What is it about?
The change of economic paradigm, from Keynesianism to neoliberalism since 1980, has meant a substantial fall in the rate of profit to half of the values reached in the years of Keynesian regulation (1945-1973). This significant drop in the level of profits is due to a substantial drop in the productivity of capital. Therefore, investment problems are observed. The results show that the pattern of behavior of the variables described in the reference country - leader in the world capitalist economic system, the United States - is repeated more or less precisely in the main countries of the European Union: Germany, France, Italy , United Kingdom and Spain. The study is based, therefore, on very different premises than those exposed by the most orthodox economy.
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Why is it important?
The research is different from others that propagate from the most orthodox economy, because it affects aspects (the productivity of capital, the rate of profit) that are not usually taken into account by the mainstream
Perspectives
With this research, the authors have continued other works in which we have used a very similar methodological and theoretical vision. Especially, with the recovery of the theoretical premises of classical economics. We continue working on this perspective, and we are currently investigating aspects of economic resilience
carles Manera
Universitat de les Illes Balears
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This page is a summary of: Going out of the Great Recession? Contrast between the United States and Europe: Proposed work from economic history, 1960–2014, Journal of Post Keynesian Economics, May 2018, Taylor & Francis,
DOI: 10.1080/01603477.2018.1431794.
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