Thomas Dallery, Le divorce rentabilité/croissance dans le capitalisme financiarisé. Changements de régimes, équilibres, instabilités et conflits

Thomas Dallery

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Abstract: The divorce between profitability and growth that emerged since the 80s raises a paradox that has to be explained. The macroeconomic realisation of profits being determined by capitalists' spendings, the slowdown of accumulation cannot come (theoretically) with a profitability recovery, others things being equal. After having recalled, in a first chapter, that financialisation is only the last avatar of a long trend for capitalism to escape from real economy, we show, in a second chapter, that financialisation leads, for the individual firm, to a reorientation towards shareholders' profitability claims at the expense of managers and capital accumulation, financial (indebtedness) and real (capacity utilisation) security, and also of workers (real wage). After having faced, in a third chapter, two methodological, embarrassing questions for kaleckian models of growth and distribution (not very plausible and unstable for the most plausible ones), we use, in a fourth chapter, a second macroeconomic approach (stock-flow consistent model) where conflict impacts distribution (conflict inflation) and accumulation (growth/profit trade-off). We show that dividends distribution and share buybacks allow, within the limits permitted by indebtedness, for a stimulation of rentiers' consumption and for the realisation of profitability claims, in spite of the slowdown of accumulation.

Keywords: capital accumulation; conflicts; distribution; equilibrium; financialisation; équilibre; financiarisation; répartition; accumulation du capital; conflits (search for similar items in EconPapers)
Date: 2011-06-01
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Published in 2011, ⟨10.4000/regulation.9294⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04161164

DOI: 10.4000/regulation.9294

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