Sollen Banken nationalisiert werden?

Ein Überblick zusammengestellt von Steve Randy Waldmann (Interfluidity):

• Buiter — Time to take the banks into full public ownership, Can the UK government stop the UK banking system going down the snyrting without risking a sovereign debt crisis?
• Clusterstock — More Cries For "The Swedish Model" To Fix Banks, Why Are We So Afraid To Fix Banks The Right Way?
• Cowen — Why bank nationalization is a last resort, Is the Sweden plan so much better?
• Dillow — Arguing about bank nationalization
• Drum — Kevin Drum Smackdown Watch, Nationalization Revisited, Nationalization
• Fama — Government Equity Capital for Financial Firms
• Fox — Why hasn't the government nationalized Citigroup? Hank Paulson's sort of answer, The case for nationalizing Citigroup and Bank of America, and getting Robert Reich a fact checker
• Free Exchange — Why not nationalise?
• Hempton — Nationalisation after due process
• Jones — Nationalisation linkfest
• Kedrosky — Bank nationalization: Why Are We Pretending?
• Krugman — Wall Street Voodoo
• Gaius Marius — nationalization now!
• McArdle — Why not nationalize, like Sweden?
• Quiggin — What to do with nationalised banks?
• Salmon — The Urgent Financial Crisis Facing Obama, Insolvent Banks: Why a Debt-for-Equity Swap Won't Work, Felix Salmon Smackdown Watch, More on Bank Nationalization, Why Nationalization is the Best Alternative, Why We Should Nationalize Now, Nationalize Citigroup and Bank of America
• Surowiecki — Nationalization will not be easy, Where would bank nationalization stop?
• Waldmann -The Swedes did nationalize, Real capitalists nationalize, Nationalize like real capitalists, Did the Swedes nationalize? What does that mean, anyway?
• Yglesias — The grain
  

Dillow bemerkt zu Willem Buiters Aufruf zur Verstaatlichungen der Banken, dass ihm vor allem das Argument

Costly partial state ownership and the fear of future state ownership (partial or complete) are themselves discouraging banks from lending…if the state’s financial assistance is priced punitively or has other painful conditionality attached to it, existing shareholders and management will do everything to avoid making use of these government facilities…Such a bank will therefore be reluctant to take any risk, including the risk of lending.

ins Auge gestochen ist, dienn dies ist eine spezifische Form eines allgemeinerem Arguments

modelled by Herschel Grossman (such as this pdf), Roland Benabou (section 4 of this pdf) or Jess Benhabib and Aldo Rustichini (pdf). These papers show that the threat of future taxes or other forms of appropriation can reduce capital accumulation and economic growth. In such circumstances, it’s theoretically possible that full-scale revolution might be more economically efficient than gradualist social democracy. This is because social democracy exposes the capitalist class to the threat of future full or partial expropriation - thus depressing current economic activity - whereas sudden revolution does not. Instead, by restoring secure property rights, revolution can stimulate investment.
The gut instinct that social democracy, gradualism or progressiveness is more sensible than outright revolution can therefore be false. Sometimes extremists can be rational and hard-headed, whilst moderates are woolly-headed economic illiterates.
Buiter’s argument is that this is true for banking nationalization.