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A Tendency for the Rate of Profit to Fall? From Primitive to Flexible Accumulation in Sweden 1800-2005

Author

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  • Rodney Edvinsson

    (Stockholm University, rodney.edvinsson@ekohist.su.se)

Abstract

Using Swedish historical national accounts, this paper shows that, up to the 1970s, there has been a secular rise in the national capital/output ratio and a secular fall in the rate of exploitation, which tended to depress the profit rate. In Sweden, the nominal capital/output ratio increased fastest during the transition from primitive to accelerated accumulation in the 19th century. Since the 1970s, these secular trends have been reversed, which is connected to flexible accumulation that slims down the inventory stock to a minimum and destroys old consensus between capital and labor. JEL classification:B51, E11, N13, N14

Suggested Citation

  • Rodney Edvinsson, 2010. "A Tendency for the Rate of Profit to Fall? From Primitive to Flexible Accumulation in Sweden 1800-2005," Review of Radical Political Economics, Union for Radical Political Economics, vol. 42(4), pages 465-484, December.
    • Handle: RePEc:sae:reorpe:v:42:y:2010:i:4:p:465-484
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    Cited by:

    1. repec:pra:mprapa:52503 is not listed on IDEAS
    2. Trofimov, Ivan D., 2018. "The secular decline in profit rates: time series analysis of a classical hypothesis," MPRA Paper 88248, University Library of Munich, Germany.

    More about this item

    Keywords

    profit rate; capital; accumulation; economic history; Sweden;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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