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The 1970s were a pivotal decade for the US economy: deindustrialization broke the power of the labor unions and made possible the redistribution of income in favor of corporate profits; globalization and offshore investments opened alternatives to domestic nonfinancial capital accumulation; domestic productivity growth declined; and labor-saving technology empowered superstar corporations to rapidly gain market share. This book argues that the persistent fall in profitability, leading to the stagflation crisis, was a direct result of the transition from the Fordist phase of capital accumulation, based on large-scale manufacturing, to the neoliberal phase and the rising power of finance. Neoliberalism restored the power of rentiers but not the profit rates of nonfinancial corporations. Falling accumulation rates weakened the growth capacity of nonfinancial corporate firms and secular stagnation became the norm. Neo-Keynesian economists, Larry Summers and Paul Krugman, explained the persistence of secular stagnation with arguments borrowed from Alvin Hansen in the 1930s, such as the declining birth rate or the falling relative prices of investment goods, hence a shortfall of demand. In the Classical paradigm, profitability drives capital accumulation and falling profitability slows down growth. As the accumulation rate declined and the capacity growth diminished, breakdowns in supply links, due to the COVID-19 pandemic, prevented large infusions of purchasing power to find matching levels of supply, hence the stagflation crisis returned. The book will be a great asset to researchers and scholars interested in the development of Classical Political Economy concerning issues related to inflation, stagnation, growing inequality, and the next phase of neoliberalism.

Tercer número de este libro recopilatorio de narraciones ciclistas que pretende ofrecer textos de calidad redactados cada año por periodistas, escritores/as, deportistas que si tienen algo en común, es su pasión por el ciclismo y las letras. Tamaño libro de bolsillo. Llega el vol. 3 de la colección de libros de bolsillo El Afilador, tras los primeros números publicados en 2016 y 2017. Luis Román Mendoza debuta con una historia sobre el biker Pablo Rodríguez, apodado El Afilador y la Escola José Antonio Hermida de Maceda en la que se formó. Daniel Burgui, por su parte, visitó en su domicilio al recordman de la hora Robert Marchand, después de completar 22,547 kilómetros con 105 años. Otra deportista ejemplar, la extremeña María del Mar Solera, es la protagonista del texto de Juanfran de la Cruz, en la que repasa su trayectoria deportiva. Juanma Garate y su gran victoria en el mítico Ventoux, son el centro de la historia que nos trae Jesús Gómez Peña. Gabriel Zapata nos descubre la Vuelta a México de la década de los 50 y un curioso encuentro de algunos ciclistas con el Che Guevara. Óscar Falagán, por su parte, viaja a la Toscana para contarnos cómo se gestó la primera selección albanesa de ciclismo. Por último, Luis Guinea asciende el duro puerto de Larrau siguiendo los pasos de Miguel Induráin en la etapa del Tour 1996 que certificó el final de su reinado.

This title was first published in 2002: Why do endogenous cycles persist in Spain? Manuel Roman demonstrates a highly novel approach to the study of finance and the persistence of endogenous growth cycles, providing a balanced account of the Post Keynesian, Classical and Neo-classical political economy approaches. Finding key propositions from a representative set of heterodox cycles'models, he rigorously tests their chief claims, grounding his research in empirical data. The endogenous forces behind persistent fluctuations in the Spanish economy are also identified and explored in this theoretically rich text, the first of its kind to examine the Spanish economy in such great detail.

From the mid-1980s, investors in the US increasingly directed capital towards the financial sector at the expense of non-financial sectors, lured by the perception of higher profits. This flow of capital inflated asset prices, creating the stock market and housing bubbles which burst when the imbalance between stagnant incomes and rising debts triggered the banking meltdown. Profitability and the Great Recession analyses these trends in profitability and capital accumulation, which the authors identify as the root cause of the financial crisis, in the context of the US and other major OECD countries.Drawing on insights from Adam Smith, David Ricardo, John Stuart Mill and Karl Marx, the authors interpret the relationship between capital accumulation and profitability trends through the conceptual lens of classical political economy. The book provides extensive empirical evidence of declining rates of US non-financial corporate accumulations from the mid-1960s and profitability trends in that sector falling from post-war highs. In contrast to this, it is shown that there was a vigorous rise of profitability in the financial sector from a 1982 trough to the early part of the twenty-first century, which led to the bloating of that sector. The authors conclude that the long-term falling accumulation trend in the non-financial corporate sector, highlighted by the bankruptcy of major automobile corporations, stands out as the underlying force that transformed the financial crisis into a fully-fledged Great Recession. This book will be of interest to students and researchers in the areas of economics, political economy, business and finance.