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Cyclical Growth: the Interdependent Dynamics of Industry and Agriculture

  • Edward J. Nell

Abstract

Accumulation is one side of the golden coin of capitalism; the creation of the proletariat is the other. Historically, accumulation has meant the simultaneous dispossession of people and concentration of property, so that the dispossessed face the propertied in the free labor market (see Marx (1967), I, pp. 614, 620, 624).

Keywords

Wage Rate Excess Capacity Profit Rate Effective Demand Golden Coin 
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References

  1. Goodwin, R.M. (1972) ‘A Growth Cycle,’ in E.K. Hunt and J.G. Schwartz (eds), A Critique of Economic Theory (Harmondsworth: Penguin).Google Scholar
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  8. Nell, E. (1976) ‘Population, The Price Revolution, and Primitive Accumulation,’ Peasant Studies, 6 (1)Google Scholar
  9. Nell, E. (1984) Historia y Teoria Economica (Editorial Critica, Barcelona).Google Scholar
  10. Schumpeter, J.A. (1939) Business Cycles (New York: McGraw Hill).Google Scholar

Copyright information

© Edward J. Nell 1992

Authors and Affiliations

  • Edward J. Nell
    • 1
  1. 1.New School for Social ResearchNew YorkUSA

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