4.3 Rashin Kwanciyar Hankali na Asali - Rikicin Kuɗi na Duniya | Quran Course

4.3 Rashin Kwanciyar Hankali na Asali - Rikicin Kuɗi na Duniya | Quran Course

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4.3 Rashin Kwanciyar Hankali na Asali

4.3 Inherent Instability

by Hizb ut-Tahrir Britain2 min readViewed 109 times

Rashin daidaito shi ne rashin daidaituwa – rashin dacewar alaƙa tsakanin darajar kuɗi da kayayyaki. Wani ra'ayi sananne shi ne hasashen rashin kwanciyar hankali na kuɗi, wanda ya bayyana cewa tattalin arziƙi yana da tsarin kuɗi wanda a ƙarƙashinsa yake tsayayye, da kuma tsarin ba da kuɗi wanda a ƙarƙashinsa yake rashin tsayuwa, kuma cewa, a lokutan wadata mai tsawo, tattalin arziƙi yana sauyawa daga alaƙar kuɗi da ke sa tsari ya tsaya zuwa alaƙar kuɗi da ke sa tsari ya zama mara tsayuwa10. Haka kuma, idan tattalin arziƙin da yake da yawan rukunonin kuɗi masu hasashe yana cikin yanayin hauhawar farashi, sannan hukumomi suka yi ƙoƙarin kawar da hauhawar farashi ta hanyar takaita kuɗi, to rukunonin hasashen za su ɓace da sauri, lamarin da zai haifar da rugujewar darajar kadara. Hasashen rashin kwanciyar hankali na kuɗi samfuri ne na tattalin arziƙin jari-hujja, wanda ba ya dogara ga girgizar waje don haifar da zagayowar kasuwanci masu tsanani daban-daban.

Instability is a lack of balance – a reasonable relationship between value of money and goods. A prominent view is the financial instability hypothesis, which states that the economy has financial regimes under which it is stable, and financing regimes in which it is unstable, and that, in periods of prolonged prosperity, the economy transits from financial relations that make for a stable system to financial relations that make for an unstable system10. Furthermore, if an economy with a sizeable body of speculative financial units is in an inflationary state, and the authorities attempt to exorcise inflation by monetary constraint, then the speculative units will quickly evaporate leading to a collapse of asset values. The financial instability hypothesis is a model of capitalist economy, which does not rely upon exogenous shocks to generate business cycles of varying severity.

Austriyawa sun amince da hasashen rashin kwanciyar hankali (instability hypothesis) a matsayin bayanin abin da ke faruwa, amma kuma suna ganin ba ya ba da cikakken bayani mai gamsarwa, saboda haka ba za su iya zargin jari-hujja a matsayinta ta kanta ba. Sun kammala da cewa rashin kwanciyar hankali wata ƙarin gazawa ce ta shigar gwamnati mai girma ta hanyar bankunan tsakiya. Misali: idan Jack ya ajiye £100 na ainihin tanadi (ce daga noma) a banki. Jack yana da haƙƙin neman £100 ɗinsa a kowane lokaci. Bari mu ce bankin ya sake ba Jill £50 aro. A wannan matakin, muna da £150 da ke da goyon bayan £100 (wani tsari da ake amfani da shi a duniya a bankunan zamani, wanda ake kira fractional reserve banking). Domin a bayyana sarai, bari mu ce Jack da Jill sun sayi kaya na £100 da £50 daga shago ta hanyar biyan kuɗi da cak. Yanzu bankin yana fuskantar gibi na £50. Austriyawa suna jayayya cewa a kasuwa mai 'yanci, idan banki ya yi faɗaɗa bashi ba tare da goyon baya ba, yana fuskantar haɗarin a kama shi, don haka barazanar fatara ta fi yiwuwa ta zama abin hana hakan. Saboda haka hasashen rashin kwanciyar hankali na Minsky yana aiki ne kawai ga tattalin arzikin jari-hujja na zamani tare da tsarinsa na cibiyoyi, ba ga jari-hujja ta kasuwa mai 'yanci wacce ba ta da manyan gwamnatoci ba.

The Austrians accept the instability hypothesis as describing what is happening, but also feel it does not provide a satisfactory explanation, hence cannot indict capitalism as such. They conclude that the instability is yet another failure of big government intervention through central banks. For example: if Jack deposits £100 of real savings (say from farming) in a bank. Jack has the right to demand his £100 at any time. Let us say that the bank then lends £50 out to Jill. At this stage, we have £150 backed by £100 (a universal practice in modern banking called fractional reserve banking). To make it clear, let us say Jack and Jill purchase £100 and £50 worth of goods with cheque payments from a shop. The bank now faces a shortfall of £50. The Austrians argue that in a free market, if a bank engages in unbacked expansion of credit, it runs the risk of being caught, and therefore the threat of bankruptcy is likely to serve as a deterrent. Hence Minsky’s instability hypothesis only applies to the modern capitalist economy with its institutional setup and not free market capitalism devoid of big governments11.