Profit, Accumulation and Crisis in Capitalism: Long-term Trends in UK, US, Japan and China, 1855-2018, 1st Edition (Hardback) book cover

Profit, Accumulation and Crisis in Capitalism

Long-term Trends in UK, US, Japan and China, 1855-2018, 1st Edition

By Minqi Li

Routledge

184 pages | 53 B/W Illus.

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Hardback: 9780367179786
pub: 2020-02-18
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Description

Karl Marx hypothesized that there is a long-term tendency for the profit rate to fall in capitalist economies. Immanuel Wallerstein hypothesized that capitalist development tends to drive up labor cost, material cost, and taxation cost. This book evaluates Marx’s and Wallerstein’s hypotheses by studying the long-term movement of the profit rate and contributing factors in major capitalist economies. During the 20th century, leading capitalist economies largely succeeded in stabilizing the profit rate. However, the current decline of the profit rate in China may precipitate the global capitalist economy into a new major crisis. As economic growth slows down in all major capitalist economies, Marx’s original hypothesis may be verified by the global economic events in the 21st century.

Table of Contents

1. Capitalism and the Profit Rate

2. Profit, Accumulation and Crisis in the British Capitalism, 1855-2018

3. Profit, Accumulation and Crisis in the American Capitalism, 1900-2018

4. Profit, Accumulation and Crisis in the Japanese Capitalism, 1955-2017

5. Profit, Accumulation and (the Coming) Crisis in the Chinese Capitalism, 1980-2018

6. China and the Global Labor Arbitrage

7. The Past and the Future of the Profit Rate

Appendix A: Estimating the Profit Rate in the United Kingdom, 1855-2018

Appendix B: Estimating the Profit Rate in the United States, 1900-2018

Appendix C: Estimating the Profit Rate in Japan, 1955-2017

Appendix D: Estimating the Profit Rate in China, 1980-2018

About the Author

Minqi Li is a Professor of Economics at University of Utah. He is the author of The Rise of China and the Demise of the Capitalist World Economy, Peak Oil, Climate Change and the Limits to China’s Economic Growth, and China and the 21st Century Crisis.

About the Series

Routledge Frontiers of Political Economy

In recent years, there has been widespread criticism of mainstream economics. This has taken many forms, from methodological critiques of its excessive formalism, to concern about its failure to connect with many of the most pressing social issues. This series provides a forum for research which is developing alternative forms of economic analysis. Reclaiming the traditional 'political economy' title, it refrains from emphasising any single school of thought, but instead attempts to foster greater diversity within economics.

Learn more…

Subject Categories

BISAC Subject Codes/Headings:
BUS069000
BUSINESS & ECONOMICS / Economics / General