“美国文明史”结业论文(2013年春) 大萧条与次贷危机诱因之比较 王也敬 5110209072 机械与动力工程学院 中文摘要：2008年次贷危机爆发，其严重程度史上罕见，在令人瞠目结舌的同时也让人 想到了几十年前发生在资本主义世界的大萧条。两次危机有着众多的不同点， 但在根源上又是那么的相似。本文将讨论两次经济危机诱因的异同，并深入 分析隐藏在表象下面的问题本质。 关键词：次贷危机：大萧条；原因：本质：资本主义 Comparison and Contrast between the Causes of the Great Depression and Sub-crime Crisis Abstract:An unusual sub-crime crisis broke out in the year of 2008,shocking billions of people worldwide.This crisis reminds us of the Great Depression happened in the capitalism world decades ago.There are many differences between them,but their essences are identical.The emphasis of this paper is placed on the similarities and differences of the causes of these two financial crises.And essences hidden behind all the presences will also be discussed. Key Words:Sub-crime crisis,the Great Depression.Causes,Essences,Capitalism Stock fell off a cliff;the debt of USA doubled;millions of people lost their jobs and even their life savings,ending up below the poverty line;Iceland-based banks lost about $100 billion......All of these horrible things happened in a flash,panicking the whole world,and now we are still more or less living in its sequels. There are so many causes that these two crisis share.Firstly,and also the most importantly,government is playing almost no role in regulating the financial market(though the reasons of deregulating were different as far as I'm concerned:people lacked experience of constructing financial market in 1920s,while the reason in 2008 was more a kind of relaxation because of several decades of rapid economic growth without large crisis).The fiscal policy is far too easy,and this kind of deregulation has led to a kind of prosperity that could definitely be called abnormal.In the Great Depression it was the stock market;in the sub-crime crisis it was the real estate market.Bubbles were getting bigger,and people were trapped in this awesome-looking dream.But when the bubbles broke,nothing but tears and sufferings remained."Stocks soared to dizzy heights,every month hundreds of millions of dollars in new securities were snapped by avid investors who hoped to share in the wonderful new game of making something out of nothing."The remarks vividly reveal another 1魏啸飞，《美国文明史英文教程》，2008，第215页 1“美国文明史”结业论文（2013 年春） 1 大萧条与次贷危机诱因之比较 王也敬 5110209072 机械与动力工程学院 中文摘要：2008 年次贷危机爆发，其严重程度史上罕见，在令人瞠目结舌的同时也让人 想到了几十年前发生在资本主义世界的大萧条。两次危机有着众多的不同点， 但在根源上又是那么的相似。本文将讨论两次经济危机诱因的异同，并深入 分析隐藏在表象下面的问题本质。 关键词：次贷危机; 大萧条; 原因; 本质；资本主义 Comparison and Contrast between the Causes of the Great Depression and Sub-crime Crisis Abstract: An unusual sub-crime crisis broke out in the year of 2008, shocking billions of people worldwide. This crisis reminds us of the Great Depression happened in the capitalism world decades ago. There are many differences between them, but their essences are identical. The emphasis of this paper is placed on the similarities and differences of the causes of these two financial crises. And essences hidden behind all the presences will also be discussed. Key Words: Sub-crime crisis, the Great Depression, Causes, Essences, Capitalism Stock fell off a cliff; the debt of USA doubled; millions of people lost their jobs and even their life savings, ending up below the poverty line; Iceland-based banks lost about $100 billion…… All of these horrible things happened in a flash, panicking the whole world, and now we are still more or less living in its sequels. There are so many causes that these two crisis share. Firstly, and also the most importantly, government is playing almost no role in regulating the financial market (though the reasons of deregulating were different as far as I’m concerned: people lacked experience of constructing financial market in 1920s, while the reason in 2008 was more a kind of relaxation because of several decades of rapid economic growth without large crisis). The fiscal policy is far too easy, and this kind of deregulation has led to a kind of prosperity that could definitely be called abnormal. In the Great Depression it was the stock market; in the sub-crime crisis it was the real estate market. Bubbles were getting bigger, and people were trapped in this awesome-looking dream. But when the bubbles broke, nothing but tears and sufferings remained. “Stocks soared to dizzy heights, every month hundreds of millions of dollars in new securities were snapped by avid investors who hoped to share in the wonderful new game of making something out of nothing.” 1 The remarks vividly reveal another 1 魏啸飞，《美国文明史英文教程》，2008, 第 215 页