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Free Cash, Capital Accumulation and Inequality (Hardcover)
Loot Price: R3,971
Discovery Miles 39 710
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Free Cash, Capital Accumulation and Inequality (Hardcover)
Series: Routledge Frontiers of Political Economy
Expected to ship within 12 - 17 working days
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Total price: R3,991
Discovery Miles: 39 910
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Investment is the engine of growth. In consequence, the social
welfare of the populace depends on the expectations of uncertain
profitability as understood by the agents of a wealthy few who
decide upon levels of investment. As private wealth is intimately
tied to the investment process, the importance of wealth
concentration goes far beyond considerations of equity. In recent
years, private economic power has become increasingly concentrated
as more of the population has become dependent upon an elite
pursuing private ends. In this context, this book examines the role
of capital accumulation in various historical contexts. Over
seventy years ago, Michal Kalecki derived the mathematical
relationship between government deficits, the external trade
account and free cash-defined as the gross profit over and above
that portion ploughed back into new investment. Since then, the
free cash literature has remained largely within an industrial
organizational context where free cash theory has helped to explain
mergers. In contrast, this book, revisits Kalecki's free cash
construction at the macro and global level and explores the various
causes and effects of free cash on the economy. As part of this
examination, the author highlights the historical uses of free cash
in imperialist adventures, mergers and speculative endeavours. In
addition to developing a new relative valuation measure of capital
accumulation, he also utilizes a neo-Kaleckian model to help
explain the U.S. slowdown in investment since the late 1960s, the
increasing inequality of wealth and income and the recent
speculative episodes associated with the spillage of free cash.
Finally, based on these models the book argues for heightened taxes
on the wealthy and an increased role for government investment in
health care and energy. Free Cash, Capital Accumulation and
Inequality offers an explanation as to how wealth and income
inequalities have fashioned, and been fashioned by, various
historical episodes right up to the present. It will be of great
interest to those studying and researching in the field of economic
analysis.
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