What are the causes of the economic crisis?

I'm writing a report on the economic crisis ~ ~ I found some reasons to share with you. In fact, Baidu knows that Li asked a lot about this question, and I didn't send you a resume from it. These are some I will quote when I do it.

First, long-term stock loopholes produce long-term stock bubble economy.

Second, the long-term subprime mortgage crisis and long-term non-performing assets.

Third, the hegemonic position of the United States in the world economy has been shaken, and the status of the US dollar recognized as the world currency no longer exists.

Four, the United States government printed too many dollars, leading to serious long-term capital overdraft.

Five, countries around the world printed a large number of their own tickets, resulting in excess currency. More seriously, it has caused chaos in the world monetary system.

Six, repeated construction, repeated enterprises, repeated ticket copying, repeated subprime loans have repeated loopholes.

Here's a long ~ ~ I think it's very ~ ~ I see China's own shortcomings. In class, the teacher once said that many foreign scholars would say that the cause of the crisis is the development of China. But if China hadn't developed this crisis, it wouldn't have happened. That's a joke. Every country has a responsibility to blame it on China. Really irresponsible, obviously jealous. I got the following from a blogger, but I don't know where he got it ~ ~ It's important to solve the domestic crisis in China.

The subprime mortgage crisis originated in the United States, but this year it has evolved into an economic crisis sweeping China. Many people attribute it to external factors. However, although there are external factors, it must be noted that its root is China's own economic development model and economic structure. An important example is that the crisis began to show signs in 2006. Many enterprises in China, especially many private enterprises, turned to real estate and stock market, Youngor turned to real estate, Haier set up a real estate company, and Gome invested billions of new shares. However, the symptoms of the crisis did not attract the attention of the policy makers in China. Under the impact of the unsustainable real estate bubble and the rapid contraction of exports caused by the subprime mortgage crisis, the symptoms of this crisis quickly warmed up and evolved into a comprehensive economic crisis.

The root of China's economic crisis is, of course, to limit the process of reasoning to economic factors, that is, the economic development path adopted by China to depress the prices of factors, especially labor and resources. Low labor force, long-term nominal interest rate lower than inflation level and low resource prices make the return on investment relatively high.

The high return on investment has stimulated investment enthusiasm. The scale of China's investment is constantly expanding, and the proportion of investment in GDP is increasing year by year. 1982, investment accounted for less than 27% of China's GDP. By 2007, investment has accounted for 40% of GDP. However, the low factor price means that the local market demand is shrinking, and the proportion of household consumption in GDP is decreasing year by year. From 1982 to 2007, the proportion of household consumption in China's GDP dropped from 52% to 35%. The expansion of investment has led to the expansion of production capacity, while low factor prices have led to the shrinkage of household consumption. The contradiction between expanding production capacity and shrinking consumption can only be digested by continuous investment and export, so the proportion of investment has been increasing, and the proportion of net exports to GDP has risen from 1.63% to 8.88%, and China's dependence on foreign countries has exceeded 60%.

After all, exports can only consume part of China's local production capacity, and China's economy will encounter a serious crisis if it is seriously affected by the peripheral economies. China's plight in the 1997 Southeast Asian financial crisis is a lesson from the past. However, the China government did not realize or was driven by interest groups to fundamentally take measures to change the weak economic situation in China, but took short-term measures to quench thirst by drinking poison. Of course, the China government has put forward three plans to stimulate the economy: commercial housing reform, allowing residents to buy houses and develop real estate; The reform of the medical system will allow residents to pay for medical treatment and stimulate the development of the pharmaceutical industry; Education industrialization will help residents pay for schooling and promote the development of education industry. These three major reforms have enabled residents to save money from their pockets and played an immediate role in getting rid of the economic predicament of sluggish exports in a short time. However, in the long run, this is a contemporary model of quenching thirst by drinking poison. The three major reforms have led to a rapid increase in the cost of living for residents, making people even less able to spend. Coupled with people's worries about providing for the aged, residents' spending power has weakened. In the long run, the negative effects of these three reforms are far-reaching. The real estate bubble led to the increase of residents' living cost, which greatly raised the threshold of urbanization and was not conducive to China's economic growth. Medical reform has weakened people's ability to resist diseases and dragged down the overall quality of the labor force; The industrialization of education indirectly deprives low-and middle-income residents of the right to education, resulting in the quality of the labor force has been wandering. However, the phenomenon of "abandoning school" and the resurgence of "the futility of reading" in various places reflect the serious negative impact of this measure on the quality of the labor force. The three major reforms have caused harm to today and also to future generations.

This economic crisis is more serious than the financial crisis of 1997. On the one hand, the contradiction between production and consumption caused by the development path of low factor prices is more intense, on the other hand, China is becoming more and more extroverted. Before 1997, China's net exports accounted for less than 2% of GDP, and now the proportion is close to 9%. 1997 China's export orientation was only 17.7%, and now it has reached 76%. /kloc-since 0/0, China's economy has been continuously exported, which means that China's economy is exposed to the risks of the world economy. Moreover, the high foreign exchange surplus caused by the compulsory foreign exchange settlement system of China's monetary authorities is not the expansion of residents' physical assets, but the liquidity of China's economy. China's money supply has long been higher than the GDP growth rate in the same period. Moreover, since 2006, M0, M 1 and M2 have begun to accelerate (as shown in Figure 4), and the base money supply has even exceeded the growth rate of 30% since 2007.

Abundant mobility is not in the hands of residents, but mostly in the hands of the government. Since 199 1, the proportion of residents' savings in financial institutions in China has experienced a process of rising and falling. 199 1 year, the proportion of residents' savings in deposits of financial institutions is about 55%, rising to 1997. Later, with the gradual advancement of the three major reforms, this proportion has been declining. Today, less than 45% of the deposits of financial institutions come from residents' savings, and residents' savings have lost 13% in ten years. In sharp contrast, the proportion of government deposits has increased. 1997, the proportion of government deposits (including financial deposits and institutional group deposits) in all deposits hovered around 3%. Today, this proportion has exceeded 1 1%, and the proportion has increased nearly three times in ten years. However, corporate deposits have not changed significantly in the past decade, and the proportion of corporate deposits to total deposits has been fluctuating around one-third for ten years (Figure 5). This change in proportion, in terms of specific amount, is particularly prominent. Since 10, the government deposits have increased by 25 times, while the deposits of residents and enterprises have only increased by less than 6 times. The difference between the two is too great.

Therefore, in the past 10 years, the export strongly encouraged by China government to digest production capacity did not create real purchasing power for residents, but further worsened the distribution structure of economic achievements. At the same time, the China government has mastered a lot of economic resources. Abundant liquidity began to show its power in 2006. The prices of houses, stocks and other assets soared like rockets. Shanghai Composite Index, the representative index of China stock market, soared from 900 points to 6,200 points, and house prices in large and medium-sized cities continued to rise. This asset bubble attracted many enterprises to move to the real estate market, and even the stock market, which led to the chaos of private capital mentioned above.

This liquidity-driven asset feast is doomed to be a bubble, and it is doomed to burst when the purchasing power of residents shrinks. As a result, the subprime mortgage crisis in the United States became the fuse of this bubble burst. The bursting of the bubble directly exposed many economic problems previously covered by the bubble, and formed the current economic crisis in China.

Directly speaking, when the crisis occurred, the subprime mortgage crisis in the United States triggered a financial crisis, and then an economic crisis, but the root cause was the accumulation of bad flows in many aspects, which led to the current global results. I just saw a person say that economic crisis-planning-saving-result-worse economic crisis, maybe you can laugh at some self-righteous western X.

Some friends upstairs say it is the root of capitalism, which is the view of many scholars. Of course, Rainbow May also thinks that the behavior of capitalism excludes socialism. Look at so many words by yourself ...