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Profitability and the Great Recession - The Role of Accumulation Trends in the Financial Crisis (Hardcover, New)
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Profitability and the Great Recession - The Role of Accumulation Trends in the Financial Crisis (Hardcover, New)
Series: Routledge Frontiers of Political Economy
Expected to ship within 12 - 17 working days
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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.
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