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Is the Falling Rate of Profit the Driving Force Behind Globalization?

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  • Miguel Ramirez

    (Department of Economics, Trinity College)

Abstract

This paper examines critically the role of the law of the tendency of the falling rate of profit in the geographic expansion (globalization) of competitive capitalism. It contends that Marx did not believe there was an iron-clad connection between the falling rate of profit and globalization; in addition, it argues that Marx believed that the capitalists’ insatiable search for colonial markets was driven by their desire to overcome recurrent (and growing) realization problems in the home market arising from deficient aggregate demand on the part of both workers and capitalists.

Suggested Citation

  • Miguel Ramirez, 2011. "Is the Falling Rate of Profit the Driving Force Behind Globalization?," Working Papers 1104, Trinity College, Department of Economics.
    • Handle: RePEc:tri:wpaper:1104
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    File URL: http://www3.trincoll.edu/repec/WorkingPapers2011/wp11-04.pdf
    File Function: First version, 2011
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    Cited by:

    1. Miguel Ramirez, 2015. "Credit, Indebtedness, and Speculation in the Marxian Paradigm: A Critical Analysis," Working Papers 1507, Trinity College, Department of Economics.
    2. Miguel D. Ramirez, 2019. "Marx and Ricardo on machinery: a critical note," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 26(1), pages 81-100, January.
    3. Miguel D. Ramírez, 2014. "Credit, The Turnover of Capital, and the Law of the Falling Rate of Profit: A Critical Note," Contributions to Political Economy, Cambridge Political Economy Society, vol. 33(1), pages 61-68.
    4. Miguel D. Ramirez, 2018. "The Organic Composition of Capital and Technological Unemployment: Marx's and Ricardo's Intellectual Debt to John Barton and George Ramsay," Working Papers 1708, Trinity College, Department of Economics, revised Aug 2020.
    5. Miguel D. Ramirez, 2019. "Response to Stavros Mavroudeas," Economic Thought, World Economics Association, vol. 8, pages 70-72, December.
    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.

    More about this item

    Keywords

    Geographic Expansion of Capitalism (Globalization); Law of the Falling Tendency of the Rate of Profit; Underconsumptionist Tendencies; Simple and Expanded Reproduction; Realization Crises.;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian

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