Monopoly Capitalism in Crisis

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.

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

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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Monopoly Capitalism in Crisis

Summary

Author Biography

Table of Contents

Supplemental Materials