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Literatur zur Politischen Ökonomie
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Referenz:
Beitel (2009): The Rate of Profit
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Titel:
The Rate of Profit and the Problem of Stagnant Investment
Untertitel:
A Structural Analysis of Barriers to Accumulation and the Spectre of Protracted Crisis
in:
Jahr:
2009
Jg.:
17
pp.:
66-100
Deskribierung:
Inhalt:
This paper situates the subprime crisis in the context of the performance of the American economy over the last twenty-five years. The restructuring of the US economy is briefly reviewed, followed by an examination of some of the contradictions of the neoliberal model. Particular emphasis is placed on understanding the reasons behind stagnant investment, and how the US finance-led accumulation-régime has become dependent upon, and threatened by, credit-creation delinked from the financing of fixed-capital formation. I argue that while the defeat of the remnants of the New-Deal/Civil-Rights liberal-democratic coalition has provided the political context for the bold re-assertion of the prerogatives of capitalist owners, the neoliberal model has not provided a path out of problems of stagnation and growing debtdependency that presently plague the US (and global) economy. Further, I argue that evidence suggests that the post-1982 restoration of profi tability that underpinned the relative improvement of US economic performance has peaked, and that compelling historical and theoretical reasons exist to expect that the profi t-rate will decline in the coming decade. This will introduce additional stresses on the current debt-structure of the US economy, triggering a period of prolonged crisis and economic dislocation. The conclusion is that the US economy faces the spectre of a protracted crisis associated with the reassertion of the falling rate of profit.


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