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Secular stagnation in the framework of rentier-financier capitalism and globalization

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  • Bresser-Pereira, Luiz Carlos

Abstract

Rentier-financier capitalism, neoliberalism and globalization have been in a crisis since 2008. It is characterized by low growth rates, quasi-stagnant wages and increase of inequality since rentiers replaced business entrepreneurs, neoliberalism became the hegemonic ideology, and globalization became the means to achieve the best of all possible worlds. But the rich capitalist world faces the threat of secular stagnation. In this paper, I discuss this threat, the main authors that have been discussing it, and the new historical facts that are behind such threat. Among the threats are the fall of the productivity of capital associated with information and communication technology, the increase of monopoly power, the profusion of capitals, and globalization, which opened room for the competition of developing countries.

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  • Bresser-Pereira, Luiz Carlos, 2017. "Secular stagnation in the framework of rentier-financier capitalism and globalization," Textos para discussão 463, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    • Handle: RePEc:fgv:eesptd:463
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    References listed on IDEAS

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    1. Robert J. Gordon, 2016. "Perspectives on The Rise and Fall of American Growth," American Economic Review, American Economic Association, vol. 106(5), pages 72-76, May.
    2. repec:fip:fedgsq:y:2005:i:mar10 is not listed on IDEAS
    3. Robert Guttmann, 2016. "Finance-Led Capitalism," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-52989-3.
    4. Bresser Pereira,Luiz Carlos, 2010. "Globalization and Competition," Cambridge Books, Cambridge University Press, number 9780521144537, January.
    5. Bresser-Pereira, Luiz Carlos, 2018. "Rentier-financier capitalism," Textos para discussão 477, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    6. Bresser-Pereira, Luiz Carlos, 2009. "From old to new developmentalism in Latin America," Textos para discussão 193, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    7. Robert J. Gordon, 2012. "Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds," NBER Working Papers 18315, National Bureau of Economic Research, Inc.
    8. Ben S. Bernanke, 2005. "The global saving glut and the U.S. current account deficit," Speech 77, Board of Governors of the Federal Reserve System (U.S.).
    9. Bresser Pereira,Luiz Carlos, 2010. "Globalization and Competition," Cambridge Books, Cambridge University Press, number 9780521196352, January.
    10. Robert J. Gordon, 1999. "U.S. Economic Growth since 1870: One Big Wave?," American Economic Review, American Economic Association, vol. 89(2), pages 123-128, May.
    11. Guttmann, Robert, 2008. "A Primer on Finance-Led Capitalism and Its Crisis," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 3.
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