لماذا من المحتم أن تزداد البنوك الكبيرة ضخامة

فلورنسا ـ إن الأزمات المصرفية الحادة تجلب اضطرابات مؤلمة وطويلة الأمد، ولكنها تؤدي أيضاً إلى مفاجآت. والواقع أن الدروس المستفادة في أعقاب الأزمات مباشرة تحمل أقل القليل من العلاقة بالنتيجة النهائية. وهناك إجابات مباشرة وواضحة على المسألة المتعلقة بمن ينبغي أن يتحمل المسؤولية، ولكن هذه الإجابات نادراً ما تتفق مع الهيئة الجديدة للمشهد المالي الذي ينشأ في نهاية المطاف.

إن الأزمة التي بدأت في عام 2007 نشأت في قطاع الرهن العقاري الثانوي في الولايات المتحدة، وفي بنوك الولايات المتحدة التي كانت "أضخم من أن يُسمَح لها بالإفلاس"، الأمر الذي دفع العديد من المراقبين منذ البداية إلى التكهن بنهاية الرأسمالية المالية الأميركية. ولكن البنوك الأشد تضرراً بالأزمة كانت في أماكن أخرى من العالم، وسوف يكون الفائزون في الأمد البعيد هم قِلة من البنوك الأميركية ـ بما في ذلك بعض البنوك الضعيفة الأسوأ سمعة على الإطلاق ـ والتي سوف تزداد حجماً نتيجة للأزمة. ونتيجة لضخ أموال دافعي الضرائب إلى شرايينها فقد عادت الرأسمالية الأميركية إلى سابق قوتها.

إن تفسير عدم استخلاص الدروس الواضحة من الأزمة يكمن في الطبيعة الغريبة للنشاط المالي. ذلك أن العمل المصرفي يتسم بالمنافسة؛ ولكنه في نفس الوقت لا يشكل صناعة حيث تعمل المنافسة بشكل جيد في كل الأحوال.

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