Declining Profitability And The Evolution Of The Us Economy
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Declining Profitability And The Evolution Of The Us Economy
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Author : Ascension Mejorado
language : en
Publisher: Taylor & Francis
Release Date : 2023-09-01
Declining Profitability And The Evolution Of The Us Economy written by Ascension Mejorado and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-01 with Business & Economics categories.
The 1970s were a pivotal decade for the US economy: deindustrialization broke the power of the labor unions and made possible the redistribution of income in favor of corporate profits; globalization and offshore investments opened alternatives to domestic nonfinancial capital accumulation; domestic productivity growth declined; and labor-saving technology empowered superstar corporations to rapidly gain market share. This book argues that the persistent fall in profitability, leading to the stagflation crisis, was a direct result of the transition from the Fordist phase of capital accumulation, based on large-scale manufacturing, to the neoliberal phase and the rising power of finance. Neoliberalism restored the power of rentiers but not the profit rates of nonfinancial corporations. Falling accumulation rates weakened the growth capacity of nonfinancial corporate firms and secular stagnation became the norm. Neo-Keynesian economists, Larry Summers and Paul Krugman, explained the persistence of secular stagnation with arguments borrowed from Alvin Hansen in the 1930s, such as the declining birth rate or the falling relative prices of investment goods, hence a shortfall of demand. In the Classical paradigm, profitability drives capital accumulation and falling profitability slows down growth. As the accumulation rate declined and the capacity growth diminished, breakdowns in supply links, due to the COVID-19 pandemic, prevented large infusions of purchasing power to find matching levels of supply, hence the stagflation crisis returned. The book will be a great asset to researchers and scholars interested in the development of Classical Political Economy concerning issues related to inflation, stagnation, growing inequality, and the next phase of neoliberalism.
America S Bubble Economy
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Author : David Wiedemer
language : en
Publisher: Wiley
Release Date : 2007-01-02
America S Bubble Economy written by David Wiedemer and has been published by Wiley this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-02 with Business & Economics categories.
America’s Bubble Economy is the first book to focus on several simultaneous financial bubbles that are interacting to temporarily boost—and ultimately threaten—the United States and world economies. Filled with expert analysis and straight talk, this book will show you how to turn the coming economic transformation into a once-in-a-lifetime wealth-building opportunity.
The Economics Of World War I
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Author : Stephen Broadberry
language : en
Publisher: Cambridge University Press
Release Date : 2005-09-29
The Economics Of World War I written by Stephen Broadberry and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-09-29 with History categories.
This unique volume offers a definitive new history of European economies at war from 1914 to 1918. It studies how European economies mobilised for war, how existing economic institutions stood up under the strain, how economic development influenced outcomes and how wartime experience influenced post-war economic growth. Leading international experts provide the first systematic comparison of economies at war between 1914 and 1918 based on the best available data for Britain, Germany, France, Russia, the USA, Italy, Turkey, Austria-Hungary and the Netherlands. The editors' overview draws some stark lessons about the role of economic development, the importance of markets and the damage done by nationalism and protectionism. A companion volume to the acclaimed The Economics of World War II, this is a major contribution to our understanding of total war.
Tax Reform And The Cost Of Capital
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Author : Dale Weldeau Jorgenson
language : en
Publisher: Oxford University Press
Release Date : 1991
Tax Reform And The Cost Of Capital written by Dale Weldeau Jorgenson and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Business & Economics categories.
Introduction -- Taxation of income from capital -- The U.S. tax system -- Effective tax rates -- Summary and conclusion.
The Great Reversal
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Author : Thomas Philippon
language : en
Publisher: Belknap Press
Release Date : 2019
The Great Reversal written by Thomas Philippon and has been published by Belknap Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Business & Economics categories.
American markets, once a model for the world, are giving up on competition. Thomas Philippon blames the unchecked efforts of corporate lobbyists. Instead of earning profits by investing and innovating, powerful firms use political pressure to secure their advantages. The result is less efficient markets, leading to higher prices and lower wages.
Deglobalization Financial Inequality And The Green Economy
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Author : Fikret Čaušević
language : en
Publisher: Taylor & Francis
Release Date : 2023-10-20
Deglobalization Financial Inequality And The Green Economy written by Fikret Čaušević and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-20 with Business & Economics categories.
One of the most challenging issues for the current state of global economy is a highly uneven distribution of global financial assets and liabilities. Drawing on extensive data, this book analyses the new global divisions in economic and financial inequality across the globe in the first two decades of this century. After outlining the context of the global financial system in the aftermath of the Global Financial Crisis of 2008/2009, this book provides a detailed examination of the data on economic and financial inequality, analysing growth rates relative to financial liabilities and assets for all countries where data is available. The central issues in understanding the financial and environmental efficiency of economic growth are also addressed as well as the development of financial and regulatory technologies (FinTech and RegTech). The final part of this book explores the changes in economic growth and financial assets/liabilities as a result of major events in the past three years: Covid Crisis, the rise of inflation and the Russian invasion of Ukraine. The focal point of this analysis is the relationship between the speed of economic growth, the use of financial resources for funding that growth and levels of inequality. The green transition, as one of the most important challenges in the global economy, is an integral part of this analysis, along with the inequality in available financial resources for this transition and potential threats to global financial stability. This book will be vital reading for those interested in inequality, financial economics, the global financial system and economic growth.
The Structure And Operation Of Modern Economies
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Author : Alessandro Romagnoli
language : en
Publisher: Taylor & Francis
Release Date : 2023-11-17
The Structure And Operation Of Modern Economies written by Alessandro Romagnoli and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-11-17 with Business & Economics categories.
This book is about the economy rather than economics. It explores the structures, inner workings and problems of modern economies, showing how the organisations and networks that shape the structure of the economy are arranged to provide society with goods and services. At the centre of the analysis there is the economic system, characterised by organisational components carrying out economic functions (production, consumption, distribution, and establishment and control of the economic activities as well as provision of public goods and services) and by a co-evolving dynamic with the state. The economic system is thus a ‘machine’ that modern states have organised through their laws and international agreements. The book incorporates a historical approach which reveals the varieties, structure and evolution of capitalism as the defining economic system of the modern age. Ultimately, the book demonstrates that the economic sphere and the political sphere are the two powers ruling people’s lives: the economy is the result of their interactions. This book will be of great interest to readers in political economy, economics, sociology and political science.
Economic Theory For The Real World
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Author : Victor A. Beker
language : en
Publisher: Taylor & Francis
Release Date : 2023-11-03
Economic Theory For The Real World written by Victor A. Beker and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-11-03 with Business & Economics categories.
After the Great Financial Crisis economic theory was fiercely criticized from both outside and inside the discipline for being incapable of explaining a crisis of such magnitude. Slowly but persistently, new strands of economic thought are developing, to replace the old-fashioned neoclassical economic theory, which have a common characteristic: they are better suited to help understand the real-world economy. This book explores the key tenets and applications of these. The book opens with an explanation of the ‘real world’ approach to economics in which theoretical models resemble real world situations, realistic assumptions are made, and factors such as uncertainty, coordination problems and bounded rationality are incorporated. Additionally, the book explores the ramifications of considering the economy as both a dynamic system – with a past, present and future – as well as a complex one. These theoretical precepts of the real world economy are then applied to some of the most pressing economic issues facing the world today including ecological sustainability, the rise of corporate power, the growing dominance of the financial world, and rising unemployment, poverty and inequality. In each case, the book reveals the insights of the shortcomings of the neoclassical approach which fails to illuminate the complexities behind each issue. It is demonstrated that, by contrast, adopting an approach grounded in the real world has the power to produce policy proposals to help tackle these problems. This book is essential reading for anyone seeking a deeper understanding of the economy, including readers from economics and across the social sciences.
Value Money And Capital
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Author : Guido Starosta
language : en
Publisher: Taylor & Francis
Release Date : 2023-10-05
Value Money And Capital written by Guido Starosta and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-05 with Business & Economics categories.
The book presents a high-impact re-reading of core topics in the Marx and Marxist debates including: value-theory, the commodity-nature of money, complex or skilled labour, the determination of the value of labour-power and the nature of extraordinary surplus value. Drawing on this literature, the book provides original and innovative insights into key controversies in contemporary capitalism such as the increasingly intellectual character of commodity-producing labour, the emergence of global value chains, the relevance of ground-rent bearing commodities, and the specific, uneven developmental dynamics of "resource-rich" countries in the global process of capital accumulation. Contributing to the renewed vitality of critical studies of the economic works of Karl Marx, this book will be essential reading for all those interested in contemporary debates within Marxism, as well as readers of political economy, economics, development studies and economic sociology.
Transformations Of Contemporary Capitalism
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Author : David J. Evans
language : en
Publisher: Taylor & Francis
Release Date : 2023-10-02
Transformations Of Contemporary Capitalism written by David J. Evans and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-02 with Business & Economics categories.
In recent decades, there has been many attempts to describe, explore, and explain the new ‘post-modern’ capitalism of the twenty-first century. In this context, this book looks at one of the most exciting strands of this research in the late twentieth century: the flexible specialisation research programme (FSRP). Drawing on the history of ideas, discourse, and literature on capitalism of the last four decades, this book shows that although ‘flexible specialisation’ anticipated some of the ways in which capitalism was being transformed in the late twentieth century, they underestimated and failed to anticipate the forms of ‘creative destruction’ and corporate digital control which were becoming embedded in the global capitalist accumulation dynamic itself. The sudden disappearance of the Soviet Union and the ‘end of history’ failed to open up the pathway for new forms of modern social democracy but gave rise instead to the new digital Behemoths. Today, the classical tendencies of capitalism as anticipated by Marx are all too present and, despite talk of ‘post-capitalism’ and ‘digital/techno-feudalism’, the landscape of monopolyfinance capital has consolidated itself. The book counterposes the FSRP with the various Marxist interpretations of the capitalist transition, together with the wider social and economic theories that emerged in the first decades for the twenty-first century around, for example, the ‘great acceleration’, de-growth, and post-growth. This book will be of interest to all readers concerned with heterodox political economy, critical social theory, intellectual history, and, above all, the prospects for social transformation leading to social justice and an ‘egalitarian enlightenment’.