Sachkapitalrenditen im historischen Vergleich – Deutschland im Abwärtstrend?

Thomas Weiss

WSI-Mitteilungen, 2015, vol. 68, issue 4, 280-289

Abstract: Against the background of the world-wide financial crisis that started in 2007, the development of profitability - or the rate of profit - as a central characteristic of capitalist economies is analysed for the Federal Republic of Germany since 1970. The analysis is based on two data sets: on the one hand the National Accounts (NA) statistics and on the other the published statistics of the German Federal Bank (Deutsche Bundesbank) on the asset and capital structure as well as the profitability of non-financial corporations. The analysis shows that in the long run the rate of profit has fallen, as has capital productivity. However, according to the NA data, from 1982 onwards this downward movement was markedly weaker if not stabilised. This reflects results from other countries. Furthermore, using the balance sheet statistics of the Deutsche Bundesbank, it was found that the structure of assets of German enterprises has shifted more and more towards financial assets and away from fixed assets. However, the ensuing returns on these financial assets could not turn around the general downward trend.

Date: 2015
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DOI: 10.5771/0342-300X-2015-4-280

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