Journal Article

Is the Falling Rate of Profit the Driving Force Behind Globalization?

Miguel D. Ramirez

in Contributions to Political Economy

Volume 31, issue 1, pages 91-102
Published in print June 2012 | ISSN: 0277-5921
Published online April 2012 | e-ISSN: 1464-3588 | DOI: http://dx.doi.org/10.1093/cpe/bzs003
Is the Falling Rate of Profit the Driving Force Behind Globalization?

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  • History of Economic Thought (1925 onwards)
  • History of Economic Thought (to 1925)

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This paper examines critically the role of the law of the tendency of the falling rate of profit in the geographic expansion (globalization) of competitive capitalism. It contends that Marx did not believe there was an iron-clad connection between the falling rate of profit and globalization; in addition, it argues that Marx believed that the capitalists' insatiable search for colonial markets was driven by their desire to overcome recurrent (and growing) realization problems in the home market arising from deficient aggregate demand on the part of both workers and capitalists.

Keywords: B10; B14; B24

Journal Article.  5174 words.  Illustrated.

Subjects: History of Economic Thought (1925 onwards) ; History of Economic Thought (to 1925)

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