Download or read book Profitability and the Great Recession written by Ascension Mejorado and published by Routledge. This book was released on 2013-10-23 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the mid-1980s, investors in the US increasingly directed capital towards the financial sector at the expense of non-financial sectors, lured by the perception of higher profits. This flow of capital inflated asset prices, creating the stock market and housing bubbles which burst when the imbalance between stagnant incomes and rising debts triggered the banking meltdown. Profitability and the Great Recession analyses these trends in profitability and capital accumulation, which the authors identify as the root cause of the financial crisis, in the context of the US and other major OECD countries. Drawing on insights from Adam Smith, David Ricardo, John Stuart Mill and Karl Marx, the authors interpret the relationship between capital accumulation and profitability trends through the conceptual lens of classical political economy. The book provides extensive empirical evidence of declining rates of US non-financial corporate accumulations from the mid-1960s and profitability trends in that sector falling from post-war highs. In contrast to this, it is shown that there was a vigorous rise of profitability in the financial sector from a 1982 trough to the early part of the twenty-first century, which led to the bloating of that sector. The authors conclude that the long-term falling accumulation trend in the non-financial corporate sector, highlighted by the bankruptcy of major automobile corporations, stands out as the underlying force that transformed the financial crisis into a fully-fledged Great Recession. This book will be of interest to students and researchers in the areas of economics, political economy, business and finance.

Download or read book The Falling Rate of Profit and the Great Recession of 2007 2009 written by Peter H. Jones and published by BRILL. This book was released on 2021-04-06 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The Failure of Capitalist Production written by Andrew Kliman and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The recent financial crisis and Great Recession have been analysed endlessly in the mainstream and academia, but this is the first book to conclude, on the basis of in-depth analyses of official US data, that Marx's crisis theory can explain these events. Marx believed that the rate of profit has a tendency to fall, leading to economic crises and recessions. Many economists, Marxists among them, have dismissed this theory out of hand, but Andrew Kliman's careful data analysis shows that the rate of profit did indeed decline after the post-World War II boom and that free-market policies failed to reverse the decline. The fall in profitability led to sluggish investment and economic growth, mounting debt problems, desperate attempts of governments to fight these problems by piling up even more debt -- and ultimately to the Great Recession. Kliman's conclusion is simple but shocking: short of socialist transformation, the only way to escape the 'new normal' of a stagnant, crisis-prone economy is to restore profitability through full-scale destruction of existing wealth, something not seen since the Depression of the 1930s."--Publisher's website.

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Download or read book The Great Recession written by Michael Roberts and published by Lulu.com. This book was released on 2009-12-03 with total page 335 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Great Recession of 2008-9 was the worst slump in the world economy since the Great Depression in the 1930s. Michael Roberts forecast that it would happen a few years before and in this book he explains why the Great Recession happened - relying on Marx's analysis of the laws of motion in a capitalist economy. And he makes predictions of whether and when it could happen again.

Download or read book The Budget and Economic Outlook written by and published by . This book was released on 2008 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book World in Crisis written by Guiglelmo Carchedi and published by Haymarket Books. This book was released on 2018-10-01 with total page 507 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most mainstream economists view capitalism’s periodic breakdowns are nothing more than temporary aberrations from another wise unbroken path toward prosperity. For Marxists, this fundamental flaw has long been acknowledged as a central feature of the free market system. This groundbreaking volume brings together Marxist scholars from around the world to offer an empirically grounded defense of Marx’s law of profitability and its central role in explaining these capitalist crises. Gugliemo Carchedi has worked at the United Nations in New York and has taught at the University of Amsterdam. Michael Roberts has worked as an economist for over thirty years in the city of London financial center.

Download or read book The First Great Recession of the 21st Century written by Óscar Dejuán and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008-10 financial crisis and the global recession it created is a complex phenomenon that warrants detailed examination. The various essays in the book utilise several alternative paradigms to provide a plausible explanation and a credible cure. This book provides this important analysis in great detail and from different theoretical perspectives, presenting a clearer understanding of what went wrong and expounding misinterpretations of current theories and practices. Thirteen insightful chapters by eminent scholars investigate the background of the crisis and draw lessons for economic theory and policy. They largely illustrate that the roots of the recession lie in the financial sector which, over the past few decades, has expanded considerably in terms of both size and complexity. They show that financial innovation has decoupled the real and financial sectors - not always to the benefit of economic stability - and argue that financial markets should be regulated more astutely in order to reinforce transparency and accountability. The book concludes that economics as a science should give proper weight to financial variables and integrate them into its models.

Download or read book Great Recession The History Ideology Hubris And Nemesis written by Michael Siam-heng Heng and published by World Scientific. This book was released on 2010-07-16 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many books on the 2008 financial crisis and the current recession focus on the financial sector. Unlike them, this book takes the real economy as the starting point and it situates the downturn within the societal context over the last several decades. Important elements of the story include global manufacturing overcapacity and declining profitability, failure of advanced industrial economies to make a quantum jump in discoveries and innovations across a broad range of technologies, ascent of neo-liberalism after the fall of the Berlin Wall, the Asian financial crisis, the Japanese “lost decade”, and the dot-com boom. This provides the backdrop of the birth of a market society, deregulation, easy credit, and financial excesses.The financial crisis reveals much that has gone astray in the business world over the last few decades — short term thinking, manipulation of figures and image management at the cost of the basics. The financial sector has become an arena for accounting shenanigans and corporate skullduggery. It is also a symptom of deeper social and cultural change. Crisis of a very serious nature functions as a cleansing exercise. Already we have seen debates which re-examine values and ideas, state policy and business practices. If the world could rise to the challenge, history will view the crisis as a blessing in disguise and thus render it in positive terms.

Download or read book The Great Recession and the Contradictions of Contemporary Capitalism written by Riccardo Bellofiore and published by Edward Elgar Publishing. This book was released on 2014-10-31 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current crisis is one of the great crises punctuating the long history of capitalism, and to be properly understood it is vital to take into account its ongoing structural transformation. This book offers plural perspectives on the Great Recession,

Download or read book The Theory of Crisis and the Great Recession in Spain written by Juan Pablo Mateo Tomé and published by Springer Nature. This book was released on 2019-11-08 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book has a dual purpose. First, it analyses the concept of economic crises within economic theory, showing the various theoretical foundations and controversies amongst different schools of economic thought. Second, it presents an empirical analysis of the Great Recession in Spain, addressing the growth period of 1995 to 2007-08, the subsequent depression until 2013-14 and the recovery that followed. It also shows the way in which the inner contradictions of capital manifests itself in an European peripheral economy under a real estate bubble, emphasizing the role of the Spanish economy in European capitalism. This theoretical and empirical heterodox approach will be of interest to students and scholars in political economy, and those with an interest in the Eurozone.

Download or read book Profitability and the Great Recession written by Ascension Mejorado and published by Routledge. This book was released on 2013-10-23 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the mid-1980s, investors in the US increasingly directed capital towards the financial sector at the expense of non-financial sectors, lured by the perception of higher profits. This flow of capital inflated asset prices, creating the stock market and housing bubbles which burst when the imbalance between stagnant incomes and rising debts triggered the banking meltdown. Profitability and the Great Recession analyses these trends in profitability and capital accumulation, which the authors identify as the root cause of the financial crisis, in the context of the US and other major OECD countries. Drawing on insights from Adam Smith, David Ricardo, John Stuart Mill and Karl Marx, the authors interpret the relationship between capital accumulation and profitability trends through the conceptual lens of classical political economy. The book provides extensive empirical evidence of declining rates of US non-financial corporate accumulations from the mid-1960s and profitability trends in that sector falling from post-war highs. In contrast to this, it is shown that there was a vigorous rise of profitability in the financial sector from a 1982 trough to the early part of the twenty-first century, which led to the bloating of that sector. The authors conclude that the long-term falling accumulation trend in the non-financial corporate sector, highlighted by the bankruptcy of major automobile corporations, stands out as the underlying force that transformed the financial crisis into a fully-fledged Great Recession. This book will be of interest to students and researchers in the areas of economics, political economy, business and finance.

Download or read book The Great Recession written by Michael S. H. Heng and published by World Scientific. This book was released on 2010 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Deals with the 2008 financial crisis and the recession. This book takes the real economy as the starting point and situates the downturn within the societal context over the last several decades.

Download or read book The Roller Coaster Economy written by Howard J Sherman and published by Routledge. This book was released on 2015-07-17 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by one of the foremost experts on the business cycle, this is a compelling and engaging explanation of how and why the economic downturn of 2007 became the Great Recession of 2008 and 2009. Author Howard Sherman explores the root causes of the cycle of boom and bust of the economy, focusing on the 2008 financial crisis and the Great Recession of 2008-2009. He makes a powerful argument that recessions and the resulting painful involuntary unemployment are inherent in capitalism itself. Sherman clearly illustrates the mechanisms of business cycles, and he provides a thoughtful alternative that would rein in their destructive effects.

Download or read book After the Great Recession written by Barry Z. Cynamon and published by Cambridge University Press. This book was released on 2013 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of essays about the US Great Recession of 2007 to 2009 and the subsequent stagnation from prominent scholars.

Download or read book The Great Recession written by David B. Grusky and published by Russell Sage Foundation. This book was released on 2011-10-01 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change.

Download or read book The Falling Rate of Profit and the Great Recession written by Peter Jones and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis develops a new, temporalist interpretation of Marx's value theory. It applies this to US national accounting statistics, in order to test Marx's Law of the Tendential Fall in the Rate of Profit (LTFRP) and whether it can explain the causes of the Great Recession of 2007 - 2009 in the US. It finds that movements in the rate of profit in the US conform to Marx's law and that the Great Recession can be explained by a prior decline in the US rate of profit. It also gives empirical confirmation of Marx's account of the tendencies and counter-tendencies which determine movements in the average rate of profit. The interpretation builds on the important breakthroughs of the temporal single system interpretation (TSSI) of Marx's value theory, which refutes two allegations of internal inconsistency against Marx's system: the transformation problem and the Okishio Theorem. This includes showing how a temporalist approach can be extended to account for the devaluation of capital due to crises and obsolescence, overcoming problems associated with historical cost accounting while still making it possible for cost-reducing technological change to lead to a falling rate of profit with a constant real wage. The thesis also gives a method for measuring the turnover time of variable capital. This makes it possible to measure the value composition of capital and the organic composition of capital as the ratios of one stock to another stock, and to quantify the influences on the rate of profit of changes in the organic composition of capital, changes in the turnover time of variable capital, the cheapening of new capital, the devaluation of existing capital and changes in the rate of surplus value. The thesis also quantifies the relationships between the total stock of surplus value, unproductive expenditures of surplus value, profits from production, profits from secondary exploitation and fictitious profits. This forms the basis for two new types of measure of the rate of profit with which to test Marx's law. This value accounting framework is then extended to explain how the creation of fictitious capital can create fictitious profits, and how this can be used to explain average rates of return on financial assets and the interest rate. The results show there has been a long-term decline in the US rate of profit, and declines in the US rate of profit in the lead up to all major crises. Since 1945, the organic composition of capital has increased more or less continuously, and its effect on the rate of profit was counteracted to a limited extent by the other factors Marx identifies, including a rising rate of surplus value. Marx's observations concerning the relationship between the interest rate and the business cycle are also supported by the evidence over the long-term. This is strong evidence in favour of the predictive power of Marx's value theory in Capital.