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Global Crisis and Reproduction of Capital

Part of the Palgrave Insights into Apocalypse Economics Book Series

DOI: 10.1007/978-3-030-05725-1

ISBN: 978-3-030-05724-4

Publisher: Springer International Publishing - Springer Journals

Jan 29, 2019

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Introduction

Tombazos, Stavros

Pages: 1 –11

[From the early 1980s, the rate of profit recovers, but the rate of accumulation does not track the recovery in profitability. The ratio Surplus Value/Accumulation grows. An ever greater share of surplus value takes the form of money capital and, through credit, is directed to consumption. Marx’s...
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Profitability, Accumulation and Industrial Capital

Tombazos, Stavros

Pages: 13 –28

[The very concept of capital refers to an articulation of three fundamental economic rhythms: the rhythm of valorisation, the rhythm of accumulation and the rhythm of realisation of value. Capitalist growth presupposes a relative compatibility between these three rhythms, while economic crises...
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Private Consumption, Wage Share of GDP and Reproduction Schemas

Tombazos, Stavros

Pages: 29 –44

[The financial system of the neoliberal period has allowed the massive “transfer” of future demand by wage earners to the present time through rising debt, whose servicing has increasingly undermined the disposable part of their wages for consumption. Marx’s schemas of extended reproduction are...
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Money Capital, Fictitious Capital and “Toxic” Capital

Tombazos, Stavros

Pages: 45 –59

[Money capital, as a seemingly autonomous entity, does not produce value. Its “profit” arises as interest and dividend from industrial profit for productively invested loans, as interest on taxes levied by the state to service the public debt and as interest from wages for consumer loans to...
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Economic Policies and Economic Perspectives

Tombazos, Stavros

Pages: 61 –78

[Economic policies prevented the collapse of the financial system and in Europe saved the euro, but they did not lead to an exit from the crisis. The main pillar of monetary policy was negative real interest rates by central banks, but these have a number of “side effects” that require central...
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Conclusion

Tombazos, Stavros

Pages: 79 –85

[From the early 1980s, the neoliberal policies that transformed the old Keynesian regulatory framework, transformed also the characteristics of the crises: The crisis of the 1970s was due to the fall in the profit rate. The present crisis is due to the structural slowdown in the rhythm of...

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