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Literatur zur Politischen Ökonomie
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Lucarelli (2004): Monopoly Capitalism in Crisis
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Monopoly Capitalism in Crisis
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"Influenced by the seminal ideas of Keynes, Kalecki and Baran/Sweezy, Monopoly Capitalism in Crisis develops a succinct argument of the origins and causes of the contemporary global crisis. Keynes's original insights are woven into a grand synthesis with the "stagnationist" approach pioneered by Baran and Sweezy and are further reinforced by introducing Fisher's debt-deflation theory of great depressions and Minsky's financial instability hypothesis. The essential kernel of the argument is that under the mature stages of the evolution of monopoly capitalism and in the absence of powerful countervailing forces (ie, technical innovation, market expansion, etc), the natural tendency is towards economic stagnation. This conclusion is doubtless the very opposite of the neoliberal claim that the market economy tends toward full employment equilibrium in the long run." (Verlag)

Introduction 1

Part I A Theoretical Critique 11

1 Accumulation and Crisis: Marxian Controversies 13
Introduction 13
1 The law of value revisited 14
2 The tendency of the rate of profit to fall 15
3 Simple and expanded reproduction 22
4 The problem of effective demand 24
Conclusion 29
Appendix 1A Expanded reproduction 30

2 Circular and Cumulative Causation 32
Introduction 32
1 Neoclassical and the ″new″ endogenous growth theories 32
2 The law of increasing returns 37
3 Endogenous technical change 40
4 The role of effective demand and net exports 43
Conclusion 47
Appendix 2A The Solow/Swan model 48

3 Overaccumulation and Crisis 51
Introduction 51
1 The determination of national income: a Kaleckian model 52
2 Oligopoly and stagnation 56
3 The credit cycle and the onset of debt deflation 60
Conclusion 67

4 Long Cycles of Growth and Stagnation? 68
Introduction 68
1 ″Creative destruction″ 68
2 Oligopoly and technical progress 78
Conclusion 83
Appendix 4A Harrod′s theory of the trade cycle 84
Appendix 4B Classification of technical progress 86

Part II The Era of Stagnation and Crisis: 1975–2000 87

5 The Demise of Pax Americana 89
Introduction 89
1 The crisis of overaccumulation 90
2 The demise of the Breton Woods accords 95
3 The dollar and its rivals 101
4 Third World debt and delusion 104
5 A tripolar world system? 109
Conclusion 113

6 The Onset of ″Eurosclerosis″ 115
Introduction 115
1 European Monetary Union: the first experiment 116
2 The neoliberal ascendancy in Europe 119
3 The European Monetary System: 1979–87 122
4 The Maastricht blueprint for EMU 127
Conclusion 133

7 The US–Japanese Axis: Unity or Rivalry? 134
Introduction 134
1 The historical context 135
2 From virtuous circle to vicious circle 140
3 A trans-Pacific trade war? 148
Conclusion 156

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