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Capital Accumulation, Profitability, and Crisis

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  • Erdogan Bakir

Abstract

This paper uses the rate of profit to address the issue of structural changes in class relationships and the process of capital accumulation that occurred under neoliberalism. I take a long-term class perspective and show that changing class relationships along with the financialization of the economy beginning in early 1980s progressively set the stage for the crisis of 2007-2009.

Suggested Citation

  • Erdogan Bakir, 2015. "Capital Accumulation, Profitability, and Crisis," Review of Radical Political Economics, Union for Radical Political Economics, vol. 47(3), pages 389-411, September.
    • Handle: RePEc:sae:reorpe:v:47:y:2015:i:3:p:389-411
    DOI: 10.1177/0486613414542774
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    References listed on IDEAS

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    1. Michel Aglietta & Régis Breton, 2001. "Financial systems, corporate control, and capital accumulation," Post-Print halshs-00256788, HAL.
    2. Weisskopf, Thomas E, 1979. "Marxian Crisis Theory and the Rate of Profit in the Postwar U.S. Economy," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 3(4), pages 341-378, December.
    3. Anwar M. Shaikh & Jamee K. Moudud, 2004. "Measuring Capacity Utilization in OECD Countries: A Cointegration Method," Economics Working Paper Archive wp_415, Levy Economics Institute.
    4. Funke, Michael, 1986. "Influences on the Profitability of the Manufacturing Sector in the UK--An Empirical Study," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 48(2), pages 165-187, May.
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    Cited by:

    1. Juan Pablo Mateo, 2017. "Capital accumulation in the center and the periphery along the neoliberal period: A comparative analysis of the United States, Spain and Brazil," Working Papers 1723, New School for Social Research, Department of Economics.

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    More about this item

    Keywords

    rate of profit; Marxian crisis theory; capital accumulation; financialization; neoliberalism;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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