Profit, Accumulation, and Crisis in Capitalism - Long-Term Trends in the UK, US, Japan, and China, 1855-2018

Karl Marx hypothesized that there is a long-term tendency for the profit rate to fall in capitalist economies. Immanuel Wallerstein hypothesized that capitalist development tends to drive up labor cost, material cost, and taxation cost. This book evaluates Marx's and Wallerstein's hypotheses by studying the long-term movement of the profit rate and contributing factors in major capitalist economies. During the twentieth century, leading capitalist economies largely succeeded in stabilizing the profit rate. However, the current decline of the profit rate in China may precipitate the global capitalist economy into a new major crisis. As economic growth slows down in all major capitalist economies, Marx's original hypothesis may be verified by the global economic events in the twenty-first century.

List of contents

1. Capitalism and the Profit Rate  2. Profit, Accumulation and Crisis in British Capitalism, 1855-2018  3. Profit, Accumulation and Crisis in American Capitalism, 1900-2018  4. Profit, Accumulation and Crisis in Japanese Capitalism, 1955-2017  5. Profit, Accumulation and (the Coming) Crisis in Chinese Capitalism, 1980-2018  6. China and the Global Labor Arbitrage  7. The Past and the Future of the Profit Rate, 1855-2050

Product details

• Authors: Minqi Li, Minqi (University of Utah Li, Li Minqi
• Publisher: Taylor & Francis Ltd.
• Languages: English
• Product format: Paperback / Softback
• Released: 30.06.2022
• EAN: 9781032337074
• ISBN: 978-1-0-3233707-4
• No. of pages: 168
• Dimensions: 141 mm x 216 mm x 11 mm
• Series: Routledge Frontiers of Political Economy; Print on demand
• Subjects: Social sciences, law, business > Business > Economics; BUSINESS & ECONOMICS / Economics / General, macroeconomics, Economic theory & philosophy, Political Economy, Economic theory and philosophy