La transitoriedad histórica del capital: La tendencia descendente de la tasa de ganancia desde el siglo XIX

Maito, Esteban Ezequiel (2013): La transitoriedad histórica del capital: La tendencia descendente de la tasa de ganancia desde el siglo XIX. Published in: Razón y Revolución No. 26 (December 2013): pp. 129-159.

Abstract

This paper presents estimates of the rate of profit on fourteen countries in the long run. The performance shows a clear downward trend, although there are periods of partial recovery in both core and peripheral countries. The behavior of the profit rate confirms the predictions made by Marx, about the historical trend of the mode of production. Finally, an estimate of the global rate of profit for the last six decades is done, also highlighting the particular role of China in systemic profitability.

• Item Type: MPRA Paper
• English Title: The historical transience of capital: The downward trend in the rate of profit since XIX century
• Language: Spanish
• Keywords: Tasa de ganancia - Capital - Karl Marx - Modo de producción capitalista - Centro/Periferia
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B14 - Socialist ; Marxist; E - Macroeconomics and Monetary Economics > E0 - General; E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy > E22 - Investment ; Capital ; Intangible Capital ; Capacity; F - International Economics > F2 - International Factor Movements and International Business > F21 - International Investment ; Long-Term Capital Movements; O - Economic Development, Innovation, Technological Change, and Growth > O5 - Economywide Country Studies; P - Economic Systems > P1 - Capitalist Systems > P10 - General; Y - Miscellaneous Categories > Y1 - Data: Tables and Charts > Y10 - Data: Tables and Charts

References

- Bai, Chong-En, Chang-Tai Hsieh & Yingyi Qian (2006) The return to capital in China, NBER Working Paper N°12.755.

- Bina, Cyrus & Behzad Yaghmaian (1991) “Post-war global accumulation and the transnationalisation of capital”, Capital & Class N°43, pp.107-130.

- Camara Izquierdo, Sergio (2006) “La onda larga capitalista en España (1954-2002)”, Revista de la Sociedad Brasileña de Economía Política N°18, pp.86-111.

- Chan-Lee, James & Helen Sutch (1985) Profits and rates of return in OECD countries, OECD Economic and Statistics Department Working Paper N°20.

- Duménil, Gerard y Dominique Lévy, From prosperity to neoliberalism. Europe before and after the structural crisis of the 1970´s, disponible en http://www.jourdan.ens.fr/levy/, 2005

- Freeman, Alan (2009) What makes the US profit rate fall? MPRA Paper N°14147, http://mpra.ub.uni-muenchen.de/14147/.

- Gaulard, Myléne (2011) “Los problemas de la sobreacumulación en China”, Revista de Economía Crítica N°11, pp.1-18.

- Groote, Peter, Roland Albers & Herman De Jong (1996) A standardized time series of the stock of fixed capital in the Netherlands, 1900-1995, GGDC Working Paper N°25, Groningen.

- Grossmann, Henryk (2005) The law of accumulation and breakdown of the capitalist system, in www.marxists.org.

- Harman, Chris (1981) “Marx´s theory of crisis and its critics”, International Socialism N°2:11, pp.31-70.

- Hayashi, Fumio & Edward Prescott (2008) “The Depressing Effect of Agricultural Institutions on the Prewar Japanese Economy”, Journal of Political Economy Vol.116 N°4, pp.573-632.

- Li, Minqi, Feng Xiao & Andong Zhu (2007) “Long waves, institutional changes and historical trends: a study of the long term movement of the profit rate in the capitalist world-economy”, Journal of World-System Research, Vol.13 N°1, pp.33-54

- Maito, Esteban Ezequiel (2013) “La Argentina y la tendencia descendente de la tasa de ganancia 1910-2011”, Revista Realidad Económica N°275, Buenos Aires, pp.127-152.

- Mariña Flores, Abelardo (2012) La crisis mexicana de 2008-2010 en perspectiva histórica y en el contexto de la crisis mundial, en María Beatriz García Castro (coord.), “Estudios sobre México en la crisis mundial: escenario nacional tras dos décadas de apertura y desregulación”, UAM-A, México, pp.27-61.

- Marquetti, Adalmir, Eduardo Maldonado Filho & Vladimir Lautert (2010) “The rate of profit in Brazil 1953-2003”, Review of Radical Political Economics Vol.42 N°4, Nueva York, pp.485-504.

- Marx, Karl (1968) El Capital. Tomo III, FCE, México.

- Moriguchi, Chiaki & Emmanuel Saez (2008) “The evolution of income concentration in Japan 1886-2005: evidence from income tax statistics”, Review of Economics and Statistics Vol.90 N°4, pp.713-734.

- Piketty, Thomas & Gabriel Zucman (2013) Capital is back. Wealth-income ratios in rich countries 1700-2010, http://piketty.pse.ens.fr/files/PikettyZucman2013WP.pdf.

- Ricardo, David (1959) Principios de economía política y tributación, FCE, México.

- Rosdolsky, Roman (2004) Génesis y estructura de El Capital de Marx, Siglo XXI, México.

- Shaikh, Anwar (2006) Valor, acumulación y crisis, Ediciones RyR, Buenos Aires.

- Smith, Adam (1956) Investigación y causa de la riqueza de las naciones, Aguilar, Madrid.

- Smits, Jan Pieter, Edwin Horlings & Jan Luiten van Zanden (2000) Dutch GNP and its components, 1800-1913, GGDC Monograph Series N°5, Groningen.

- Weeks, John (1979) “The process of accumulation and the “profit-squeeze” hypothesis”, Science & Society Vol.43 N°3, pp.259-280 .

- Weisskopf, Thomas (1979) “Marxian crisis theory and the rate of profit in the postwar US economy”, Cambridge Journal of Economics Vol.3 N°4.

- Yaffe, David (1973) “The crisis of profitability: a critique of the Glyn-Sutcliffe thesis”, New Left Review I/80., pp.45-62.

- Zachariah, Dave (2009) “Determinants of the average profit rate and the trajectory of capitalist economies”, Bulletin of Political Economy Vol.3 N°1, pp.13-36.