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Auge y estancamiento de Japón (1955-2008). Una explicación marxista
[Rise and standstill of Japan (1955-2008). A Marxist explanation]

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  • Maito, Esteban Ezequiel

Abstract

The present study analyzes the economic Japanese performance according to Marxist political economy. In that sense, an estimation of the valorization process categories is made: profit rate, surplus rate, value capital composition and turnover speed. The Japanese economy is passing through a long period of two decades with low growth related to the world and Japan´s own recent history. There is a deep and constant fall in the profit rate, and its low levels since the nineties keeps Japanese capitalism in the current standstill situation. This work also presents data that refute “profit squeeze” explanations of the profitability fall, reinforcing those related to capital over-accumulation, due to increasing fixed capital to labor force. “Profit squeeze” theories ignore both the basic foundations of the wage income participation and the fixed capital consumption tendency to growth, as a particular income expression of fixed capital relative increase.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 53102.

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Date of creation: Jan 2014
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Handle: RePEc:pra:mprapa:53102

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Keywords: Profit rate – Turnover speed - Surplus rate – Income distribution – Capital composition - Japan;

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  1. Adalmir Marquetti & Eduardo Maldonado Filho & Vladimir Lautert, 2010. "The Profit Rate in Brazil, 1953-2003," Review of Radical Political Economics, Union for Radical Political Economics, vol. 42(4), pages 485-504, December.
  2. Rudy Fichtenbaum, 1988. "'Business Cycles,' Turnover and the Rate of Profit: An Empirical Test of Marxian Crisis Theory," Eastern Economic Journal, Eastern Economic Association, vol. 14(3), pages 221-228, Jul-Sep.
  3. Horioka, Charles Yuji, 2006. "The causes of Japan's `lost decade': The role of household consumption," Japan and the World Economy, Elsevier, Elsevier, vol. 18(4), pages 378-400, December.
  4. Freeman, Alan, 2009. "What makes the US Profit Rate Fall?," MPRA Paper 14147, University Library of Munich, Germany.
  5. Weisskopf, Thomas E, 1979. "Marxian Crisis Theory and the Rate of Profit in the Postwar U.S. Economy," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 3(4), pages 341-78, December.
  6. Takeo Hoshi & Anil K. Kashyap, 2004. "Japan's Financial Crisis and Economic Stagnation," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 18(1), pages 3-26, Winter.
  7. Berlemann, Michael & Wesselhöft, Jan-Erik, 2012. "Estimating Aggregate Capital Stocks Using the Perpetual Inventory Method – New Empirical Evidence for 103 Countries –," Working Paper, Helmut Schmidt University, Hamburg 125/2012, Helmut Schmidt University, Hamburg.
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