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On the Alleged Stagnation of Capitalism

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  • William Jefferies

Abstract

The assumption that capitalist globalization has been a period of overall stagnation is the dominant consensus opinion within Marxist political economy. This paper criticizes this opinion and shows that it rests on a mis-measure of the transition of the centrally planned economics of the ex-USSR, Central and Eastern Europe (CEE), and China developed by the official statistical agencies during the Cold War. This mis-measure has the effect of underestimating both the collapse of physical output in the ex-USSR and CEE during the transition and underestimating the growth of genuine national income after the creation of market economies where previously there had been none. This paper develops some alternative, much higher, estimates of the real growth of national income during the transition period.

Suggested Citation

  • William Jefferies, 2015. "On the Alleged Stagnation of Capitalism," Review of Radical Political Economics, Union for Radical Political Economics, vol. 47(4), pages 588-607, December.
    • Handle: RePEc:sae:reorpe:v:47:y:2015:i:4:p:588-607
    DOI: 10.1177/0486613415574265
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    References listed on IDEAS

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    Keywords

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    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights
    • P24 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies

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