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Introduction

  • Stavros Tombazos
Chapter
Part of the Palgrave Insights into Apocalypse Economics book series (PIAE)

Abstract

From the early 1980s, the rate of profit recovers, but the rate of accumulation does not track the recovery in profitability. The ratio Surplus Value/Accumulation grows. An ever greater share of surplus value takes the form of money capital and, through credit, is directed to consumption. Marx’s schemas of reproduction are modified to show the increasing importance of private debt in the process of realisation of value. Financial derivatives permitted the creation of an enormous volume of fictitious capital alongside an unsustainable debt. The ongoing crisis is not only “financial”, but it is also the crisis of the neoliberal regime of accumulation. Economic policies prevented the collapse of the financial system and saved the euro, but they did not lead to an exit from the crisis.

Keywords

Ratio Surplus Value/Accumulation Divergence of rate of profit and rate of accumulation Financial derivatives Rhythm of realisation of value Marx’s schemas of reproduction 

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Stavros Tombazos
    • 1
  1. 1.University of CyprusNicosiaCyprus

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