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Crisis and the Poverty of Nations: Two Market Products Which Value Explains Better

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  • Freeman, Alan

Abstract

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.

Suggested Citation

  • Freeman, Alan, 1999. "Crisis and the Poverty of Nations: Two Market Products Which Value Explains Better," MPRA Paper 6833, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:6833
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    File URL: https://mpra.ub.uni-muenchen.de/6833/1/MPRA_paper_6833.pdf
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    References listed on IDEAS

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    1. Lant Pritchett, 1997. "Divergence, Big Time," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 3-17, Summer.
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    Cited by:

    1. Juan Pablo Mateo, 2022. "Theory and Practice of Crisis in Political Economy: The Case of the Great Recession in Spain," Review of Radical Political Economics, Union for Radical Political Economics, vol. 54(1), pages 83-105, March.

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    More about this item

    Keywords

    crisis; inequality; Brenner; Value; profit rate; long waves; world systems; TSSI; temporalism;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology

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