Abstract
A deep-seated global transformation has come about in the composition of capital: in percentage terms, capital expenditure for setting up mighty large-scale manufacturing industries has increasingly given way to a different type of capital expenditure to build a new service industry with lower fixed capital intensity and lower transaction costs.
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Notes
- 1.
N. D. Kondratiev, “Die langen Sozialwissenschaft und Sozialpolitik” 56: 573–609, 1926, returned to in Review of Economic Statistics (1935) and again in “The Long Waves in Economic Life.” Review of Economic Statistics 17 (6): 105–115. 1935. After his death, shot during the purges of 1938, his main works were collected in Dynamics of Economic Development: Long Cycles and Industrial Growth in Historical Context. London: Macmillan, 1998.
- 2.
W. Eucken, Die Grundlagen der Nationalökonomie. Fischer, Jena, 1940.
- 3.
M. Kalecki, Political Aspects of Full Employment, Political Quarterly, 1943, n. 14, pp. 322–331.
- 4.
Investments in nationalised branches can help solve the problem of unemployment only if they are made using criteria different from those adopted by private enterprise. Public enterprises must be prepared to settle for a lower rate of profit and plan their investments in order to cushion economic crises. (In text).
- 5.
One essential reference to this topic can be found in the long series of reflections by B. Amoroso, Europa e Mediterraneo. Le sfide del futuro Editore Dedalo, Bari 2000, with J. Jespersen, Un’ Europa possibile. Dalla crisi alla cooperazione Publisher Castelvecchi, Siena, 2015, Figli di troika. Gli artefici della crisi economica Publisher Castelvecchi, Siena, 2013.
- 6.
J. Rueff, Défense et illustration de l’étalon-or, Paris, Alcan, 1932.
- 7.
K. Mannheim, Das Problem der Generationen, in “Kölner Vierteljahres Hefte für Soziologie”, 1928, VII, pp. 157–185, 309–330.
- 8.
G. Sapelli, Southern Europe since 1945, Portugal, Spain, Italy, Greece and Turkey, Tradition and Modernity, Longam, London–New York–New Delhi, 1994.
- 9.
D. P. Calleo Follies of Power: America’s Unipolar Fantasy, Cambridge University Press, Cambridge, 2009.
- 10.
On the subject, see F. Caudullo and G. Sapelli, La dottrina Obama e le sue conseguenze, published by goWare, Florence, 2015.
- 11.
F. Chabod, Carlo V e il suo impero, Einaudi, Torino, 1985.
- 12.
On this subject, see my book Un nuovo mondo. La rivoluzione di Trump e i suoi effetti globali, Guerini & Associati, Milan, 2017.
- 13.
B, Jessop, The State. Past. Present. Future, Polity Press, Cambridge, 2016.
- 14.
G. Sapelli, Chi comanda in Italia, Guerini e Associati, 2013.
- 15.
G. Sapelli, Southern Europe, cit.
- 16.
G. Sapelli, op. cit.
- 17.
W. Eucken, op. cit.
- 18.
W. Röpke, International Order and Economic Integration, Springer, Heidelberg–London, 1959.
- 19.
H. Minsky, The Financial Instability Hypothesis. In “Jerome Levy Economics Institute”, Working Paper No. 74. 1992.
- 20.
F. Bozo, Histoire secrète de la crise irakienne, Perrin, Paris, 2013.
- 21.
D. P. Calleo, The German Problem Reconsidered: Germany and the World Order 1870 to the Present, Cambridge University Press, Cambridge, 1978.
- 22.
A. Naaman, Les Alawites, Erick Bonnier, Paris, 1999.
- 23.
M. Kessler, La politique étrangère de la France, Presse de Sciences Po, 1999.
- 24.
Wallerstein, I., The rise and the future demise of the world capitalist system: concepts and comparative analysis, in “Comparative studies in society and history”, 1974, XVI, pp. 387–415.
Wallerstein, I., The capitalist world economy, Cambridge, 1979.
Wallerstein, I., The modern world-system II. Mercantilism and the consolidation of the European world-economy, 1600–1750, New York, 1980.
- 25.
S. Amin, Les défis de la mondialisation, 1996.
Pensée sociale critique pour le XXIe siècle: mélanges en l’honneur de Saint-Amin, Éditions L’Harmattan, Paris, 2003.
S. Amin, The Liberal Virus: Permanent War and the Americanization of the World, 2004, le Virus libéral, version française, Paris, le Temps des cerises.
S. Amin, Ali El Kenz, Europe and the Arab world; patterns and prospects for the new relationship, 2005.
S. AminL’Éveil du Sud, le Temps des cerises, Paris, 2008.
S. Amin, Du capitalisme à la civilisation, Éditions Syllepse, Lyon, 2008.
- 26.
L. Pasinetti, Growth and Income Distribution – Essays in Economic Theory, Cambridge: Cambridge University Press, 1974.
- 27.
P. M. Sweezy, The Theory of Capitalist Development, Oxford University Press, 1942.
P. A. Baran, P. M. Sweezy, Monopoly Capital. An Essay on the American Economic and Social Order, Monthly Review Press, 1966.
P. M. Sweezy, Modern Capitalism and other essays, Monthly Review Press, 1972.
- 28.
M. Godelier, (edité par), Transitions et subordinations au capitalisme, Editions de la Maison des Sciences de l’ Homme, Paris, 1984.
- 29.
Edited by J. Osiatyński, Collected Works of Michal Kalecki. Volume V: Developing Economies, Clarendon Press Publication, Oxford, 1993 and particularly Intermediate regimes, published in M. Kalecki, The Last Phase in the Transformation of Capitalism (With an Introduction of G.R. Feiwel), Monthly Review Press, New York, 1972, pp. 115–124.
- 30.
M. McCartney and B. Harriss-White, The ‘Intermediate Regime’ and ‘Intermediate Classes’ Revisited: A Critical Political Economy of Indian Economic Development from 1980 to Hindutva, QEH Working Paper Series – QEHWPS34 Working Paper Number 34, pp. 14–18.
- 31.
B. Badie, Quand le Sud reinvent le monde. Essai sur la puissabnce de la faiblesse, La Decouvert, Paris, 2018, p. 16.
- 32.
R. Luxemburg, Die Akkumulation des Kapitals. Ein Beitrag zur ökonomischen Erklärung des Imperialismus. Vorwärts, Berlin, 1913.
- 33.
See, M. Turchetto, Leggere L’accumulazione del capitale, in “Rivista telematica di studi sulla memoria femminile”, n. 28, 2015.
- 34.
D. Pilling, China’s entry into Africa comes with a warning, in “Financial Times”, 27 September 2018, p. 13.
- 35.
J. Needham The Genius of China (A one-volume distillation by R. Temple), Simon & Schuster, New York, 1986.
- 36.
J. Gernet, Le Monde chinois: 3. L’époque contemporaine. xxe siècle, Paris, Armand Colin, 2005 (1re éd., 1972)).
- 37.
K. A. Wittfogel, Oriental Despotism. A comparative study of total power. Yale University Press, New Haven, 1957.
- 38.
A. T. Mahan The Influence of Sea Power Upon History, 1660–1805, New Haven, Abridged, 1980.
- 39.
G. Sapelli, Da Mao a Xi Jinping, note sul XIX congresso del PCC (a cura di N. Bianconi) in “Cina. La voce del potere”, GoWare Edizioni, Firenze, 2018, pp. 7–24.
- 40.
M. Weber, Die drei reinen Typen der legitimen Herrschaft, in “Preußische Jahrbücher”. 187, 1922, S. 1–12, pp. 475–488.
- 41.
S. Eisenstadt, European Civilization in a Comparative Perspective, Cambridge University Press, Cambridge, 1972.
- 42.
J. Linz and A. Stepan, Modern Nondemocratic Regimes in Problems of Democratic Transition & Consolidation, Johns Hopkins University Press, Baltimore, 1996.
- 43.
V. Ronchi, Lo stato ibrido, Introduction to the issue of Equilibri 2/2018, 199–201.
- 44.
J. Goody, Production and Reproduction, Cambridge University Press, 1977.
- 45.
S. Eisenstadt, op. cit.
- 46.
E. Gellner, Nations and Nationalism, Cornell University Press, Ithaca, 2008.
- 47.
G. Prunier, Africa’s World War: Congo, the Rwandan Genocide, and the Making of Continental Catastrophe, Oxford University Press, 2009.
- 48.
M. Citelli, Il Kenya: laboratorio africano, Equilibri 2/2018, 276–282.
- 49.
B. badie, op. cit.
- 50.
The following discussion is based on my book G. Sapelli, Global Challenges and the Emerging World Order, Singer, 2015.
- 51.
This analysis is again based on B. Moore Jr, Social Origins of Dictatorship and Democracy. Lord and Peasant in the Making of the Modern World, Beacon Press, Boston, 1966.
- 52.
S. K. Majumdar, Lost Glory: India’s Capitalism Story, Oxford, Oxford University Press, 2017.
- 53.
J. Souza, A elite do atraso: Da escravidão à Lava Jato. Rio de Janeiro: Leya. 2017.
- 54.
M. Kaleckh, op. cit.
- 55.
See the still-unsurpassed essay by M. C. Howard and J. E. King, A History of Marxian Economics, 1929–1990, Macmillan International Higher Education, London, 1992, pp. 222–242.
Bibliography
N. D. Kondratiev, “Die langen Sozialwissenschaft und Sozialpolitik” 56: 573–609, 1926, returned to in Review of Economic Statistics (1935) and again in “The Long Waves in Economic Life.” Review of Economic Statistics 17 (6): 105–115. 1935. After his death, shot during the purges of 1938, his main works were collected in Dynamics of Economic Development: Long Cycles and Industrial Growth in Historical Context. London: Macmillan, 1998.
W. Eucken, Die Grundlagen der Nationalökonomie. Fischer, Jena, 1940a.
M. Kalecki, Political Aspects of Full Employment, Political Quarterly, 1943, n. 14, pp. 322–331.
B. Amoroso, Europa e Mediterraneo. Le sfide del futuro Editore Dedalo, Bari 2000, with J. Jespersen, Un’Europa possibile. Dalla crisi alla cooperazione. Publisher Castelvecchi, Siena, 2015, Figli di troika. Gli artefici della crisi economica Publisher Castelvecchi, Siena, 2013.
J. Rueff, Défense et illustration de l’étalon-or, Paris, Alcan, 1932.
K. Mannheim, Das Problem der Generationen, in “Kölner Vierteljahres Hefte für Soziologie”, 1928, VII, pp. 157–185, 309–330.
G. Sapelli, Southern Europe since 1945, Portugal, Spain, Italy, Greece and Turkey, Tradition and Modernity, Longam, London–New York–New Delhi, 1994.
D. P. Calleo Follies of Power: America’s Unipolar Fantasy, Cambridge University Press, Cambridge, 2009.
F. Caudullo and G. Sapelli, La dottrina Obama e le sue conseguenze, published by goWare, Florence, 2015.
F. Chabod, Carlo V e il suo impero, Einaudi, Torino, 1985.
G. Sapelli, Un nuovo mondo. La rivoluzione di Trump e i suoi effetti globali, Guerini & Associati, Milan 2017.
B. Jessop, The State. Past. Present. Future, Polity Press, Cambridge, 2016.
G. Sapelli, Chi comanda in Italia, Guerini e Associati, 2013.
W. Eucken, Die Grundlagen der Nationalökonomie. Fischer, Jena, 1940b.
W. Röpke, International Order and Economic Integration, Springer, Heidelberg–London, 1959.
H. Minsky, The Financial Instability Hypothesis. In “Jerome Levy Economics Institute,” Working Paper No. 74. 1992.
F. Bozo, Histoire secrète de la crise irakienne, Perrin, Paris, 2013.
D. P. Calleo, The German Problem Reconsidered: Germany and the World Order 1870 to the Present, Cambridge University Press, Cambridge, 1978.
A. Naaman, Les Alawites, Erick Bonnier, Paris, 1999.
M. Kessler, La politique étrangère de la France, Presse de Sciences Po, 1999.
I. Wallerstein, The rise and the future demise of the world capitalist system: concepts and comparative analysis, in “Comparative studies in society and history”, 1974, XVI, pp. 387–415.
I. Wallerstein, The capitalist world economy, Cambridge, 1979.
I. Wallerstein, The modern world-system II. Mercantilism and the consolidation of the European world-economy, 1600–1750, New York, 1980.
S. Amin, Les défis de la mondialisation, 1996.
Pensée sociale critique pour le XXIe siècle: mélanges en l’honneur de Saint-Amin, Éditions L’Harmattan, Paris, 2003.
S. Amin, Ali El Kenz, Europe and the Arab world; patterns and prospects for the new relationship, 2005.
S. Amin, L’Éveil du Sud, le Temps des cerises, Paris, 2008.
S. Amin, Du capitalisme à la civilisation, Éditions Syllepse, Lyon, 2008.
L. Pasinetti, Growth and Income Distribution – Essays in Economic Theory, Cambridge: Cambridge University Press, 1974.
P. M. Sweezy, The Theory of Capitalist Development, Oxford University Press, 1942.
P. A. Baran, P. M. Sweezy, Monopoly Capital. An Essay on the American Economic and Social Order, Monthly Review Press, 1966.
P. M. Sweezy, Modern Capitalism and other essays, Monthly Review Press, 1972.
M. Godelier, (edité par), Transitions et subordinations au capitalisme, Editions de la Maison des Sciences de l’ Homme, Paris, 1984.
Edited by J. Osiatyński, Collected Works of Michal Kalecki. Volume V: Developing Economies, Clarendon Press Publication, Oxford, 1993 and particularly Intermediate regimes, published in M. Kalecki, The Last Phase in the Transformation of Capitalism (With an Introduction of G. R. Feiwel), Monthly Review Press, New York, 1972, pp. 115–124.
M. McCartney and B. Harriss-White, The ‘Intermediate Regime’ and ‘Intermediate Classes’ Revisited: A Critical Political Economy of Indian Economic Development from 1980 to Hindutva, QEH Working Paper Series - QEHWPS34 Working Paper Number 34, pp. 14–18.
B. Badie, Quand le Sud reinvent le monde. Essai sur la puissabnce de la faiblesse, La Decouvert, Paris, 2018a, p. 16.
R. Luxemburg, Die Akkumulation des Kapitals. Ein Beitrag zur ökonomischen Erklärung des Imperialismus. Vorwärts, Berlin, 1913.
M. Turchetto, Leggere L’accumulazione del capitale, in “Rivista telematica di studi sulla memoria femminile”, n. 28, 2015.
D. Pilling, China’s entry into Africa comes with a warning, in “Financial Times”, 27 September 2018, p. 13.
J. Needham, The Genius of China. (A one-volume distillation by R. Temple), Simon & Schuster, New York, 1986.
J. Gernet, Le Monde chinois: 3. L’époque contemporaine. xxe siècle, Paris, Armand Colin, 2005 (1re éd., 1972).
K. A. Wittfogel, Oriental Despotism. A comparative study of total power. Yale University Press, New Haven, 1957.
T. Mahan, The Influence of Sea Power Upon History, 1660–1805, New Haven, Abridged, 1980.
G. Sapelli, Da Mao a Xi Jinping, note sul XIX congresso del PCC (a cura di N. Bianconi) in “Cina. La voce del potere”, GoWare Edizioni, Firenze, 2018, pp. 7–24.
M. Weber, Die drei reinen Typen der legitimen Herrschaft, in “Preußische Jahrbücher”. 187, 1922, S. 1–12, pp. 475–488.
S. Eisenstadt, European Civilization in a Comparative Perspective, Cambridge University Press, Cambridge, 1972.
J. Linz and A. Stepan, Modern Nondemocratic Regimes in Problems of Democratic Transition & Consolidation, Johns Hopkins University Press, Baltimore, 1996.
V. Ronchi, Lo stato ibrido, Introduction to the issue of Equilibri 2/2018, 199–201.
J. Goody, Production and Reproduction, Cambridge University Press, 1977.
E. Gellner, Nations and Nationalism, Cornell University Press, Ithaca, 2008.
G. Prunier, Africa’s World War: Congo, the Rwandan Genocide, and the Making of Continental Catastrophe, Oxford University Press, 2009.
M. Citelli, Il Kenya: laboratorio africano, Equilibri 2/2018, 276–282.
B. Badie, Quand le Sud reinvent le monde. Essai sur la puissabnce de la faiblesse, La Decouvert, Paris, 2018b, p. 16.
G. Sapelli, Global Challenges and the Emerging World Order, Springer, 2015.
B. Moore Jr, Social Origins of Dictatorship and Democracy. Lord and Peasant in the Making of the Modern World, Beacon Press, Boston, 1966.
S. K. Majumdar, Lost Glory: India’s Capitalism Story, Oxford, Oxford University Press, 2017.
J. Souza, A elite do atraso: Da escravidão à Lava Jato. Rio de Janeiro: Leya. 2017.
M. Kaleckh, op. cit.
M. C. Howard and J. E. King A History of Marxian Economics, 1929–1990, Macmillan International Higher Education, London, 1992, pp. 222–242.
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Sapelli, G. (2019). The Global Crisis Caused by Deflation. In: Beyond Capitalism. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-20769-4_1
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