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Profit, Accumulation, and Crisis in Capitalism - Long-term Trends in the UK, US, Japan, and China, 1855-2018 (Paperback)
Loot Price: R773
Discovery Miles 7 730
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Profit, Accumulation, and Crisis in Capitalism - Long-term Trends in the UK, US, Japan, and China, 1855-2018 (Paperback)
Series: Routledge Frontiers of Political Economy
Expected to ship within 10 - 15 working days
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Karl Marx hypothesized that there is a long-term tendency for the
profit rate to fall in capitalist economies. Immanuel Wallerstein
hypothesized that capitalist development tends to drive up labor
cost, material cost, and taxation cost. This book evaluates Marx's
and Wallerstein's hypotheses by studying the long-term movement of
the profit rate and contributing factors in major capitalist
economies. During the twentieth century, leading capitalist
economies largely succeeded in stabilizing the profit rate.
However, the current decline of the profit rate in China may
precipitate the global capitalist economy into a new major crisis.
As economic growth slows down in all major capitalist economies,
Marx's original hypothesis may be verified by the global economic
events in the twenty-first century.
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