A Tendency for the Rate of Profit to Fall? : From Primitive to Flexible Accumulation in Sweden 1800-2005

• Using Swedish historical national accounts, this paper shows that, up to the 1970s, there has been a secular rise in the national capital/output ratio and a secular fall in the rate of exploitation, which tended to depress the profit rate. In Sweden, the nominal capital/output ratio increased fastest during the transition from primitive to accelerated accumulation in the 19th century. Since the 1970s, these secular trends have been reversed, which is connected to flexible accumulation that slims down the inventory stock to a minimum and destroys old consensus between capital and labor.

Ämnesord

SAMHÄLLSVETENSKAP  -- Ekonomi och näringsliv -- Ekonomisk historia (hsv//swe)

SOCIAL SCIENCES  -- Economics and Business -- Economic History (hsv//eng)

Nyckelord

profit rate

capital

accumulation

economic history

Sweden

Economic history

Ekonomisk historia

ekonomisk historia

Economic History

Publikations- och innehållstyp

ref (ämneskategori)

art (ämneskategori)