US Fiscal Policy, Manufacturing Stagnation, and the Shift to Financialization in the Era of Globalization
An Econometric Analysis, 1973–2015
Dados Bibliográficos
| ID | 12229331 |
|---|---|
| Autores | Shaukat Ansari (University of Toronto, Toronto, Canada, autor correspondente) |
| Ano | 2018 |
| Volume | 30 |
| Fascículo | 4 |
| Páginas | 595-614 |
| Data de publicação | 2018-09-03 |
| Peer Reviewed | Sim |
| Open Access | Não |
| Tipo | ARTICLE |
| Periódico | Review of Political Economy (JOURNAL) |
| Identificadores do periódico | ISSN: 0953-8259 • E-ISSN: 1465-3982 |
| Editora | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/09538259.2018.1504388 |
| OpenAlex | W2889707252 |
| Idioma | EN |
| Citações recebidas | 3 |
| Referências citadas | 50 |
Financialization can be partially attributed to the decline in the US manufacturing profit rate since the 1970s. However, scholars have not reached a consensus regarding the factors responsible for stagnation in manufacturing. This paper employs an Auto-regressive Distributed Lag (ARDL) model to test the impact of both national defense and government consumption expenditure on manufacturing profitability in the United States from 1973, the onset of stagnation, to 2015. Its goal is two-fold: to determine whether stagnation is associated with a decline in Keynesian policies, and to examine the potential for state fiscal programs to reverse this trend and facilitate a shift of private investment away from the financial sector and into manufacturing. The paper finds that the impact of government consumption expenditure on the manufacturing profit rate is positive and significant in both the short-term and long-term (from 1973–2015 and 1973–1993), while the long-term impact becomes negative from 1983 to 2015, when the financial sector profit rate began its upward trend. This casts doubt on whether Keynesian fiscal policies could be employed to restore a healthy profit rate in the manufacturing sector and lower unemployment
Economic stagnation · Economics · Financialization · Fiscal policy · Globalization · Macroeconomics · Market economy · Monetary economics · Politics · Profitability index · Economic Theory and Policy · Housing, Finance, and Neoliberalism · Political and Economic history of UK and US · Finance
The political economy of growth
Marxian crisis theory and the rate of profit in the postwar U.S. economy
Financialisation and capital accumulation in the non-financial corporate sector
Financialisation and the slowdown of accumulation
Bounds testing approaches to the analysis of level relationships
Monopoly-Finance Capital and the Paradox of Accumulation
Monopoly-Finance Capital
Sweezyian Financial Instability Hypothesis—Monopoly Capital, Inflation, Financialization, Inequality and Endless Stagnation
Maturity and Stagnation in American Capitalism
The Effects of Public Infrastructure and R & D Capital on the Cost Structure and Performance of U.S. Manufacturing Industries
Pivotal Decade
Explaining the Global Economic Crisis
The political economy debate on ‘financialization’ – a macroeconomic perspective
The world economy at the turn of the millennium toward boom or crisis
Marx, the Falling Rate of Profit, Financialization, and the Current Crisis
What Is Financialization
Competition and Class
The Epochal Crisis
The Explosion of Debt and Speculation
Production and Finance
International Economic Distress and the Third World
Who Decides?- Economics & Politics
A global bond
Structural causes of the global financial crisis
Making sense of financialization
The financialization of the American economy
The Great Recession and Marx's Crisis Theory
Theorizing financialization
| Obras citantes distintas | 3 |
|---|---|
| Citações por ano | 1,5 |
| Intervalo de citações | 2024 - 2026 (3) |
| Velocidade de citação | current |
| Altamente citado | Não |
| Tipos de citação | Neutras: 3 |