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Capital Structures

In: The Structure of a Modern Economy

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  • Kenneth E. Boulding

    (University of Colorado)

Abstract

Information concerning the capital structures of the United States economy, and indeed of all economies, is surprisingly inadequate. Perhaps this is because of the obsession of economists with income rather than with capital, even though the two are intimately related. We do not really have an aggregate balance sheet for society in the way that we have aggregate income figures, although we do have a good deal of scattered information. Figure 5.1 provides a balance sheet — for the total United States economy — for non-financial corporate business, which is of course an important sector of the economy. As can be seen, the proportions of various items have not changed very much over the years. There was a surprising discontinuity in 1974 and 1975 in consumer and trade credits, coinciding as it did with the formation of OPEC and the rise in the price of oil. This trend was also reflected in trade debt. Foreign direct investment grew somewhat, but it was still very small. The proportion of liquid assets declined a little, perhaps as a result of the long period of inflation which gave a negative real rate of return to holding stocks of non-interest-bearing money. Structures, plant and equipment grew but the general change was not large.

Suggested Citation

  • Kenneth E. Boulding, 1993. "Capital Structures," Palgrave Macmillan Books, in: The Structure of a Modern Economy, chapter 5, pages 53-69, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-349-12943-0_5
    DOI: 10.1007/978-1-349-12943-0_5
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