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Swiatowy kryzyzs gospodarczy a globalna akumulacja kapitalu

100%
Blasiak W.
Contemporary Economics
|
2010
|
issue 2(14)
35-51
EN
The article presents a thesis that the current global economic crisis is the Second Great Depression, after the First Great Depression of the 30s. This is a global crisis of capital accumulation, which is caused by insufficient global demand. The author analy ses the theoretical output of John Maynard Keynes, Michal Kalecki, Paul Baran and Paul Sweezy. The post-war 'Golden Age' of the capitalist economy ended in 1973 with a deep stag flation of the 70s and 80s. Capitals searching for profitable investment, started to be invested in financial speculation, growing since the 80s. This speculation was enabled on a global scale by the Washington Consensus in the 90s. The explosion of financializa - tion of the global economy began. The author presents the analyses of Paul Sweezy and Harry Magdoff, who argued that this was financialization of global accumulation of ca pital in a form of world financial speculation. This process was completed by the financial crash in 2008, which was the implosion of global speculative balloons. Economics and global economic policy faced challenges of creating new world economic order.
2

SOME COMMENTS TO THE DISCUSSION ON THE EUTHANASIA OF THE RENTIER

75%
Mittner J.
Ekonomický časopis (Journal of Economics)
|
2009
|
vol. 57
|
issue 4
387-398
EN
This paper concerns the Keynesian topic of the Euthanasia of the Rentier. The author summarizes discussions appearing throughout the second half of the 20th century and concentrates on recent reflections on this topic. He develops a micro economical foundation of the accumulation of capital indicating important linkages between the concepts of abstinence loss, varying levels of rentier consumption and slow convergence of the abstinence loss curve to zero. The outcome of the model offers an explanation of the capital accumulation process in the course of reducing interest rates and supports the feasibility of the reduction of interest rate to zero. However, recent studies on the rentier income share give no evidence about the rate of capital accumulation reaching the Euthanasia of the Rentier.
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