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Growth, Accumulation, and Unproductive Activity - An Analysis of the Postwar US Economy (Hardcover)
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Growth, Accumulation, and Unproductive Activity - An Analysis of the Postwar US Economy (Hardcover)
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This book documents the growth of unproductive activity in the
United States economy since World War II and its relation to the
economic surplus, capital accumulation, and economic growth.
Unproductive activities broadly consist of those involved in the
circulation process, including wholesaling and retailing, banking
and financial services, advertising, legal services, business
services and many (though not all) government activities. The
results indicate that the level of unproductive activity in the
postwar economy has been a significant factor in the slowdown in
the rate of capital accumulation, productivity growth and the
overall growth rate. Here, the villain is shown to be the gradual
but persistent shift of resources to unproductive activities. The
consequence has been a reduction in new capital formation and
productivity growth and an erosion in the rate of growth in per
capita living standards. Moreover, the rise in unproductive
activity is itself seen to be rooted in the logic of advanced
capitalism. The forces of competition, which in the early stages of
capitalism lead to rapid technical change and productivity growth,
promote non-productive and even counterproductive activities in its
more advanced stages.
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