Market adjustment

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In economics, market adjustment is a process in which the number of providers in a market is reduced.

The market adjustment is a market mechanism that eliminates the situation of so-called oversupply. Some providers produce goods that are too expensive or cannot be sold for other reasons (e.g. outdated technology, design that no longer meets consumer tastes, or changed framework conditions). These providers then disappear from the market, be it because they are bought up by other providers , because they withdraw from the market and only serve other markets or because they file for bankruptcy.

A shakeout may be one among others result predatory pricing or ruinous competition be, may as a result of economic crises arise or under the heading of structural change be entirely desirable and thus forced.

The bankruptcy law has held an important role in market economies in the shakeout.

Market shakeout by means of a stabilization or "cleaning crisis"

In the 1930s, it was assumed that there would be a necessary “cleansing crisis” and “self-healing powers of the market”, insofar as this allowed a further economic slowdown. Even today, some economists are of the opinion that market shakeout by means of a recession, i.e. a cleansing crisis (or stabilization crisis), is necessary and we speak of structural programs or structural adjustment in this context .

See also

literature

  • Norbert Berthold : More efficiency and justice: ways to unbundle the welfare state. In: Perspektiven der Wirtschaftsppolitik 2005, pp. 233–254.
  • Florian Dausend / Frank Bruder: Distressed M&A - Buying a company in crisis and insolvency. In: Corporate Finance Law . 2010, pp. 234-237.
  • Kerstin Emrich: Concentration in the retail book trade. Diagnosis, prognosis and recommendations for action. 1st edition, Gabler Verlag, Wiesbaden 2011, ISBN 978-3-8349-2458-2 .
  • Susanne Hilger: Between dismantling and reconstruction - companies and Allied occupation policy after the Second World War using the example of the Henkel company in Düsseldorf. In: Journal of Company History . 2001, pp. 198-220.
  • o. V .: Stock exchanges - Between tradition and market shakeout. In: Journal for the entire credit system. 2009, p. 1249.

Individual evidence

  1. ^ Markus M. Müller / Roland Sturm: Economic Policy Compact. 1st edition, VS Verlag für Sozialwissenschaften, Wiesbaden 2010, ISBN 978-3-531-14497-9 , p. 241.
  2. ↑ Frank Dornseifer: Alternative Investments - Significance and Framework Conditions in a Changed Market Environment. In: Journal for the entire credit system. 2009, pp. 360, 362.
  3. ^ Achim Fey, Wolfgang Neyer: Defusing the shell purchase regulation for redevelopment cases. In: The company . 2009, 1368, 1371.
  4. ↑ Beck / Depré: Practice of insolvency. 2nd edition, Verlag Vahlen, Munich 2010, ISBN 978-3-8006-3574-0 , § 1, Rn. 126.
  5. ↑ cf. for the situation at German construction companies: Sammy Ziouziou, Erich Gluch: The German construction companies - no tendency to size. In: ifo Schnelldienst . Issue 19/2010, p. 22.
  6. ^ University of Duisburg, Thomas Siebold, 1995: The social dimensions of structural adjustment - an interim balance. ( Memento of the original from January 30, 2012 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (PDF) p. 2: “All programs have one goal in common: they should restore the debtor country's solvency. Even if the structure of the IMF / World Bank structural adjustment differs from program to program, all programs follow a basic pattern whose neoclassical-monetarist origin cannot be denied: It is based on three principles: 1. Deflation of the economy through monetary measures: By limiting the domestic credit volume and reducing the state budget deficit ... " @1@ 2Template: Webachiv / IABot / inef.uni-due.de
  7. ↑ Advisory Council on the Assessment of Overall Economic Development: Annual Report 2013/14: Against a backward-looking economic policy. (PDF) p. 218:
    “Small and medium-sized enterprises play an important economic role in many sectors. However, a warning should be given against economic policy measures that have the general goal of maintaining lending to small and medium-sized enterprises at the same level, because such measures could halt the necessary structural change . "
  8. ↑ Frege / Keller / Riedel: Insolvenzrecht , 7th edition, Verlag CH Beck, Munich 2008, ISBN 978-3-406-56019-4 , Rn. 4th
  9. ↑ Detlev Humann: Labor battle. Job creation and propaganda in the Nazi era 1933 - 1939. Göttingen 2011. ( online ) p. 34:
    "After that, the economic decline was seen as a cleaning crisis, from which the economy emerged strengthened thanks to its self-healing powers."
  10. ↑ Hans Gestrich: Monetary Policy and World Economy. Berlin 1934. p. 13: “If in the years 1931/1932 the opponents of active economic policy always argued that if the crisis were to run, the economy would have to be“ cleansed ”of weak and inefficient enterprises, experience has shown that the crisis itself has made more and more companies weak. The “inability to perform” consisted more and more only in the existence of debts, which remained the same with falling sales and prices. Financing with outside capital is not yet a criterion of inefficiency, especially in the modern economy. It makes good sense to speak of a cleaning function for economic crises, since the bad and inept actually fall first. But the longer a crisis lasts, the deeper it becomes, the more purification becomes simple senseless destruction. The theories of "burning out" of the economic crisis and its "cleaning function" had a fatal influence on German economic policy in 1931/32. "
  11. ^ Association of German Economic Research Institutes: Economic reforms in Central and Eastern Europe. Proceedings for the annual conference of the Association of German Economic Research Institutes. Berlin 1993. ( online ) p. 256: “The IMF's forecasts are mostly very positive. Then it comes after a stabilization crisis ... "
  12. ↑ Wirtschaftslexikon Gabler: Definition of the stabilization crisis
  13. ↑ Ansgar Belke: EU Governance and State Insolvency. Options beyond the Commission's proposals. In: Yearbook for the Order of Economy and Society. Volume 62. Stuttgart 2011. S. 61. ( online ).