Going out of the Great Recession? Contrast between the United States and Europe: Proposed work from economic history, 1960–2014

Carles Manera, Ferran Navinés and Javier Franconetti

Journal of Post Keynesian Economics, 2019, vol. 42, issue 2, 255-273

Abstract: In recent work, the authors have proposed to the United States a model that explains the trend behavior of the rate of profit from share surplus, capital productivity, and the coefficient of financialization. The main results of the explanatory model allow the authors to affirm that with the change of control of Keynesianism to neoliberalism since 1980, there has been a substantial fall in the profit rate to half the values achieved in the years of Keynesian regulation (1945–1973). This significant fall in the level of benefits is due to a substantial fall in capital productivity. The authors are currently working on adapting the explanatory model for the U.S. economy to the main countries of the European Union (Germany, France, Italy, United Kingdom, and Spain). The results show that the pattern of behavior of the variables described in the reference country—the world capitalist economic system, the United States—is repeated more or less precisely in the main countries of the European Union; Germany, France, Italy, United Kingdom, and Spain.

Date: 2019
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DOI: 10.1080/01603477.2018.1431794

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