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Literatur zur Politischen Ökonomie
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Referenz:
Kalogerakos (2013): Rate of profit
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Titel:
Financialization, the Great Recession, and the rate of profit
Untertitel:
Profitability trends in the US corporate business sector, 1946-2011
Jahr:
2013
Quelle:
Deskribierung:
Inhalt:
The tendential fall in the rate of profit lies in the center of a long-lasting debate among Marxist scholarship on its centrality and empirical relevance in the investigation of structural crises. Without neglecting the financial aspect of the current crisis, which is covered in the vast majority of academic accounts, we try to discover its underlying roots in the entire spectrum of capitalist production in the US, in reference with that debate. Our empirical evidence indicates that the US economy experiences an inability to recover profit rates to the high levels of the first postwar decades on a sustainable basis. It is proposed that this is due to the reluctance of policy makers to allow the vast destruction of unproductive capital, because such a process entails a potential systemic risk for the established socioeconomic and political status-quo.

LIST OF FIGURES . 2
LIST OF TABLES . 3
LIST OF ABBREVIATIONS 4

1. INTRODUCTION 5
1.1. AIM, HYPOTHESIS, AND OUTLINE OF THE THESIS 6
2. THEORETICAL FRAMEWORK 8
2.1. THE ″LAW OF THE TENDENCY OF THE RATE OF PROFIT TO FALL″ 8
2.2. MARXIAN THEORY OF CRISES . 9
2.3. THE LAW OF THE TENDENCY OF THE RATE OF PROFIT TO FALL AS THE MARXIAN INTERPRETATION OF CRISIS AND CRITICISM TO IT 12

3. DATA AND METHOD . 15
3.1. MAIN DATA SOURCES AND BASIC METHODOLOGY 15
3.2. QUALITATIVE AND QUANTITATIVE METHODOLOGICAL ISSUES . 16
3.2.1. Current-cost (CC) vs. historical-cost (HC) valuation of the net stock of fixed capital 16
3.2.2. Profit flow measures . 17
3.2.3. Why the US corporate business sector? 19

4. HETERODOX INTERPRETATIONS OF THE CRISIS . 20
4.1. A SMALL NOTE ON THE HISTORICAL DEBATE ON THE STAGFLATION CRISIS 20
4.2. THE CURRENT DEBATE . 22
4.2.1. The financialization approach 22
4.3. THE DISPUTE OVER PROFITABILITY TRENDS . 24

5. RESULTS 26
5.1. PROFIT RATES 26
5.1.1. Current-Cost (CC) Profitability Trends . 27
5.1.2. Historical-Cost (HC) Profitability Trends . 31
5.1.3. Concluding remarks with regard to profitability trends . 34
5.2. ORGANIC COMPOSITION OF CAPITAL (OCC) . 36
5.3. RATE OF ACCUMULATION . 38
5.4. DECOMPOSITION OF THE PROFIT RATE 42

6. CONCLUSION 44

REFERENCES . 46
APPENDIX A 54
Descriptive Statistics . 54
APPENDIX B (ENDNOTES) . 55
s. Infos:
 
 


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