Back in 2012, I presented a paper to the Association of Heterodox Economists entitled, A world rate of profit (a world rate of profit). Marx’s model of capitalism and its laws of motion are based on ‘an economy’, in other words, a world economy. Of course, there are still many barriers to the establishment of a world economy and a world rate of profit from labour, trade and capital restrictions designed to preserve and protect national and regional markets from the flow of global capital.
But in 2014, capitalism is much closer to be being a global economy than it was in 1914. So I tentatively suggested in that paper that, maybe, we could start to talk about a world rate of profit and start to measure it as an indicator of the underlying health and activity of capitalism globally.
In the paper I set out to try…
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