Le « Fordisme financier » ou pourquoi l'industrie automobile a tant souffert de la crise financière

Sylvain Broyer and Ludovic Fava

Revue d'économie industrielle, 2011, vol. n° 134, issue 2, 85-103

Abstract: This paper presents the collapse of the global automobile industry in 2008 in relation to the numerous porosities that exist between this industry and the financial sphere: 1/ the short term financing pattern of carmakers? working capital, of the network and even loans to individuals; 2/ the twofold function of credit since car demand is financed externally and stimulated by the form of credit supply (leasing); 3/ the closer dependency of the production process to financing conditions in the context of off-shoring. These porosities characterize a paradigm that can be qualified as « financial Fordism » and whose main features seem to be: 1/ maintaining a competitive selling price; 2/ reducing working capital if external financing becomes too costly; 3/ increasing demand via external financing not via wages like in the standard Fordism.

Keywords: Capacity; Automobile; Industrial Organization and Macroeconomics; Financing policy; Fixed Investment; Inventories Studies (search for similar items in EconPapers)
Date: 2011
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