Is the Falling Rate of Profit the Driving Force Behind Globalization?
AbstractThis paper examines critically the role of the law of the tendency of the falling rate of profit in the geographic expansion (globalization) of competitive capitalism. It contends that Marx did not believe there was an iron-clad connection between the falling rate of profit and globalization; in addition, it argues that Marx believed that the capitalists’ insatiable search for colonial markets was driven by their desire to overcome recurrent (and growing) realization problems in the home market arising from deficient aggregate demand on the part of both workers and capitalists.
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Bibliographic InfoPaper provided by Trinity College, Department of Economics in its series Working Papers with number 1104.
Length: 18 pages
Date of creation: May 2011
Date of revision:
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Geographic Expansion of Capitalism (Globalization); Law of the Falling Tendency of the Rate of Profit; Underconsumptionist Tendencies; Simple and Expanded Reproduction; Realization Crises.;
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-06-11 (All new papers)
- NEP-HIS-2011-06-11 (Business, Economic & Financial History)
- NEP-HME-2011-06-11 (Heterodox Microeconomics)
- NEP-PKE-2011-06-11 (Post Keynesian Economics)
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