We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Profit, Accumulation, and Crisis in Capitalism: Long‐term Trends in the UK, US, Japan, and China, 1855–2018.
- Abstract
Third, Marx identified several influences counteracting, at times, the profit rate's long-term tendency to fall, for example, reduced costs of constant capital and/or an increased rate of labour exploitation. Not surprisingly, the long-term profit rate decline of all four economies is attributed to a rising capital-output ratio and a falling profit share. Therefore, the debate can be broadly framed as between those advocating an atemporally determined rate of profit (current cost) and those positing a temporally determined profit rate (historical cost). Noting that 'modern Marxian economics defines the profit rate as the ratio of the total capitalist profit divided by the capital stock [ I sic i ]' (p. 13), Li advises - without clarifying the reasoning - the profit rate can be analysed as the ratio of profit share to the capital-output ratio (i.e., net business investment-GDP ratio).
- Subjects
MARX, Karl, 1818-1883; CAPITALISM; FINANCE; MARXIAN economics; INTERNATIONAL competition; HISTORY of economics; ECONOMIC statistics
- Publication
Economic Record, 2021, Vol 97, Issue 319, p567
- ISSN
0013-0249
- Publication type
Article
- DOI
10.1111/1475-4932.12648