9781403932556

Monopoly Capitalism in Crisis

by
  • ISBN13:

    9781403932556

  • ISBN10:

    1403932557

  • Format: Hardcover
  • Copyright: 2004-06-12
  • Publisher: Palgrave Macmillan
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Summary

The world economy is on the brink of a profound crisis. The threat of global deflation and the emergence of chronic excess global capacity characterizes the contemporary phase of crisis and stagnation. Lucarelli argues that these pathological features of globalization acquire a remorseless logic during the "mature" stages of monopoly capitalism. He explores the historical origins and theoretical tendencies of this protracted crisis from a Keynes/Kakecki perspective.

Author Biography

Bill Lucarelli is at the University of Western Sydney, Australia.

Table of Contents

List of Tables viii
List of Figures ix
Acknowledgements x
Introduction 1(10)
Part I A Theoretical Critique 11(76)
1 Accumulation and Crisis: Marxian Controversies
13(19)
Introduction
13(1)
1 The law of value revisited
14(1)
2 The tendency of the rate of profit to fall
15(7)
3 Simple and expanded reproduction
22(2)
4 The problem of effective demand
24(5)
Conclusion
29(1)
Appendix 1A Expanded reproduction
30(2)
2 Circular and Cumulative Causation
32(19)
Introduction
32(1)
1 Neoclassical and the "new" endogenous growth theories
32(5)
2 The law of increasing returns
37(3)
3 Endogenous technical change
40(3)
4 The role of effective demand and net exports
43(4)
Conclusion
47(1)
Appendix 2A The Solow/Swan model
48(3)
3 Overaccumulation and Crisis
51(17)
Introduction
51(1)
1 The determination of national income: a Kaleckian model
52(4)
2 Oligopoly and stagnation
56(4)
3 The credit cycle and the onset of debt deflation
60(7)
Conclusion
67(1)
4 Long Cycles of Growth and Stagnation?
68(19)
Introduction
68(1)
1 "Creative destruction"
68(10)
2 Oligopoly and technical progress
78(5)
Conclusion
83(1)
Appendix 4A Harrod's theory of the trade cycle
84(2)
Appendix 4B Classification of technical progress
86(1)
Part II The Era of Stagnation and Crisis: 1975-2000 87(71)
5 The Demise of Pax Americana
89(26)
Introduction
89(1)
1 The crisis of overaccumulation
90(5)
2 The demise of the Breton Woods accords
95(6)
3 The dollar and its rivals
101(3)
4 Third World debt and delusion
104(5)
5 A tripolar world system?
109(4)
Conclusion
113(2)
6 The Onset of "Eurosclerosis"
115(19)
Introduction
115(1)
1 European Monetary Union: the first experiment
116(3)
2 The neoliberal ascendancy in Europe
119(3)
3 The European Monetary System: 1979-87
122(5)
4 The Maastricht blueprint for EMU
127(6)
Conclusion
133(1)
7 The US Japanese Axis: Unity or Rivalry?
134(24)
Introduction
134(1)
1 The historical context
135(5)
2 From virtuous circle to vicious circle
140(8)
3 A trans-Pacific trade war?
148(8)
Conclusion
156(2)
Conclusion: the Coming Crisis 158(10)
Introduction
158(1)
1 The privileges of US financial hegemony
158(4)
2 A hegemonic crisis?
162(5)
Conclusion
167(1)
Notes 168(3)
Bibliography 171(12)
Index 183

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