Conséquence de la crise financière ou crise d’une forme de capitalisme : la faillite des Big Three

• Main Authors: Michel Freyssenet, Bruno Jetin
• Format: Article
• Language: English
• Published: Association Recherche & Régulation 2011-06-01
• Series: Revue de la Régulation
• Subjects: automobile; crisis; deregulation; finance; growth regime; inequalities
• Online Access: http://journals.openedition.org/regulation/9233

American carmakers were not unfortunate victims of some financial crisis that got in the way of their recovery. The aggravation of the social inequalities in United States as from the years 1980 gave rise to a demand for expensive vehicles, the light-trucks. It appeared very profitable for GM, Ford and Chrysler and their allowed to thrive, in spite of the competition of the Japanese constructors. The increasing outsourcing of the production and the diversification in the services were to reinforce profitability. The bursting of Internet bubble in 2000 revealed the mirage of the “new economy”. The outsourcing combined with engagements of the company to ensure the retirement pensions involved an inexorable rise of the salary costs of Big Three and a fall of the profits since 2005. The continuation of the running into debt of the households artificially maintained the sales until the final outcome. The Big Three were direct contributors to their own problems, first and foremost through their adherence to “new economy” precepts and efforts to implement its recipes. The question is whether they ever had an alternative.