Declining Profitability and the Evolution of the US Economy

ISBN-13: 9781032538150 / Twarda / 2023 / 272 str.

Manuel Roman

Opis

The 1970s were a pivotal decade for the US economy. This book argues that the persistent fall in profitability, leading to the stagflation crisis, was a direct result of the transition from the Fordist phase of capital accumulation, based on large-scale manufacturing, to the neoliberal phase and the rising power of finance.

Spis treści

1. Introduction   2. Classical Economics: Growth and the Stationary State   3. Profitability and the Limits of Fordism   4. Productivity and Wages: The Scissors Effect   5. Production, Labor, and Income Trends   6. The Deindustrialization Quagmire   7. Falling Interest Rates, Banking, and Financial crises   8. Keynes and Secular Stagnation   9. The Neo-Keynesian Retreat   10. The Classical Advance: Schumpeter and Grossman   11. From Secular Stagnation to Stagflation

O autorze

Ascension Mejorado is Clinical Professor and Economics Faculty Chair in the Liberal Studies program at New York University, USA. She is co-author with Manuel Roman of Profitability and the Great Recession: The Role of Accumulation Trends in the Financial Crisis (Routledge).

Manuel Roman taught economics at New Jersey City University, USA, for over 25 years and is now retired. He is co-author with Ascension Mejorado of Profitability and the Great Recession: The Role of Accumulation Trends in the Financial Crisis (Routledge). He is the solo author of Heterodox Views of Finance and Cycles in the Spanish Economy and Growth and Stagnation of the Spanish Economy: the Long Wave, 1954-1993.