Economía marxista para el Siglo XXI


Michael Roberts Blog

There is an irony in the face-off between the Euro leaders, the ECB and the Syriza government in Greece. It is that, in a world economy that has crawled along at a below trend growth rate since the end of the Great Recession in mid-2009 (see my posts, https://thenextrecession.wordpress.com/2014/08/29/the-us-recovery-the-long-depression-and-pax-americana/), there are signs that those Eurozone economies that have been in depression (Spain, Portugal, Greece, Slovenia etc) are beginning to show some signs of life after death.

It is a major premise of a Marxist view of investment and growth under capitalism that it depends on profitability of capital and also on the return on new investment. And profitability will fall and/or stay low if there is an existing stock of corprorate capital and debt (represented partly by weak companies with old technology and high debt) that only makes enough income to just cover operations and debt servicing. Companies in…

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