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The historical transience of capital: the downward trend in the rate of profit since XIX century

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  • Maito, Esteban Ezequiel

Abstract

This paper presents estimates of the rate of profit on fourteen countries in the long run. The performance shows a clear downward trend, although there are periods of partial recovery in both core and peripheral countries. The behavior of the profit rate confirms the predictions made by Marx, about the historical trend of the mode of production. Finally, an estimate of the global rate of profit for the last six decades is done, also highlighting the particular role of China in systemic profitability.

Suggested Citation

  • Maito, Esteban Ezequiel, 2014. "The historical transience of capital: the downward trend in the rate of profit since XIX century," MPRA Paper 55894, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:55894
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    File URL: https://mpra.ub.uni-muenchen.de/55894/1/MPRA_paper_55894.pdf
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    References listed on IDEAS

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    1. Collins, William J. & Williamson, Jeffrey G., 2001. "Capital-Goods Prices And Investment, 1870 1950," The Journal of Economic History, Cambridge University Press, vol. 61(01), pages 59-94, March.
    2. 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.
    3. Chiaki Moriguchi & Emmanuel Saez, 2008. "The Evolution of Income Concentration in Japan, 1886-2005: Evidence from Income Tax Statistics," The Review of Economics and Statistics, MIT Press, vol. 90(4), pages 713-734, November.
    4. Fumio Hayashi & Edward C. Prescott, 2008. "The Depressing Effect of Agricultural Institutions on the Prewar Japanese Economy," Journal of Political Economy, University of Chicago Press, vol. 116(4), pages 573-632, August.
    5. Thomas Piketty & Gabriel Zucman, 2014. "Capital is Back: Wealth-Income Ratios in Rich Countries 1700–2010," The Quarterly Journal of Economics, Oxford University Press, vol. 129(3), pages 1255-1310.
    6. Smits, Jan-Pieter & Horlings, Edwin & Zanden, Jan Luiten van, "undated". "Dutch GNP and its components, 1800-1913," GGDC Research Memorandum No.5, Groningen Growth and Development Centre, University of Groningen.
    7. repec:dgr:rugggd:no.5 is not listed on IDEAS
    8. Freeman, Alan, 2009. "What makes the US Profit Rate Fall?," MPRA Paper 14147, University Library of Munich, Germany.
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    Citations

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    Cited by:

    1. Maito, Esteban Ezequiel, 2014. "And yet it moves (down)," MPRA Paper 58007, University Library of Munich, Germany.
    2. Gheorghe Savoiu & Vasile Dinu, 2015. "Economic paradoxism and meson economics," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 17(39), pages 776-776, May.

    More about this item

    Keywords

    rate of profit - Marx - mode of production – core/periphery – world rate of profit;

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • N0 - Economic History - - General
    • P10 - Economic Systems - - Capitalist Systems - - - General
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism

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