Freeman, Alan (1999): Crisis and the Poverty of Nations: Two Market Products Which Value Explains Better. Published in: HIstorical Materialism No. 5 (November 1999): pp. 29-77.
Download (319Kb) | Preview
This article appeared as ‘Crisis and the Poverty of Nations: Two Market Products Which Value Explains Better’, Symposium on Robert Brenner and the World Crisis, Historical Materialism No.5, Winter 1999, pp 29-77. London: LSE. ISSN 0 9532171 4 0
The original can be referenced at http://www.ingentaconnect.com/content/brill/hm/1999/00000005/00000001;jsessionid=3ov2260kgo9po.henrietta
The article demonstrates using empirical data, that the concept of value is required to understand three phenomena, produced by the market, which call its own existence into question.
*(crisis – a sharp and well-defined interruption in growth, accompanied by a fall in money profits, a rise in unemployment, and a sudden fall in asset prices – every 7-12 years;
*general crisis – prolonged 20-40 year phases of relatively slow growth, accompanied by a declining average profit rate, permanent unemployment, economic turbulence and political instability (including war, racism, and rising barbarism) alternating with 15-30 year phases of stable rapid growth.
*long term growth in inequality between nations. The gap between rich and poor countries has grown for a hundred and fifty years almost without remission, accelerating sharply since 1981 at the onset of ‘globalisation’ – the re-construction of a unified world market.
Keywords: crisis, inequality, Brenner, Value, profit rate, long waves, world systems, TSSI, temporalism
|Item Type:||MPRA Paper|
|Original Title:||Crisis and the Poverty of Nations: Two Market Products Which Value Explains Better|
|Keywords:||crisis, inequality, Brenner, Value, profit rate, long waves, world systems, TSSI, temporalism|
|Subjects:||B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B51 - Socialist; Marxian; Sraffian
O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development; Intellectual Property Rights > O30 - General
O - Economic Development, Technological Change, and Growth > O1 - Economic Development > O10 - General
B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology
|Depositing User:||Alan Freeman|
|Date Deposited:||22. Jan 2008 16:30|
|Last Modified:||13. Feb 2013 07:28|
Bhagwati, J(1993) ‘Aggressive Unilateralism: an Overview’, in Bhagwati, J and Hugh Patrick (eds) (1993) Aggressive Unilateralism, Ann Arbor:University of Michigan Press. Brenner, R. (1999) ‘The economics of Global Turbulence’ in New Left Review 229, May/June 1998 Day, Richard B (1981) The ‘Crisis’ and the ‘Crash’ London: Verso Drake, S(1957) Discoveries and Opinions of Galileo, Doubleday Duménil and Lévy (1993) The Economics of the Profit Rate, Aldershot:Elgar ______(1994) The U.S. Economy since the Civil War Paris: CEPREMAP. Data are taken from the authors’ Sources and Construction of the Series (available from the authors at firstname.lastname@example.org) Fine, B and Harris, L. (1976) ‘Controversial Issues in Marxist Economic Theory’, The Socialist Register Freeman, C. (ed) (1996) Long Wave Theory, Cheltenham: Elgar Freeman, A. and Carchedi, G. (1995) Marx and Non-Equilibrium Economics. Cheltenham: Edward Elgar Freeman, A. (1996) ‘The Poverty of Nations’, Links, 7, July-October. ______ (1997) ‘Time, the Value of Money and the Quantification of Value’, presented to the 1997 conference of the Eastern Economic Association (available at http://www.greenwwich.ac.uk/~fa03). ______ (1998) ‘The Emperor’s Tailor: The Economists and the Crash of ‘98’, presented to the 1998 conference of the Eastern Economic Association (available at http://www.greenwwich.ac.uk/~fa03). Galileo, G. () Dialogue on the Two Chief World Systems Galileo, G. (1974) Two New Sciences, Madison: University of Wisconsin Harrod, R.F. (1937) ‘An Essay on Dynamics’ in Harrod, R.F. (1948), Towards and Economic Dynamics. London: MacMillan. Lattis, James M (1994) Between Copernicus and Galileo: Christoph Clavius and the Collapse of Ptolemaic Cosmology. Chicago: Chicago University Press Maddison, A. (1995) Monitoring the World Economy, 1820-1992 (Paris: OECD). Marx, K. (1976) The Grundrisse. Harmandsworth: Penguin. Maldonado-Filho, E. (1997) ‘The Circuit of Industrial Capital, Price Changes and the Profit Rate’, presented to the 1997 conference of the Eastern Economic Association (available at http://www.greenwwich.ac.uk/~fa03) Mandel, E. (1975) Late Capitalism (London: New Left Books). Pasinetti, L. (1977), Lectures in the Theory of Production. New York: Columbia. Pritchett, L. (1997) ‘Divergence, Big Time’, Journal of Economic Perspectives, Summer. Ramos, A. (1994), ‘The monetary expression of labour: Marx’s twofold measure of value’, submitted to the 1994 conference of the IWGVT. Roemer, J.E. (1979) ‘Continuing Controversy on the Falling Rate of Profit: Fixed capital and other issues’ in Cambridge Journal of Economics 1979, 3, 379-398 Semmler, W. (1984), Competition, Monopoly, and Differential Profit Rates. New York: Columbia University Press. Steedman, Ian (1977), Marx after Sraffa. London: New Left Books. Steindl (1952) Maturity and Stagnation in American Capitalism. Oxford: Blackwell Stern, N (1996) Growth Theories, Old and New, and the Role of Agriculture in Economic Development, FAO economic and social development paper #136, Rome: FAO. Todaro, M.P. (1994) Economic Development. New York: London Toporowski, J (1993) ‘Profits in the UK Economy: Some Kaleckian Models’, Review of Political Economy, January Toporowski, J(1999) 'Kalecki and the Declining Rate of Profits, Review of Political Economy, Volume 11, Number 3, 1999 Trotsky (1923) ‘O Krivoi Kapitalisticheskovo Razvitiya’ (‘The Curve of capitalist Development’), Vestnik Sotsialisticheskoi Akademii No 4. (April-July 1923) p9 Cited in Day (1981:8) World Development Indicators (1995), Washington:World Bank. Cited works by the author can be accessed on my website at www.greenwich.ac.uk/~fa03 Cited works from IWGVT conferences can be accessed on its website at www.greenwich.ac.uk/~fa03/iwgvt