Finance, Profit and Crisis
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Four slides on the structure of accumulation and how it affects crisis
![The rate of profit, corrected by accounting for
the accumulation of money-capital
CHART 3: UK PROFIT RATE MADE CONSISTENT BY
INCLUDING FINANCIAL ASSETS IN CAPITAL
CHART 4: US PROFIT RATE MADE CONSISTENT BY
INCLUDING FINANCIAL ASSETS IN CAPITAL
0%
5%
10%
15%
20%
25%
0%
20%
40%
60%
80%
100%
120%
1970
1975
1980
1985
1990
1995
2000
2005
Corporate Value Added/Corporate Capital Stock 'Denominator includes securities (right scale)
0%
2%
4%
6%
8%
10%
12%
14%
0%
5%
10%
15%
20%
25%
30%
35%
1946
1949
1952
1955
1958
1961
1964
1967
1970
1973
1976
1979
1982
1985
1988
1991
1994
1997
2000
2003
2006
(Unadjusted) Operating Surplusof PrivateEnterprises/Fixed Assets of PrivateEnterprises [left
scale]
(Corrected) Operating Surplusof PrivateEnterprises/(Fixed Assets of PrivateEnterprises plus
MarketableFinancial Securities owned by US agencies and persons) [right scale]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Finance, Profit and Crisis
- 1. Der Unbehagen des Marxismus: crisis, finance, and the falling rate of profit Nichts ist schwerer und nichts erfordert mehr Charakter, als sich in offenem Gegensatz zu seiner Zeit zu befinden und laut zu sagen: Nein. - Tucholsky Zu sagen was ist, bleibt die revolutionärste Tat. - Luxemburg
- 2. The rate of profit, corrected by accounting for the accumulation of money-capital CHART 3: UK PROFIT RATE MADE CONSISTENT BY INCLUDING FINANCIAL ASSETS IN CAPITAL CHART 4: US PROFIT RATE MADE CONSISTENT BY INCLUDING FINANCIAL ASSETS IN CAPITAL 0% 5% 10% 15% 20% 25% 0% 20% 40% 60% 80% 100% 120% 1970 1975 1980 1985 1990 1995 2000 2005 Corporate Value Added/Corporate Capital Stock 'Denominator includes securities (right scale) 0% 2% 4% 6% 8% 10% 12% 14% 0% 5% 10% 15% 20% 25% 30% 35% 1946 1949 1952 1955 1958 1961 1964 1967 1970 1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 (Unadjusted) Operating Surplusof PrivateEnterprises/Fixed Assets of PrivateEnterprises [left scale] (Corrected) Operating Surplusof PrivateEnterprises/(Fixed Assets of PrivateEnterprises plus MarketableFinancial Securities owned by US agencies and persons) [right scale]
- 3. Unconsumed Surplus Productive Unproductive Enters Equalization Merchant Capital Land Speculative Purchases Monetary Instruments Does not enter Equalisation Personal Housing Durables State Capital
- 4. Financial accumulation, secular stagnation US Capacity utilization (%) Grey bars = Recessions Source: Federal Reserve Board of St Louis (FRED) website, www.research.stlouisfed.org acquisition of assets by the UK corporate sector 0% 20% 40% 60% 80% 100% 120% 140% - 100 200 300 400 500 600 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 Ratiobetweenthecumulativepurchaseof financialandfixedassetsfrom1987 AnnualAcquisitionofFixedandFinancialAssets, GBPmn Financial Assets/Fixed Assets Fixed Financial 0% 20% 40% 60% 80% 100% 120% 140% - 100 200 300 400 500 600 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 Ratiobetweenthecumulativepurchaseof financialandfixedassetsfrom1987 AnnualAcquisitionofFixedandFinancialAssets, GBPmn Financial Assets/Fixed Assets Fixed Financial