THE HISTORICAL PEAK OF THE RATE OF SURPLUS VALUE AND THE “NEW NORMAL” OF THE CHINESE ECONOMY: A POLITICAL ECONOMY ANALYSIS
ABSTRACT This paper reports homogenous series of the rate of surplus value for the Chinese economy over the period 1956-2015 with a Marxian approach. It finds that the rate of surplus value reached the historical peak of the whole period in 2008 and that the high profitability in the decade before t...
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| Format: | Article |
| Language: | English |
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Universidade Federal do Rio de Janeiro
2018-06-01
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| Series: | Revista de Economia Contemporânea |
| Subjects: | |
| Online Access: | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S1415-98482018000100201&lng=en&tlng=en |
| _version_ | 1819262895429517312 |
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| author | Hao Qi |
| author_facet | Hao Qi |
| author_sort | Hao Qi |
| collection | DOAJ |
| description | ABSTRACT This paper reports homogenous series of the rate of surplus value for the Chinese economy over the period 1956-2015 with a Marxian approach. It finds that the rate of surplus value reached the historical peak of the whole period in 2008 and that the high profitability in the decade before the 2008 crisis had relied on the continuous growth in the rate of surplus value. It provides a time series analysis to show that the rising wage pressure and value composition of capitalhas restrained profitability since 2008. Thus, this paper interprets the so-called “new normal” of the Chinese economy as a stage of declining profitability that results mainly from the stagnant rate of surplus value and the rising value composition of capital. |
| first_indexed | 2024-12-23T20:04:58Z |
| format | Article |
| id | doaj.art-39365961ede547d397df2bd2c042202e |
| institution | Directory Open Access Journal |
| issn | 1980-5527 |
| language | English |
| last_indexed | 2024-12-23T20:04:58Z |
| publishDate | 2018-06-01 |
| publisher | Universidade Federal do Rio de Janeiro |
| record_format | Article |
| series | Revista de Economia Contemporânea |
| spelling | doaj.art-39365961ede547d397df2bd2c042202e2022-12-21T17:32:58ZengUniversidade Federal do Rio de JaneiroRevista de Economia Contemporânea1980-55272018-06-0122110.1590/198055272212S1415-98482018000100201THE HISTORICAL PEAK OF THE RATE OF SURPLUS VALUE AND THE “NEW NORMAL” OF THE CHINESE ECONOMY: A POLITICAL ECONOMY ANALYSISHao QiABSTRACT This paper reports homogenous series of the rate of surplus value for the Chinese economy over the period 1956-2015 with a Marxian approach. It finds that the rate of surplus value reached the historical peak of the whole period in 2008 and that the high profitability in the decade before the 2008 crisis had relied on the continuous growth in the rate of surplus value. It provides a time series analysis to show that the rising wage pressure and value composition of capitalhas restrained profitability since 2008. Thus, this paper interprets the so-called “new normal” of the Chinese economy as a stage of declining profitability that results mainly from the stagnant rate of surplus value and the rising value composition of capital.http://www.scielo.br/scielo.php?script=sci_arttext&pid=S1415-98482018000100201&lng=en&tlng=entaxa de mais-valiarentabilidadenovo normaleconomia chinesa |
| spellingShingle | Hao Qi THE HISTORICAL PEAK OF THE RATE OF SURPLUS VALUE AND THE “NEW NORMAL” OF THE CHINESE ECONOMY: A POLITICAL ECONOMY ANALYSIS Revista de Economia Contemporânea taxa de mais-valia rentabilidade novo normal economia chinesa |
| title | THE HISTORICAL PEAK OF THE RATE OF SURPLUS VALUE AND THE “NEW NORMAL” OF THE CHINESE ECONOMY: A POLITICAL ECONOMY ANALYSIS |
| title_full | THE HISTORICAL PEAK OF THE RATE OF SURPLUS VALUE AND THE “NEW NORMAL” OF THE CHINESE ECONOMY: A POLITICAL ECONOMY ANALYSIS |
| title_fullStr | THE HISTORICAL PEAK OF THE RATE OF SURPLUS VALUE AND THE “NEW NORMAL” OF THE CHINESE ECONOMY: A POLITICAL ECONOMY ANALYSIS |
| title_full_unstemmed | THE HISTORICAL PEAK OF THE RATE OF SURPLUS VALUE AND THE “NEW NORMAL” OF THE CHINESE ECONOMY: A POLITICAL ECONOMY ANALYSIS |
| title_short | THE HISTORICAL PEAK OF THE RATE OF SURPLUS VALUE AND THE “NEW NORMAL” OF THE CHINESE ECONOMY: A POLITICAL ECONOMY ANALYSIS |
| title_sort | historical peak of the rate of surplus value and the new normal of the chinese economy a political economy analysis |
| topic | taxa de mais-valia rentabilidade novo normal economia chinesa |
| url | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S1415-98482018000100201&lng=en&tlng=en |
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