Journal ArticleDOI
The long roots of the present crisis: keynesians, austerians, and marx's law
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The authors argue that it was not competitive devaluation that restored growth after the 2001 crisis, but default on state debt caused by the previous destruction of productive capital, and that the same holds for the policies of "austerity", which are designed to reduce debt and raise profitability.Abstract:
The ultimate cause of crises in capitalism is lack of profitability. The Keynesian and Austerians (the supporters of austerity measures), deny this. So their solutions to crises do not work. Keynesian state-induced stimulus programs (redistributive, monetary, and fiscal) cannot overcome the underlying tendency for profitability to fall. The same holds for the policies of "austerity," which are designed to reduce debt and raise profitability. These conclusions are particularly relevant for the weaker Eurozone economies in the midst of the euro crisis. In a case study of Argentina, we argue that it was not competitive devaluation that restored growth after the 2001 crisis, but default on state debt caused by the previous destruction of productive capital.read more
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DissertationDOI
Financialisation, profitability and the rise of household debt in the United Kingdom, 1971-2015
TL;DR: In this paper, the authors examined the unequal relationship of capital-labour relations and how this has intensified since the collapse of the Bretton Woods system in 1971 and found that the operation of financial institutions to extract rent and profits from over-indebted households, especially in the 1990s and 2000s, eventually blew up during the global financial crisis of 2007-08, the consequences of which are felt to the present day.
Journal ArticleDOI
Del gran abaratamiento a la gran implosión. Clase, clima y la Gran Frontera
TL;DR: In this article, the authors argue that the underlying source of capitalism's success has been its capacity to "put nature to work" as cheaply as possible, including the socially-necessary unpaid work of humans.
Journal ArticleDOI
O indigesto sistema do alimento mercadoria
TL;DR: A metodologia utilizada in this paper partiu da perspectiva teorica marxista determinada pela concepcao critica-dialetica and de outras abordagens heterodoxas sobre a fase atual do capitalismo.
Changing the Rules of the Game: Can Voicing for Social Responsibility Influence Market Behavior Toward Greater Inclusiveness in Economic Development?
TL;DR: In this article, the authors examine social responsibility within a capitalist economy by investigating socially responsible investing and, tangentially, corporate social responsibility, and claim that the rules of the game are changing, with shareholders having both economic and legal precedent to influence, through voice, market behavior toward multi-stakeholder concerns.
Journal ArticleDOI
Primitive Socialist Accumulation in China: An Alternative View on the Anomalies of Chinese “Capitalism”:
TL;DR: For instance, this article argued that China's economic system has yet to be adequately explained by any models, and that China’s export-led industries were initially viewed as a source of cheap labor but its economy has now emerged as a serious...
References
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Journal ArticleDOI
Prosperity and Depression: A Theoretical Analysis of Cyclical Movements . By Gottfried von Haberler. (Series of League of Nations Publications, II. Economic and Financial, 1936. II. A. 24.) Geneva: League of Nations, Economic Intelligence Service. 1937, Pp. xv, 363. ($2.00)
Stewart Bates,Gottfried Haberler +1 more
Journal ArticleDOI
Is the Rate of Profit Falling
TL;DR: In this paper, the authors used the new official estimates of profits, capital consumption, and the capital stock to assess whether such a decline has in fact occurred and concluded that the rate of profit has been falling and attributed this decline to the higher capital intensity that resulted when investors shifted funds into the corporate sector.
Book
The rise of China and the demise of the capitalist world-economy
TL;DR: Li as mentioned in this paper argues that China's full integration into the world capitalist system will, in fact and in the not too distant future, bring about its demise, arguing that the spread and growth of capitalist economies has required low wages, taxation, and environmental costs, as well as a hegemonic nation to prevent international competition from eroding these requirements.