Die Wiederherstellung des wirtschaftlichen Gleichgewichts

LONDON – Wir wissen alle, wie die globale Wirtschaftskrise begann. Die Banken vergaben im Übermaß Kredite auf dem Immobilienmarkt. Dann platzte in den Vereinigten Staaten die Immobilienblase, wodurch wiederum Banken scheiterten, weil das Bankgeschäft international geworden war und die Großbanken im Besitz fauler Kredite der  jeweils anderen waren. Die Bankenpleiten führten zu einer Kreditklemme. Die Kreditvergabe wurde eingeschränkt und die Ökonomien begannen zu schrumpfen.

Daher wurden Banken und Ökonomien von den Staaten gerettet, was zu einer Staatsschuldenkrise führte. Nachdem alles auf Schuldenabbau ausgerichtet war, setzte in den Ökonomien keine Erholung ein. Große Teile der Welt - vor allem Europa, aber auch die etwas weniger kränkelnden USA - stecken in einer Semi-Rezession fest.

Wie können wir dieser Krise nun entkommen? Die bekannte Debatte dreht sich um Austerität und Konjunkturbelebung. Die Verfechter der Austerität glauben, dass nur ausgeglichene Staatshaushalte und sinkende Staatsschulden das Anlegervertrauen wiederherstellen. Die  Keynesianer sind der Ansicht, dass die Ökonomien in Europa sowie die amerikanische Wirtschaft ohne umfangreiche Konjunkturbelebungsmaßnahmen – eine bewusste zeitweilige Erhöhung des Defizits – noch jahrelang in der Rezession stecken werden.

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