Bacterial communities as capitalist economies

Capitalist Diversity in Open Economies

Recessions and the Resilience of the Capitalist Economies

I am grateful for comments from participants at the Winter Organizational Science conference at Lake Tahoe CA, at the Society of Business Economists conference, London and at the Extreme Events conference at the University of Durham Business School. e-mail: [email protected] Abstract The aims of this paper are to investigate the resilience of capitalist economies to recessions, and to est...

Information cascades and the distribution of economic recessions in capitalist economies

7 We consider in this paper the distribution of the cumulative size of recessions in 17 capitalist countries over the period 1871–1994, using data on annual percentage changes in real GDP. 9 A recession is de ned as a year in which GDP growth is negative, and the cumulative change is the change from peak to trough during a recession period. We examine both the whole sample 11 and di erent parti...

INNOVATION AND INVESTMENT IN CAPITALIST ECONOMIES 1870-2000: Kaleckian Dynamics and Evolutionary Life cycles

Ever since the start of the Industrial Revolution in Britain in the 1760s, innovation and investment have been crucial elements in economic explanations of the dynamics of capitalism. Classical economics recognises that innovation embodied in the form of new machines through fixed capital investment is the essential process for realising economic development. This study sets up a theoretical li...

Determinants of the average profit rate and the trajectory of capitalist economies

The paper investigates the determinants of the average profit rate using the framework outlined by Farjoun and Machover (1983) and developed in Cottrell and Cockshott (2006). A dynamic equilibrium rate is derived that predicts the trend of the average profit rate. Long-run trends in the trajectory of capitalist economies are considered using empirical data from several countries.