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The Falling Rate of Profit and the Great Recession of 2007-2009: A New Approach to Applying Marx’s Value Theory and Its Implications for Socialist Strategy de Peter H. Jones

The Falling Rate of Profit and the Great Recession of 2007-2009: A New Approach to Applying Marx’s Value Theory and Its Implications for Socialist Strategy: Historical Materialism Book Series, cartea 191

Autor Peter H. Jones
en Limba Engleză Hardback – 7 apr 2021
In The Falling Rate of Profit and the Great Recession of 2007-2009, Peter H. Jones develops a new non-equilibrium interpretation of the labour theory of value Karl Marx builds in Capital. Applying this to US national accounting data, Jones shows that when measured correctly the profit rate falls in the lead up to the Great Recession, and for the main reason Marx identifies: the rising organic composition of capital.
Jones also details a new theory of finance, which shows how cycles in the profit rate relate to stock market booms and slumps, and movements in the interest rate. He discusses the implications of the analysis and Marx and Engels’ work generally for a democratic socialist strategy.
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Specificații

ISBN-13: 9789004325333
ISBN-10: 9004325336
Dimensiuni: 155 x 235 mm
Greutate: 0.54 kg
Editura: Brill
Colecția Brill
Seria Historical Materialism Book Series

Cuprins

Preface
List of Tables and Figures
Advice to Readers

1 Marx’s Value Theory and the Law of the Tendential Fall in the Rate of Profit
1The Development of the LTFRP and Its Significance
2Criticisms of the Law
3Summary

2 Devaluation
1Formalisms, Models and Method
2Devaluation and Value
3Historical Cost, Input Cost and Output Cost
4Measuring Devaluation
5The MELT and Revaluation
6The Rate of Profit, the Rate of Accumulation and the Rate of Growth
7Conclusion
8Appendix: A Counter-example to the Okishio Theorem Using Current Cost Measures of the Rate of Profit

3 Turnover Time and the Organic Composition of Capital
1Decomposing the Rate of Profit: Existing Approaches
2The Stock of Variable Capital
3The OCC
4Conclusion
5Appendix: Decomposing Changes in the Rate of Profit

4 Surplus Value, Profit and Output
1The Forms of Appearance of Surplus Value
2Unproductive Labour
3Measuring Surplus Value after Unproductive Expenditures
4The Value of Labour Power
5Measuring Output
6Differences between the Total Price and Total Value of Output
7Surplus Value after Unproductive Expenditures
8Profits from Production
9Conclusion
10Appendix A: Accounting Definitions
11Appendix B: Decomposing Changes in the Rate of Profit from Production
12Appendix C: Decomposing Rates of Profit When the Value of Labour Power Is Not Equal to Its Price

5 Marx on Finance
1Money Dealing and Interest-Bearing Capital
2Currency
3Social Relations and Interest
4Dynamics of the Interest Rate (I)
5Money Capital and Fictitious Capital
6Fictitious Capital and the Dynamics of the Interest Rate (II)
7Conclusions

6 The Rate of Profit and Financial Rates of Return
1The Separation between Financial Profits and Profits from Production
2Fictitious and Non-fictitious Profits
3The Non-fictitious Financial Rate of Return and the Interest Rate
4Conclusion
5Appendix: Accounting Definitions for Financial Rates of Return

7 Results
1Output and Surplus Value
2Measures of the Rate of Profit
3Why the Rate of Profit Fell
4The Rate of Profit and Financial Rates of Return
5The Rate of Profit and the Interest Rate over the Long Term

8 Conclusions
1The Rate of Profit and the Great Recession
2Capital and Marx’s Value Theory

Bibliography
Index

Notă biografică

Peter H. Jones is an independent scholar based in Canberra. He completed his Ph.D. in 2014 at the Australian National University, and has been active in many political campaigns, including for refugee rights and against cuts to health care and universities.