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Literatur zur Politischen Ökonomie
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Referenz:
Duménil (2005): The Real and Financial Components of Profitability
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Titel:
The Real and Financial Components of Profitability (USA 1948-2000)
Jahr:
2005
Quelle:
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Inhalt:
The traditional measure of the profit rate of nonfinancial corporations, as the ratio of profits after tax but prior to the payment of net interest, and tangible assets, reveals the familiar pattern in three phases: (1) the rise into the 1960s bulge; (2) the decline to 1982; (3) the recovery during the 1980s and 1990s. The alleviation of taxes had a strong countertendencial effect. Financial relations (payment of interest, financial incomes and capital gains, depreciation of the debt by in°ation, the consideration of net worth instead of tangible assets as a measure of capital) significantly modify this profile. Comparatively large profit rates are maintained during the 1970s, as a result of the transfer from lenders to borrowers due to the combination of inflation and low interest rates. This situation is reversed during the 1980s and 1990s, despite the sharp reduction of indebtedness. A profit rate is computed for the financial sector. Its value is close to that of nonfinancial corporations. It declined up to the early 1980s, and then sharply recovered. The two profit rates tend to gravitate around a common value, but there is an important "policy" component: The profit rate of the financial sector remained comparatively lower during the Keynesian treatment of the crisis in the 1970s, and soared during the neoliberal decades.

1 - Introduction . 1
2 - Nonfinancial corporations: The real component of profitability 2
2.1 The restricted corporate sector 2
2.2 The effects of inventories and taxation . 5
3 - Nonfinancial corporations: The impact of financial relations . 6
3.1 General framework of analysis 7
3.2 The financialization of nonfinancial corporations 8
3.3 A measure of the profit rate including the impact of financial relations. 10
3.4 The impacts of interest payments and indebtedness. 12
3.5 The profit rate on US Direct investment abroad . 12
4 - The profit rate of the financial sector . 13
4.1 Definition of the restricted financial sector. 13
4.1.1 Compatibility between sources . 14
4.1.2 The relevance of a measurement of profitability15
4.2 The profit rate of the restricted financial sector . 16
Summary of the main results18
Technical appendix. 19
A.1 The Nonfinancial restricted corporate sector20
A.2 The Restricted financial sector 23
A.3 Miscellaneous. 27
References 29
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