IDEAS home Printed from https://ideas.repec.org/a/prs/rvofce/ofce_0751-6614_1984_num_6_1_967.html
   My bibliography  Save this article

La baisse de la rentabilité aux États-Unis : inventaire de recherches et mise en perspective historique

Author

Listed:
  • Gérard Duménil
  • Mark Glick
  • José Rangel

Abstract

[fre] La rentabilité du capital a beaucoup baissé aux États-Unis depuis la deuxième guerre mondiale. L'analyse des nombreuses études désormais disponibles sur ce thème permet de reconstituer les grandes lignes du profil de cette baisse. Le taux élevé des années quarante et du début des années cinquante fléchit notablement jusqu'en 1958 environ. La remontée est ensuite spectaculaire jusqu'en 1965. De 1966 à 1970 la chute est particulièrement rapide. Elle se poursuit depuis lors, à travers quelques fluctuations, à un rythme ralenti. Les informations dont on dispose concernant les périodes de l'entre-deux-guerres et d'avant la première guerre mondiale (depuis 1880), permettent de soutenir la thèse d'une baisse par paliers. Au cours des cent dernières années, deux ou trois points de rupture peuvent être localisés : la fin de la première guerre mondiale, la seconde moitié des années soixante et, sous certaines réserves, la deuxième guerre mondiale. La présente faiblesse de la rentabilité du capital constitue un record historique si on exclut la grande dépression des années trente. [eng] There has been a dramatic fall in the rate of profit in the United States since worid war II. The profile of this fall is discribed through the findings of the numerous studies of this issue now available. The point of departure following world war II is a high point of profitability. The rate of profit falls throughout the nineteen fifties until its strong restoration in 1965. From 1966 to 1970, a major collapse of profitability occurs and the post 1970 situation is also one of decline through fluctuations. When information is pieced together from studies of profitability of the between-two-wars period and the pre-world-war I period, an impression is depicted of a long run decrease in the rate of profit but by steps. During the last one hundred years, two, possibly three, major downward steps have occured : the end of world war I, the second half of the nineteen sixties and world war II with certain reservations. Following each of these steps the higher rate of profit is never restored. The significance of the earlier studies for the present is that they reveal the US economy to be living through a period of unprecedented low profitability with the possible exception of the great depression of the nineteen thirties.

Suggested Citation

  • Gérard Duménil & Mark Glick & José Rangel, 1984. "La baisse de la rentabilité aux États-Unis : inventaire de recherches et mise en perspective historique," Revue de l'OFCE, Programme National Persée, vol. 6(1), pages 69-92.
  • Handle: RePEc:prs:rvofce:ofce_0751-6614_1984_num_6_1_967
    Note: DOI:10.3406/ofce.1984.967
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ofce.1984.967
    Download Restriction: no

    File URL: https://www.persee.fr/doc/ofce_0751-6614_1984_num_6_1_967
    Download Restriction: no

    References listed on IDEAS

    as
    1. Dale N. Allman, 1983. "The decline in business profitability: a disaggregated analysis," Economic Review, Federal Reserve Bank of Kansas City, issue Jan, pages 19-26.
    2. Barry P. Bosworth, 1982. "Capital Formation and Economic Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 13(2), pages 273-326.
    3. William C. Brainard & John B. Shoven & Laurence Weiss, 1980. "The Financial Valuation of the Return to Capital," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 11(2), pages 453-512.
    4. Harry Jerome, 1934. "Mechanization in Industry," NBER Books, National Bureau of Economic Research, Inc, number jero34-1.
    5. Harry Jerome, 1934. "Changes in Mechanization: Non-Manufacturing Industries," NBER Chapters,in: Mechanization in Industry, pages 120-178 National Bureau of Economic Research, Inc.
    6. Wesley Clair Mitchell, 1927. "The Processes Involved in Business Cycles," NBER Chapters,in: Business Cycles: The Problem and Its Setting, pages 1-60 National Bureau of Economic Research, Inc.
    7. Michael C. Lovell, 1978. "The Profit Picture: Trends and Cycles," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 9(3), pages 769-789.
    8. Wesley Clair Mitchell, 1927. "Business Cycles: The Problem and Its Setting," NBER Books, National Bureau of Economic Research, Inc, number mitc27-1.
    9. Wesley Clair Mitchell, 1927. "Economic Organization and Business Cycles," NBER Chapters,in: Business Cycles: The Problem and Its Setting, pages 61-188 National Bureau of Economic Research, Inc.
    10. Brainard, William C. & Shoven, John B., 1980. "The financial valuation of the return to capital," Proceedings, Federal Reserve Bank of San Francisco, issue 4, pages 43-104.
    11. James Tobin, 1980. "Stabilization Policy Ten Years After," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 11(1, Tenth ), pages 19-90.
    12. 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, vol. 3(4), pages 341-378, December.
    13. Harry Jerome, 1934. "Changes in Mechanization in Selected Manufacturing Industries," NBER Chapters,in: Mechanization in Industry, pages 55-119 National Bureau of Economic Research, Inc.
    14. William D. Nordhaus, 1974. "The Falling Share of Profits," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 5(1), pages 169-218.
    15. Ralph C. Epstein & Florence M. Clark, 1934. "Industrial Profits in the United States," NBER Books, National Bureau of Economic Research, Inc, number epst34-1.
    16. Arthur M. Okun & George L. Perry, 1970. "Notes and Numbers on the Profits Squeeze," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 1(3), pages 466-473.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:rvofce:ofce_0751-6614_1984_num_6_1_967. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE). General contact details of provider: https://www.persee.fr/collection/ofce .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.