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Inflation as restructuring. A theoretical and empirical account of the U.S. experience

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Author Info
Nitzan, Jonathan

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Abstract

This work is a PhD dissertation, written at the Department of Economics, McGill University. The thesis offers a new framework for inflation as a process of restructuring. Contrary to existing theories of inflation, which tend to take structure and institutions as given for the purpose of analysis, we argue that inflation could be understood only in terms of ongoing structural and institutional change. In the modern context of large-scale business enterprise, inflationary restructuring arises as an integral part of capital accumulation. On the aggregate level, inflation appears as stagflation, with the expansion of pecuniary values in the 'business' sphere depending on the strategic limitation of productive activity in the 'industrial' realm. This stagflationary interaction between 'business' and 'industry' is, in turn, linked (on the disaggregate level) to the dynamic formation and reformation of 'distributional coalitions' and the process of aggregate concentration. An empirical analysis of the U.S. experience between the early 1950s and the late 1980s reveals two regimes of inflationary restructuring: the first, which lasted until 1970, involved rapid increases in aggregate concentration with relatively modest stagflation, whereas the second, post-1970 regime consisted of stable (or even declining) concentration amidst severe stagflation.

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File URL: http://mpra.ub.uni-muenchen.de/5624/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5624.

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Date of creation: Oct 1992
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Handle: RePEc:pra:mprapa:5624

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Related research
Keywords: accumulation; aggregate concentration; breadth; business enterprise; capital; capitalism; centralization; competition; conflict; corporation; credit; crisis; debt; depth; disequilibrium; distribution; distributional coalitions; dual economy; employment; equilibrium; equity; expectations; finance; growth; hedonic indices; inflation; institutionalism; marginalism; methodology; monopoly; neoclassical economics; oligopoly; ownership; politics; power; price; profit; quality change; risk; ruling class; sabotage; stagflation; stagnation; state; stock market; technology; unemployment; United States; US; Veblen; violence;

Find related papers by JEL classification:
P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
P12 - Economic Systems - - Capitalist Systems - - - Capitalist Enterprises
L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
O51 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary

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