IDEAS home Printed from https://ideas.repec.org/a/liu/liucej/v14y2017i1p59-87.html
   My bibliography  Save this article

United States of America, European economy and inequality: A perspective from the economic history, 1910-2010

Author

Listed:
  • Carles Manera
  • Ferran Navinés
  • Javier Franconneti

Abstract

This paper analyzes the impact of the Great Recession on the economies of the United States and the major economies of Europe (Germany, France, United Kingdom, Italy, Spain), based on the analysis of the national accounts of the countries chosen. The paper provides additional weight to the conclusions reached by Piketty, but using different sources: a reduction in the share of wages in national income and an increase in social inequality. This can be explained because the downward trend in capital productivity cannot be corrected, so an increase in the share of gross operating surplus in national income (q) and in social inequality is bolstered to maintain the rate of profit, a process which is accompanied by the growing financialization of the economy.

Suggested Citation

  • Carles Manera & Ferran Navinés & Javier Franconneti, 2017. "United States of America, European economy and inequality: A perspective from the economic history, 1910-2010," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 14(1), pages 59-87, June.
    • Handle: RePEc:liu:liucej:v:14:y:2017:i:1:p:59-87
    as

    Download full text from publisher

    File URL: https://ejce.liuc.it/18242979201701/182429792017140104.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Fagerberg, Jan & Verspagen, Bart, 2009. "Innovation studies--The emerging structure of a new scientific field," Research Policy, Elsevier, vol. 38(2), pages 218-233, March.
    2. repec:mtp:titles:026201761x-01 is not listed on IDEAS
    3. Albert Marcet & Morte O. Ravn, "undated". "The HP-Filter in Cross-Country Comparisons," Studies on the Spanish Economy 100, FEDEA.
    4. Anthony B. Atkinson & Thomas Piketty & Emmanuel Saez, 2011. "Top Incomes in the Long Run of History," Journal of Economic Literature, American Economic Association, vol. 49(1), pages 3-71, March.
    5. Blanchard, Olivier, 2012. "Monetary Policy in the Wake of the Crisis," MIT Press Book Chapters, in: Blanchard, Olivier J. & Romer, David & Spence, Michael & Stiglitz, Joseph E. (ed.), In the Wake of the Crisis: Leading Economists Reassess Economic Policy, edition 1, volume 1, chapter 1, pages 7-13, The MIT Press.
    6. Crafts, Nicholas & Fearon, Peter (ed.), 2013. "The Great Depression of the 1930s: Lessons for Today," OUP Catalogue, Oxford University Press, number 9780199663187.
    7. Leonello Tronti, 2017. "Presentazione," Economia & lavoro, Carocci editore, issue 2, pages 7-14.
    8. Carles MANERA & Ferran NAVINÉS BADAL & Javier FRANCONETTI MANCHADO, 2015. "Income Distribution, Profit and Inequality: Their Role in U.S. Economic History, 1910-2010," Economies et Sociétés (Serie 'Histoire Economique Quantitative'), Association Française de Cliométrie (AFC), issue 50, pages 877-903, Juin.
    9. Costas Lapavitsas, 2013. "The financialization of capitalism: 'Profiting without producing'," City, Taylor & Francis Journals, vol. 17(6), pages 792-805, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. repec:liu:liucej:v:14:y:2017:i:1:p:57-85 is not listed on IDEAS
    2. Ben R. Martin, 2016. "Twenty challenges for innovation studies," Science and Public Policy, Oxford University Press, vol. 43(3), pages 432-450.
    3. David Rodríguez-Guerrero, 2019. "Política fiscal, pobreza y desigualdad: un modelo de microsimulación para Colombia," Ensayos de Economía 17544, Universidad Nacional de Colombia Sede Medellín.
    4. Korom, Philipp, 2016. "Inherited advantage: The importance of inheritance for private wealth accumulation in Europe," MPIfG Discussion Paper 16/11, Max Planck Institute for the Study of Societies.
    5. Diego Winkelried & Bruno Escobar, 2022. "Declining inequality in Latin America? Robustness checks for Peru," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 20(1), pages 223-243, March.
    6. Jason Lennard, 2023. "Sticky wages and the Great Depression: evidence from the United Kingdom," European Review of Economic History, European Historical Economics Society, vol. 27(2), pages 196-222.
    7. Orsetta Causa & Alain de Serres & Nicolas Ruiz, 2015. "Can pro-growth policies lift all boats?: An analysis based on household disposable income," OECD Journal: Economic Studies, OECD Publishing, vol. 2015(1), pages 227-268.
    8. repec:clr:wugarc:y:2011:v:37i:4p:513 is not listed on IDEAS
    9. Hans-Jürgen Andreß, 2014. "Frieden und Emanzipation?," AStA Wirtschafts- und Sozialstatistisches Archiv, Springer;Deutsche Statistische Gesellschaft - German Statistical Society, vol. 8(1), pages 7-31, June.
    10. Ricardo Barradas & Ines Tomas, 2023. "Household indebtedness in the European Union countries: Going beyond the mainstream interpretation," PSL Quarterly Review, Economia civile, vol. 76(304), pages 21-49.
    11. Gabriel Zucman, 2013. "The Missing Wealth of Nations: Are Europe and the U.S. net Debtors or net Creditors?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 128(3), pages 1321-1364.
    12. Kolozsi, Pál Péter, 2013. "Monetary Policy, Interest Groups, Financial Crisis," Public Finance Quarterly, Corvinus University of Budapest, vol. 58(1), pages 35-52.
    13. Piñeiro-Chousa, Juan & López-Cabarcos, M. Ángeles & Romero-Castro, Noelia María & Pérez-Pico, Ada María, 2020. "Innovation, entrepreneurship and knowledge in the business scientific field: Mapping the research front," Journal of Business Research, Elsevier, vol. 115(C), pages 475-485.
    14. Erik Bengtsson, 2014. "Do unions redistribute income from capital to labour? Union density and wage shares since 1960," Industrial Relations Journal, Wiley Blackwell, vol. 45(5), pages 389-408, September.
    15. Foellmi, Reto & Martínez, Isabel Z., 2014. "Volatile Top Income Shares in Switzerland? Reassessing the Evolution Between 1981 and 2009," CEPR Discussion Papers 10006, C.E.P.R. Discussion Papers.
    16. Pablo A. Mitnik & Erin Cumberworth & David B. Grusky, 2016. "Social Mobility in a High-Inequality Regime," The ANNALS of the American Academy of Political and Social Science, , vol. 663(1), pages 140-184, January.
    17. Lakatos, Csilla & Laborde, David & Martin, Will, 2019. "The Incidence of Tariffs," Conference papers 333060, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    18. Edoardo Demo & Roberto Ricciuti & Mattia Viale, 2018. "Decomposing Economic Inequality in Early Modern Venice (ca. 1650-1800)," HHB Working Papers Series 12, The Historical Household Budgets Project.
    19. Baldwin, Carliss Y. & Bogers, Marcel L.A.M. & Kapoor, Rahul & West, Joel, 2024. "Focusing the ecosystem lens on innovation studies," Research Policy, Elsevier, vol. 53(3).
    20. Wim Naudé, 2016. "Is European Entrepreneurship in Crisis?," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 14(03), pages 03-07, October.
    21. Obst, Thomas., 2014. "Long-term trends in income distribution a global perspective," ILO Working Papers 994869353402676, International Labour Organization.
    22. Piketty, Thomas & Bozio, Antoine & Garbinti, Bertrand & Goupille-Lebret, Jonathan & Guillot, Malka, 2020. "Predistribution vs. Redistribution: Evidence from France and the U.S," CEPR Discussion Papers 15415, C.E.P.R. Discussion Papers.

    More about this item

    Keywords

    business cycle; rate of profit; business profits; capital productivity; economic inequality; European Union; United States; Piketty;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General

    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:liu:liucej:v:14:y:2017:i:1:p:59-87. See general information about how to correct material in RePEc.

    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 bibliographic 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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Laura Ballestra (email available below). General contact details of provider: https://edirc.repec.org/data/liuccit.html .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.