Profitability and the Roots of the Global Crisis: Marx’s ‘Law of the Tendency of the Rate of Profit to Fall’ and the US Economy, 1950–2007

2012 ◽  
Vol 20 (4) ◽  
pp. 39-74 ◽  
Author(s):  
Murray E.G. Smith ◽  
Jonah Butovsky
Keyword(s):  
Financial Crisis ◽  
Average Rate ◽  
Hypertrophic Growth ◽  
Us Economy ◽  
Fictitious Capital ◽  
The Us ◽  
Theory Of Value ◽  
Rate Of Profit ◽  
The Impact

Abstract The relevance of Marx’s theory of value and his ‘law of the tendency of the rate of profit to fall’ to the analysis of the financial crisis of 2007–8 and the ensuing global slump is affirmed. The hypertrophic growth of unproductive constant capital, including the wages of ‘socially necessary’ unproductive labour and tax revenues, is identified as an important manifestation of an historical-structural crisis of capitalism, alongside the increasing weight of fictitious capital and the proliferation of fictitious profits in the lead-up to the financial crisis. These phenomena have obscured the deepest roots of the global slump in the long-term profitability problems of productive capital – that is, in a crisis of surplus-value production. With these considerations taken into account, a better empirical assessment of trends in the composition of capital becomes possible, and with it a more accurate understanding of the impact of the ongoing displacement of living labour from production on the average rate of profit and the future of US and global capitalism.

scholarly journals The Impact of Function Focused Care From Acute Care to Home Care and Nursing Homes

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 629-629
Author(s):  
Silke Metzelthin ◽  
Sandra Zwakhalen ◽  
Barbara Resnick
Keyword(s):  
Older Adults ◽  
The Netherlands ◽  
Home Care ◽  
Acute Care ◽  
Long Term Care ◽  
Functional Decline ◽  
Term Care ◽  
The Us ◽  
The Impact

Abstract Functional decline in older adults often lead towards acute or long-term care. In practice, caregivers often focus on completion of care tasks and of prevention of injuries from falls. This task based, safety approach inadvertently results in fewer opportunities for older adults to be actively involved in activities. Further deconditioning and functional decline are common consequences of this inactivity. To prevent or postpone these consequences Function Focused Care (FFC) was developed meaning that caregivers adapt their level of assistance to the capabilities of older adults and stimulate them to do as much as possible by themselves. FFC was first implemented in institutionalized long-term care in the US, but has spread rapidly to other settings (e.g. acute care), target groups (e.g. people with dementia) and countries (e.g. the Netherlands). During this symposium, four presenters from the US and the Netherlands talk about the impact of FFC. The first presentation is about the results of a stepped wedge cluster trial showing a tendency to improve activities of daily living and mobility. The second presentation is about a FFC training program. FFC was feasible to implement in home care and professionals experienced positive changes in knowledge, attitude, skills and support. The next presenter reports about significant improvements regarding time spent in physical activity and a decrease in resistiveness to care in a cluster randomized controlled trial among nursing home residents with dementia. The fourth speaker presents the content and first results of a training program to implement FFC in nursing homes. Nursing Care of Older Adults Interest Group Sponsored Symposium

Effects of Future Demographic Changes on the US Economy: Evidence from a Long-term Simulation Model

1998 ◽  
Vol 10 (3) ◽  
pp. 239-262 ◽  
Author(s):  
Tim A. Dowd ◽  
Ralph M. Monaco ◽  
Jeffry J. Janoska
Keyword(s):  
Simulation Model ◽  
Demographic Changes ◽  
Us Economy ◽  
The Us

scholarly journals Medical costs of keeping the US economy open during COVID-19

2020 ◽  
Vol 10 (1) ◽  
Author(s):  
Jiangzhuo Chen ◽  
Anil Vullikanti ◽  
Stefan Hoops ◽  
Henning Mortveit ◽  
Bryan Lewis ◽  
...  
Keyword(s):  
National Level ◽  
Medical Costs ◽  
Medical Attention ◽  
Health States ◽  
Us Economy ◽  
Hospital Referral Region ◽  
Hospital Referral ◽  
The Us ◽  
Hospital Beds ◽  
The Impact

Abstract We use an individual based model and national level epidemic simulations to estimate the medical costs of keeping the US economy open during COVID-19 pandemic under different counterfactual scenarios. We model an unmitigated scenario and 12 mitigation scenarios which differ in compliance behavior to social distancing strategies and in the duration of the stay-home order. Under each scenario we estimate the number of people who are likely to get infected and require medical attention, hospitalization, and ventilators. Given the per capita medical cost for each of these health states, we compute the total medical costs for each scenario and show the tradeoffs between deaths, costs, infections, compliance and the duration of stay-home order. We also consider the hospital bed capacity of each Hospital Referral Region (HRR) in the US to estimate the deficit in beds each HRR will likely encounter given the demand for hospital beds. We consider a case where HRRs share hospital beds among the neighboring HRRs during a surge in demand beyond the available beds and the impact it has in controlling additional deaths.

Euro-Atlantic Relations in the XXI Century: Problems and Scenarios

2015 ◽  
Vol 59 (11) ◽  
pp. 31-37
Author(s):  
N. Arbatova
Keyword(s):  
Foreign Policy ◽  
Financial Crisis ◽  
The United States ◽  
Defense Spending ◽  
Main Question ◽  
The Us ◽  
The World ◽  
World Economic ◽  
The Impact ◽  
Economic And Financial Crisis

The Euro-Atlantic relations after the end of the Cold war have been strongly influenced by the impact of three interrelated crises: the existential crisis of NATO, the world economic and financial crisis, and the crisis in the Russia-West relations. The end of bipolarity has changed the threat environment and revealed how different alliance members formulate their threat perception and foreign policy interests. Europe stopped to be the US foreign policy priority. The US pivot to Asia has raised European concerns about American commitments to collective defense. The removal of the threat of a global conflict resulted in the EU initiatives aimed at promoting integration in the field of common security and defense policy (CSDP). Even though the US has officially welcomed a stronger European pillar in NATO, it has become concerned about new approaches that could divide transatlantic partnership and take resources away from military cooperation. At the same time the unilateralist preferences of the Bush administration generated deep political divisions between the United States and the European Union. The world economic and financial crisis contributed to a dangerous gulf between American and European defense spending. The US has complained about the tendency of the alliance’s European members to skimp on defense spending and take advantage of America’s security shield to free ride. In the absence of a clear external threat NATO tried to draft new missions, which were found in NATO’s expansion to the post-Communist space and Alliance’s out of area operations. But these new missions could not answer the main question about NATO’s post-bipolar identity. Moreover, the Kosovo operation of NATO in 1999 fueled Russia’s concerns about NATO’s intentions in the post-Soviet space. The creeping crisis in the Russia-West relations resulted in the Caucasus and Ukrainian conflicts that provided kind of glue to transatlantic relations but did not return them to the old pattern. There can be several representing possible futures lying ahead. But under any scenario EU will be faced with a necessity to shoulder more of the burden of their own security.

Advancing SME Sustainability

2021 ◽  
pp. 159-178
Author(s):  
Meng Kui Hu ◽  
Daisy Mui Hung Kee
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Policy Changes ◽  
Business Environments ◽  
Business Operations ◽  
New Business ◽  
Spanish Flu ◽  
The Global Financial Crisis ◽  
The Impact

The world has been struck by multiple crises that crippled the socio-economy of nations in the past. The impact of these crises was so significant that they initiated numerous policy changes worldwide. The radical crises in this context refer to the Spanish flu, the Asian financial crisis, the global financial crisis, and the current COVID-19 pandemic. Due to their small capital structure with limited resources and fragile nature, SMEs were severely impacted by these crises. Many SMEs were forced to close down their business operations. Somehow, the remaining SMEs managed to persist and survive through the crises. Moving forward, SMEs can better prepare for future crises by understanding and learning from the predicaments of these past crises. Consequently, SMEs must also be adaptive to new business environments and responding promptly to crises by realigning their strategies to achieve business sustainability in the long term.

Modelling sectoral spillovers in the USA (1992–2015)

2020 ◽  
Vol 47 (3) ◽  
pp. 561-595
Author(s):  
Konstantinos N. Konstantakis ◽  
Panayotis G. Michaelides ◽  
Theofanis Papageorgiou ◽  
Theodoros Daglis
Keyword(s):  
Information Technology ◽  
General Equilibrium ◽  
Methodological Approach ◽  
Robustness Analysis ◽  
Autoregressive Process ◽  
Spillover Effects ◽  
Content Type ◽  
Us Economy ◽  
The Us ◽  
The Impact

PurposeThis research paper uses a novel methodological approach to investigate the spillover effects among the key sectors of the US economy.Design/methodology/approachThe paper links the US sectors via a node theoretic scheme based on a general equilibrium framework, whereas it estimates the general equilibrium equation as a Global Vector Autoregressive process, taking into consideration the potential existence of dominant units.FindingsBased on our findings, the dominant sector in the US economy, for the period 1992–2015, is the sector of information technology, finance and communications, a fact that gives credence to the view that the US economy is a service-driven economy. In addition, the US economy seems to benefit by the increased labour mobility across knowledge-intensive sectors, thus avoiding the ‘employment trap’ which in turn enabled the US economy to overcome the financial crisis of 2007.Originality/valueFirstly, the paper models by means of a network approach which is based on a general equilibrium framework, the linkages between the US sectors while treating the sector of information, technology, communications and finance as dominant, as dictated by its degree of centrality in the network structure. Secondly, the paper offers a robustness analysis regarding both the existence and the identification of dominant sectors (nodes) in the US economy. Thirdly, the paper studies a wide period, namely 1992–2015, fully capturing the recent global recession, while acknowledging the impact of the global crisis through the introduction of the relevant exogenous dummy variables; Lastly and most importantly, it is the first study to apply the GVAR approach in a network general equilibrium framework at the sectoral level.

How Has the EU Protected Depositors in the Financial Crisis?

2014 ◽  
Vol 16 ◽  
pp. 289-312
Author(s):  
Niall J Lenihan
Keyword(s):  
Financial Crisis ◽  
Banking System ◽  
The Us ◽  
The Impact ◽  
Deposit Guarantee Schemes ◽  
The Eu

AbstractThis chapter addresses the question of how the EU has protected depositors in the financial crisis. The chapter will discuss (1) the impact in Europe of the US system for the protection of depositors, (2) the important changes made to the EU Deposit Guarantee Schemes Directive, first in 2009 in response to the 2007 deposit run on Northern Rock, and then again in 2014 in response to the financial crisis, (3) the decision of the EFTA Court regarding the scope of Iceland’s obligations under the EU Deposit Guarantee Schemes Directive, following the collapse of the Icelandic banking system in 2008, and (4) the introduction of a powerful depositor preference rule throughout the EU, in response to the resolution of the Cypriot banking system in 2013. This chapter argues that the EU has responded to the impact of the financial crisis on bank depositors by enhancing the legal protections available to depositors.

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