On the Alleged Stagnation of Capitalism

William Jefferies

Review of Radical Political Economics, 2015, vol. 47, issue 4, 588-607

Abstract: The assumption that capitalist globalization has been a period of overall stagnation is the dominant consensus opinion within Marxist political economy. This paper criticizes this opinion and shows that it rests on a mis-measure of the transition of the centrally planned economics of the ex-USSR, Central and Eastern Europe (CEE), and China developed by the official statistical agencies during the Cold War. This mis-measure has the effect of underestimating both the collapse of physical output in the ex-USSR and CEE during the transition and underestimating the growth of genuine national income after the creation of market economies where previously there had been none. This paper develops some alternative, much higher, estimates of the real growth of national income during the transition period.

Keywords: transition; capitalist stagnation; political economy; national income; centrally planned economies (search for similar items in EconPapers)
JEL-codes: B51 P2 P21 P24 P26 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:47:y:2015:i:4:p:588-607

DOI: 10.1177/0486613415574265

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