Profitability And The Great Recession
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Profitability And The Great Recession
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Author : Ascension Mejorado
language : en
Publisher: Routledge
Release Date : 2013-10-23
Profitability And The Great Recession written by Ascension Mejorado and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-23 with Business & Economics categories.
From the mid-1980s, investors in the US increasingly directed capital towards the financial sector at the expense of non-financial sectors, lured by the perception of higher profits. This flow of capital inflated asset prices, creating the stock market and housing bubbles which burst when the imbalance between stagnant incomes and rising debts triggered the banking meltdown. Profitability and the Great Recession analyses these trends in profitability and capital accumulation, which the authors identify as the root cause of the financial crisis, in the context of the US and other major OECD countries. Drawing on insights from Adam Smith, David Ricardo, John Stuart Mill and Karl Marx, the authors interpret the relationship between capital accumulation and profitability trends through the conceptual lens of classical political economy. The book provides extensive empirical evidence of declining rates of US non-financial corporate accumulations from the mid-1960s and profitability trends in that sector falling from post-war highs. In contrast to this, it is shown that there was a vigorous rise of profitability in the financial sector from a 1982 trough to the early part of the twenty-first century, which led to the bloating of that sector. The authors conclude that the long-term falling accumulation trend in the non-financial corporate sector, highlighted by the bankruptcy of major automobile corporations, stands out as the underlying force that transformed the financial crisis into a fully-fledged Great Recession. This book will be of interest to students and researchers in the areas of economics, political economy, business and finance.
The Failure Of Capitalist Production
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Author : Andrew Kliman
language : en
Publisher:
Release Date : 2012
The Failure Of Capitalist Production written by Andrew Kliman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business cycles categories.
"The recent financial crisis and Great Recession have been analysed endlessly in the mainstream and academia, but this is the first book to conclude, on the basis of in-depth analyses of official US data, that Marx's crisis theory can explain these events. Marx believed that the rate of profit has a tendency to fall, leading to economic crises and recessions. Many economists, Marxists among them, have dismissed this theory out of hand, but Andrew Kliman's careful data analysis shows that the rate of profit did indeed decline after the post-World War II boom and that free-market policies failed to reverse the decline. The fall in profitability led to sluggish investment and economic growth, mounting debt problems, desperate attempts of governments to fight these problems by piling up even more debt -- and ultimately to the Great Recession. Kliman's conclusion is simple but shocking: short of socialist transformation, the only way to escape the 'new normal' of a stagnant, crisis-prone economy is to restore profitability through full-scale destruction of existing wealth, something not seen since the Depression of the 1930s."--Publisher's website.
The Falling Rate Of Profit And The Great Recession Of 2007 2009
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Author : Peter H. Jones
language : en
Publisher: BRILL
Release Date : 2021-04-06
The Falling Rate Of Profit And The Great Recession Of 2007 2009 written by Peter H. Jones and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-06 with Political Science categories.
In The Falling Rate of Profit and the Great Recession of 2007-2009, Peter H. Jones develops a new non-equilibrium interpretation of the labour theory of value Karl Marx builds in Capital. Applying this to US national accounting data, Jones shows that when measured correctly the profit rate falls in the lead up to the Great Recession, and for the main reason Marx identifies: the rising organic composition of capital. Jones also details a new theory of finance, which shows how cycles in the profit rate relate to stock market booms and slumps, and movements in the interest rate. He discusses the implications of the analysis and Marx and Engels’ work generally for a democratic socialist strategy.
The Great Recession
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Author : Michael Roberts
language : en
Publisher: Lulu.com
Release Date : 2009-12-03
The Great Recession written by Michael Roberts and has been published by Lulu.com this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-03 with Business & Economics categories.
The Great Recession of 2008-9 was the worst slump in the world economy since the Great Depression in the 1930s. Michael Roberts forecast that it would happen a few years before and in this book he explains why the Great Recession happened - relying on Marx's analysis of the laws of motion in a capitalist economy. And he makes predictions of whether and when it could happen again.
The Great Recession And The Contradictions Of Contemporary Capitalism
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Author : Riccardo Bellofiore
language : en
Publisher: Edward Elgar Publishing
Release Date : 2014-10-31
The Great Recession And The Contradictions Of Contemporary Capitalism written by Riccardo Bellofiore and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-31 with Business & Economics categories.
The current crisis is one of the great crises punctuating the long history of capitalism, and to be properly understood it is vital to take into account its ongoing structural transformation. This book offers plural perspectives on the Great Recession,
The First Great Recession Of The 21st Century
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Author : Óscar Dejuán
language : en
Publisher: Edward Elgar Publishing
Release Date : 2011-01-01
The First Great Recession Of The 21st Century written by Óscar Dejuán and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Business & Economics categories.
The 2008-10 financial crisis and the global recession it created is a complex phenomenon that warrants detailed examination. The various essays in the book utilise several alternative paradigms to provide a plausible explanation and a credible cure. This book provides this important analysis in great detail and from different theoretical perspectives, presenting a clearer understanding of what went wrong and expounding misinterpretations of current theories and practices. Thirteen insightful chapters by eminent scholars investigate the background of the crisis and draw lessons for economic theory and policy. They largely illustrate that the roots of the recession lie in the financial sector which, over the past few decades, has expanded considerably in terms of both size and complexity. They show that financial innovation has decoupled the real and financial sectors - not always to the benefit of economic stability - and argue that financial markets should be regulated more astutely in order to reinforce transparency and accountability. The book concludes that economics as a science should give proper weight to financial variables and integrate them into its models.
The Falling Rate Of Profit And The Great Recession
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Author : Peter Jones
language : en
Publisher:
Release Date : 2015
The Falling Rate Of Profit And The Great Recession written by Peter Jones and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This thesis develops a new, temporalist interpretation of Marx's value theory. It applies this to US national accounting statistics, in order to test Marx's Law of the Tendential Fall in the Rate of Profit (LTFRP) and whether it can explain the causes of the Great Recession of 2007 - 2009 in the US. It finds that movements in the rate of profit in the US conform to Marx's law and that the Great Recession can be explained by a prior decline in the US rate of profit. It also gives empirical confirmation of Marx's account of the tendencies and counter-tendencies which determine movements in the average rate of profit. The interpretation builds on the important breakthroughs of the temporal single system interpretation (TSSI) of Marx's value theory, which refutes two allegations of internal inconsistency against Marx's system: the transformation problem and the Okishio Theorem. This includes showing how a temporalist approach can be extended to account for the devaluation of capital due to crises and obsolescence, overcoming problems associated with historical cost accounting while still making it possible for cost-reducing technological change to lead to a falling rate of profit with a constant real wage. The thesis also gives a method for measuring the turnover time of variable capital. This makes it possible to measure the value composition of capital and the organic composition of capital as the ratios of one stock to another stock, and to quantify the influences on the rate of profit of changes in the organic composition of capital, changes in the turnover time of variable capital, the cheapening of new capital, the devaluation of existing capital and changes in the rate of surplus value. The thesis also quantifies the relationships between the total stock of surplus value, unproductive expenditures of surplus value, profits from production, profits from secondary exploitation and fictitious profits. This forms the basis for two new types of measure of the rate of profit with which to test Marx's law. This value accounting framework is then extended to explain how the creation of fictitious capital can create fictitious profits, and how this can be used to explain average rates of return on financial assets and the interest rate. The results show there has been a long-term decline in the US rate of profit, and declines in the US rate of profit in the lead up to all major crises. Since 1945, the organic composition of capital has increased more or less continuously, and its effect on the rate of profit was counteracted to a limited extent by the other factors Marx identifies, including a rising rate of surplus value. Marx's observations concerning the relationship between the interest rate and the business cycle are also supported by the evidence over the long-term. This is strong evidence in favour of the predictive power of Marx's value theory in Capital.
The Great Recession
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Author : Michael S. H. Heng
language : en
Publisher: World Scientific
Release Date : 2010
The Great Recession written by Michael S. H. Heng and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
Deals with the 2008 financial crisis and the recession. This book takes the real economy as the starting point and situates the downturn within the societal context over the last several decades.
World In Crisis
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Author : Guiglelmo Carchedi
language : en
Publisher: Haymarket Books
Release Date : 2018-10-01
World In Crisis written by Guiglelmo Carchedi and has been published by Haymarket Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-01 with Business & Economics categories.
Most mainstream economists view capitalism’s periodic breakdowns are nothing more than temporary aberrations from another wise unbroken path toward prosperity. For Marxists, this fundamental flaw has long been acknowledged as a central feature of the free market system. This groundbreaking volume brings together Marxist scholars from around the world to offer an empirically grounded defense of Marx’s law of profitability and its central role in explaining these capitalist crises. Gugliemo Carchedi has worked at the United Nations in New York and has taught at the University of Amsterdam. Michael Roberts has worked as an economist for over thirty years in the city of London financial center.
Cycles Growth And The Great Recession
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Author : Annalisa Cristini
language : en
Publisher: Routledge
Release Date : 2014-11-13
Cycles Growth And The Great Recession written by Annalisa Cristini and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-13 with Business & Economics categories.
Cycles, Growth and the Great Recession is a collection of papers that assess the nature and role of the business cycle in contemporary economies. These assessments are made in the context of the financial market instability that distinguishes the Great Recession from previous post-war slowdowns. Theorists and applied scholars in the fields of economics and mathematical economics discuss various approaches to understanding cycles and growth, and present mathematical and applied macro models to show how uncertainty shapes cycles by affecting the economic agent choice. Also included is an empirical section that investigates how the Great Recession affected households’ housing wealth, labour productivity and migration decisions. This book aims to: Propose a novel understanding of the business cycle by comparing the approaches of various scholars, starting from Hyman Minsky and Piero Ferri. Show that uncertainty is a main feature of the business cycle that affects decision-making and economic behaviour in general. Explain with mathematical models how the behaviour of economic agents can lead to cyclical paths for modern developed economies. Augment theory with empirical analysis of some central issues related to the Great Recession. This book comprises an original view of such widely discussed subjects as business cycles, uncertainty, economic growth and the Great Recession, constructed around theory, models and applications.