernen Wirtschaft als auch ihre gravierendste Bedrohung darstellt. Obwohl das für Schwellenländer, die im letzten Vierteljahrhundert viele Finanzkrisen erlebt haben, nichts Neues ist, hat ein halbes Jahrhundert Finanzstabilität die weiter entwickelten Industrieländer in Sicherheit gewiegt.

Diese Stabilität spiegelte einen einfachen Tauschhandel wider: Vorschriften gegen die Freiheit, zu agieren. Im Gegenzug für die staatliche Einlagenversicherung und die Funktion der öffentlichen Hand als Kreditgeber der letzten Instanz (Lender of last Resort) hat der Staat Aufsichtsvorschriften für kommerzielle Banken erlassen. Den Aktienmärkten wurden Bestimmungen zur Offenlegung und Transparenz auferlegt.

Doch hat uns die Deregulierung der 1980er Jahre auf unbekanntes Terrain geführt. Von der Deregulierung versprach man sich Finanzinnovationen, die den Zugang zu Krediten verbessern, eine stärkere Diversifizierung der Portfolios ermöglichen und das Risiko denjenigen überlassen würden, die es am besten tragen können. Überwachung und Vorschriften seien Hindernisse, behaupteten die Liberalisierer, und der Staat könne unmöglich mit den Veränderungen Schritt halten.

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