Economies without Capital

Alan Shipman
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Alan Shipman: Open University

Chapter 7 in Capitalism without Capital, 2015, pp 139-168 from Palgrave Macmillan

Abstract: Abstract If (as recent data seem to suggest) wealth has outgrown capital, capital’s composition has shifted from equity towards debt, and public debt has expanded to rescue and replace the private sector’s, what are the social and economic implications? Why does the power of capitalists, to concentrate national income and shape public policy, seem to grow as the presence of capital declines? The answers seem to lie in the imbalance between saving and investment flows that were examined in the first two chapters, but move in a different direction when confronted by the capital shortage suggested by the third.

Keywords: Interest Rate; Balance Sheet; National Income; Public Debt; Capital Gain (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-44244-4_8

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DOI: 10.1057/9781137442444_8

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