Phases of Capitalist Development: Booms, Crises and - download pdf or read online

By Robert Albritton, Makoto Itoh, Richard Westra, Alan Zuege

ISBN-10: 0333948386

ISBN-13: 9780333948385

During this assortment authors from 8 diversified nations, representing a wide selection of educational disciplines and theoretical views, examine the differing stages of capitalist improvement. they provide different and robust analyses of the postwar increase, financial crises, and globalization inside this context.

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Extra info for Phases of Capitalist Development: Booms, Crises and Globalizations

Sample text

Hence the notion that `capitalists earn what they spend'. `What they spend' must here be understood in two senses: either they spend directly (big cars, yachts, caviar) or they save it as households but spend it (invest it) as entrepreneurs. The return of cycles This reasoning is of course highly simplified. Besides direct consumption and investment, there are two other important outlets for production: exports and government spending. Exports in excess of imports (like in Japan or Germany) or public spending in excess of taxes can thus stimulate production, but evidently not in all countries at the same time or in a permanent fashion.

According to him, if firms used the best techniques available there would hardly be need for labour at all. 6 per cent since 1974); and that, in any case, the central issue remains of how better to redistribute the gains of productivity, in the form of either increases in purchasing power (as in the Fordist era) or reductions in the working day. To this, defenders of the Rifkin thesis might respond: `Yes, but these are now ruled out by international competition', which brings us back to the previous objection, the globalization thesis.

Globalization and financialization Globalization refers to a growing interdependence among national markets leading towards a unified world market. We are still far from this, but the integration of all national, or at least continental, markets is proceeding apace. Before, when demand would slow down in a country, we could hope to compensate by expanding markets in other countries. Today, a whole continent or even all three great regional blocs (Europe, the Americas and Asia) can find themselves in a slump.

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Phases of Capitalist Development: Booms, Crises and Globalizations by Robert Albritton, Makoto Itoh, Richard Westra, Alan Zuege


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