The profit rate in the presence of financial markets: A necessary correction

In the past two decades the number, variety, and monetary value of marketable financial instruments, particularly securitized instruments, has grown by orders of magnitude. This is the most significant development in what many writers, for the most part Marxist, term 'financialisation'. It...

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Bibliographic Details
Published inJournal of Australian political economy no. 70; pp. 167 - 192
Main Author Freeman, Alan
Format Journal Article
LanguageEnglish
Published Sydney Australian Political Economy Movement 22.06.2012
Journal of Australian Political Economy
Subjects
Analysis
Capitalism
Economic aspects
Economic conditions
Economic indicators
Financial instruments
Financial markets
Forecasts and trends
Gross domestic product
Inventory
Marxian economics
Profitability
Profits
Recessions
Securities markets
Social capital
United States
United Kingdom
United Kingdom > UK
United States > US
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Summary:In the past two decades the number, variety, and monetary value of marketable financial instruments, particularly securitized instruments, has grown by orders of magnitude. This is the most significant development in what many writers, for the most part Marxist, term 'financialisation'. It brings to light, however, an anomaly in the way they calculate the profit rate. This calculation takes no account of the capital tied up in these instruments.
Bibliography:JAPE.jpg
Journal of Australian Political Economy, The, No. 70, Summer 2012: 167-192
ISSN:0156-5826
1839-3675