IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/59285.html
   My bibliography  Save this paper

La transitoriedad histórica del capital: La tendencia descendente de la tasa de ganancia desde el siglo XIX
[The historical transience of capital: The downward trend in the rate of profit since XIX century]

Author

Listed:
  • Maito, Esteban Ezequiel

Abstract

This paper presents estimates of the rate of profit on fourteen countries in the long run. The performance shows a clear downward trend, although there are periods of partial recovery in both core and peripheral countries. The behavior of the profit rate confirms the predictions made by Marx, about the historical trend of the mode of production. Finally, an estimate of the global rate of profit for the last six decades is done, also highlighting the particular role of China in systemic profitability.

Suggested Citation

  • Maito, Esteban Ezequiel, 2013. "La transitoriedad histórica del capital: La tendencia descendente de la tasa de ganancia desde el siglo XIX [The historical transience of capital: The downward trend in the rate of profit since XIX," MPRA Paper 59285, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:59285
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/59285/3/MPRA_paper_59285.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Chong-En Bai & Chang-Tai Hsieh & Yingyi Qian, 2006. "The Return to Capital in China," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 37(2), pages 61-102.
    2. Thomas Piketty & Gabriel Zucman, 2014. "Capital is Back: Wealth-Income Ratios in Rich Countries 1700–2010," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 129(3), pages 1255-1310.
    3. James H. Chan-Lee & Helen Sutch, 1985. "Profits and Rates of Return in OECD Countries," OECD Economics Department Working Papers 20, OECD Publishing.
    4. 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.
    5. repec:dgr:rugggd:199625 is not listed on IDEAS
    6. Cyrus Bina & Behzad Yaghmaian, 1990. "Post-war Global Accumulation and the Transnationalization of Capital," Review of Radical Political Economics, Union for Radical Political Economics, vol. 22(1), pages 78-97, March.
    7. Freeman, Alan, 2009. "What makes the US Profit Rate Fall?," MPRA Paper 14147, University Library of Munich, Germany.
    8. Chiaki Moriguchi & Emmanuel Saez, 2008. "The Evolution of Income Concentration in Japan, 1886-2005: Evidence from Income Tax Statistics," The Review of Economics and Statistics, MIT Press, vol. 90(4), pages 713-734, November.
    9. Fumio Hayashi & Edward C. Prescott, 2008. "The Depressing Effect of Agricultural Institutions on the Prewar Japanese Economy," Journal of Political Economy, University of Chicago Press, vol. 116(4), pages 573-632, August.
    10. Smits, Jan-Pieter & Horlings, Edwin & Zanden, Jan Luiten van, "undated". "Dutch GNP and its components, 1800-1913," GGDC Research Memorandum No.5, Groningen Growth and Development Centre, University of Groningen.
    11. repec:dgr:rugggd:no.5 is not listed on IDEAS
    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. Maito, Esteban Ezequiel, 2014. "The historical transience of capital: the downward trend in the rate of profit since XIX century," MPRA Paper 55894, University Library of Munich, Germany.
    2. Zhang, Shangfeng & Liu, Yaoxin & Huang, Duen-Huang, 2021. "Understanding the mystery of continued rapid economic growth," Journal of Business Research, Elsevier, vol. 124(C), pages 529-537.
    3. Cao, Kang Hua & Birchenall, Javier A., 2013. "Agricultural productivity, structural change, and economic growth in post-reform China," Journal of Development Economics, Elsevier, vol. 104(C), pages 165-180.
    4. Bengtsson, Erik & Waldenström, Daniel, 2018. "Capital Shares and Income Inequality: Evidence from the Long Run," The Journal of Economic History, Cambridge University Press, vol. 78(3), pages 712-743, September.
    5. Alexiou, Constantinos, 2022. "Evaluating the falling rate of profit in the context of the UK economy," Structural Change and Economic Dynamics, Elsevier, vol. 61(C), pages 84-94.
    6. Trofimov, Ivan D., 2022. "Determinants of the profit rates in the OECD economies: A panel data analysis of the Kalecki's profit equation," Structural Change and Economic Dynamics, Elsevier, vol. 61(C), pages 380-397.
    7. Maito, Esteban Ezequiel, 2014. "Auge y estancamiento de Japón (1955-2008). Una explicación marxista [Rise and standstill of Japan (1955-2008). A Marxist explanation]," MPRA Paper 53102, University Library of Munich, Germany.
    8. WANG, Sophie Xuefei & Yu Benjamin, FU, 2019. "Labor mobility barriers and rural-urban migration in transitional China," China Economic Review, Elsevier, vol. 53(C), pages 211-224.
    9. Bartels, Charlotte & Kersting, Felix & Wolf, Nikolaus, 2021. "Testing Marx. Income Inequality, Concentration, and Socialism in Late 19th Century Germany," SocArXiv 5y9wf, Center for Open Science.
    10. Rana Sajedi & Gregory Thwaites, 2016. "Why Are Real Interest Rates So Low? The Role of the Relative Price of Investment Goods," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 64(4), pages 635-659, November.
    11. Kota Ogasawara & Mizuki Komura, 2022. "Consequences of war: Japan’s demographic transition and the marriage market," Journal of Population Economics, Springer;European Society for Population Economics, vol. 35(3), pages 1037-1069, July.
    12. Peppel-Srebrny, Jemima, 2021. "Not all government budget deficits are created equal: Evidence from advanced economies' sovereign bond markets," Journal of International Money and Finance, Elsevier, vol. 118(C).
    13. Paul, Saumik, 2019. "A Decline in Labor's Share with Capital Accumulation and Complementary Factor Inputs: An Application of the Morishima Elasticity of Substitution," IZA Discussion Papers 12219, Institute of Labor Economics (IZA).
    14. Grossmann, Volker & Larin, Benjamin & Löfflad, Hans Torben & Steger, Thomas, 2021. "Distributional consequences of surging housing rents," Journal of Economic Theory, Elsevier, vol. 196(C).
    15. Bertrand Garbinti & Jonathan Goupille-Lebret & Thomas Piketty, 2016. "Accounting for Wealth Inequality Dynamics: Methods, Estimates and Simulations for France (1800-2014)," PSE Working Papers halshs-02794339, HAL.
    16. 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.
    17. Kyoji Fukao & Cristiano Perugini, 2021. "The Long‐Run Dynamics of the Labor Share in Japan," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 67(2), pages 445-480, June.
    18. Junyi Zhu, 2014. "Bracket Creep Revisited - with and without r > g: Evidence from Germany," Journal of Income Distribution, Ad libros publications inc., vol. 23(3), pages 106-158, November.
    19. Mr. Il Houng Lee & Mr. Murtaza H Syed & Mr. Liu Xueyan, 2013. "China’s Path to Consumer-Based Growth: Reorienting Investment and Enhancing Efficiency," IMF Working Papers 2013/083, International Monetary Fund.
    20. David Hémous & Morten Olsen, 2022. "The Rise of the Machines: Automation, Horizontal Innovation, and Income Inequality," American Economic Journal: Macroeconomics, American Economic Association, vol. 14(1), pages 179-223, January.

    More about this item

    Keywords

    Tasa de ganancia - Capital - Karl Marx - Modo de producción capitalista - Centro/Periferia;

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • E0 - Macroeconomics and Monetary Economics - - General
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies
    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General
    • Y10 - Miscellaneous Categories - - Data: Tables and Charts - - - Data: Tables and Charts

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:pra:mprapa:59285. 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: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.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.