Regimes of Realization: Using Marx and Kalecki to Understand the US Economy, including the Great Recession and the “Recovery”

2018 ◽  
Vol 50 (4) ◽  
pp. 757-772
Author(s):  
David M. Brennan
Keyword(s):  
United States ◽  
Great Recession ◽  
The United States ◽  
Profit Rate ◽  
The Great Recession ◽  
Us Economy ◽  
The Us ◽  
The Future ◽  
Jel Classifications

By integrating selected Kaleckian and Marxian insights, this paper analyzes the sources of profit realization and the profit rate in the US economy from 1964–2013. The most significant sources of profit realization in the United States are capitalists’ consumption and workers’ debt, which historically have been under appreciated both theoretically and empirically. The insights gleaned by analyzing the sources of profit realization aid in understanding the Great Recession and the future of the US economy. JEL Classifications: B51, E11

Path dependence, the COVID-19 crisis, and inequality in the United States

2021 ◽  
Vol 18 (2) ◽  
pp. 198-206
Author(s):  
Daniele Tavani
Keyword(s):  
Great Recession ◽  
Path Dependence ◽  
The United States ◽  
Economic Security ◽  
The Great Recession ◽  
Us Economy ◽  
Long Run ◽  
The Us ◽  
Historical Trajectory

This paper considers both secular and medium-run trends to argue that the US economy was already vulnerable to shocks before the COVID-19 crisis. Long-run trends have shown a pattern of secular stagnation and increasing inequality since the 1980s, while the economy has displayed hysteresis during the sluggish recovery from the Great Recession. The immediate policy response through the Coronavirus, Relief and Economic Security (CARES) Act highlighted the coordinating role of fiscal policy on the economy, but also showcased limits, especially with regard to the paycheck protection program. The historical trajectory of the US economy before the COVID-19 crisis cast serious doubts on recent cries of ‘overheating’ and inflationary pressures that should supposedly arise from the $1.9 trillion relief package just signed into law by President Biden. Projecting forward to the long run, redistribution policies may provide useful first steps in reversing the trends of rising inequality and declining productivity growth that the US economy has seen over the last few decades.

Kalecki and the Determinants of the Profit Rate in the United States

2016 ◽  
Vol 48 (4) ◽  
pp. 577-587
Author(s):  
Erdogan Bakir ◽  
Al Campbell
Keyword(s):  
United States ◽  
Empirical Studies ◽  
The United States ◽  
Profit Rate ◽  
Empirical Results ◽  
Us Economy ◽  
Rate Analysis ◽  
The Us ◽  
Rate Of Profit ◽  
Insight Into

The Weisskopfian approach has dominated empirical studies of the US rate of profit for the last thirty-five years. Forty-five years earlier, Michal Kalecki developed a different frame suitable for empirical profit rate studies, which had the potential to give different, but complementary, insight into the profit rate analysis based on the Weisskopfian approach. This paper first presents a development of the Kaleckian frame. It then applies this frame to the US economy and presents some preliminary empirical results.

Conclusion

2017 ◽  
Author(s):  
Frédéric Grare
Keyword(s):  
United States ◽  
The United States ◽  
The Political ◽  
Slow Pace ◽  
Centre Of Gravity ◽  
The Us ◽  
The Future ◽  
Economic Interaction ◽  
The Asymmetry ◽  
The Relationship

India’s relationship with the United States remains crucial to its own objectives, but is also ambiguous. The asymmetry of power between the two countries is such that the relationship, if potentially useful, is not necessary for the United States while potentially risky for India. Moreover, the shift of the political centre of gravity of Asia — resulting from the growing rivalry between China and the US — is eroding the foundations of India’s policy in Asia, while prospects for greater economic interaction is limited by India’s slow pace of reforms. The future of India-US relations lies in their capacity to evolve a new quid pro quo in which the US will formulate its expectations in more realistic terms while India would assume a larger share of the burden of Asia’ security.

Disruptive Soft Law and Post-Crisis US Reform

2018 ◽  
Author(s):  
Abraham L. Newman ◽  
Elliot Posner
Keyword(s):  
Financial Markets ◽  
Great Recession ◽  
Regulatory Reform ◽  
The United States ◽  
Soft Law ◽  
Long Term Effects ◽  
The Great Recession ◽  
The Us ◽  
International Interaction

Chapter 6 examines the long-term effects of international soft law on policy in the United States since 2008. The extent and type of post-crisis US cooperation with foreign jurisdictions have varied considerably with far-reaching ramifications for international financial markets. Focusing on the international interaction of reforms in banking and derivatives, the chapter uses the book’s approach to understand US regulation in the wake of the Great Recession. The authors attribute seemingly random variation in the US relationship to foreign regulation and markets to differences in pre-crisis international soft law. Here, the existence (or absence) of robust soft law and standard-creating institutions determines the resources available to policy entrepreneurs as well as their orientation and attitudes toward international cooperation. Soft law plays a central role in the evolution of US regulatory reform and its interface with the rest of the world.

Rethinking U.S. National Security after Covid19

2020 ◽  
Vol 26 (3) ◽  
Author(s):  
Linda J. Bilmes
Keyword(s):  
Climate Change ◽  
United States ◽  
National Security ◽  
The United States ◽  
Emerging Diseases ◽  
Defense Spending ◽  
Federal Spending ◽  
Us Economy ◽  
The Us ◽  
The Military

AbstractThe United States has traditionally defined national security in the context of military threats and addressed them through military spending. This article considers whether the United States will rethink this mindset following the disruption of the Covid19 pandemic, during which a non-military actor has inflicted widespread harm. The author argues that the US will not redefine national security explicitly due to the importance of the military in the US economy and the bipartisan trend toward growing the military budget since 2001. However, the pandemic has opened the floodgates with respect to federal spending. This shift will enable the next administration to allocate greater resources to non-military threats such as climate change and emerging diseases, even as it continues to increase defense spending to address traditionally defined military threats such as hypersonics and cyberterrorism.

scholarly journals FUTURE OF US HEGEMONY

2019 ◽  
pp. 4-12
Author(s):  
A Subotin
Keyword(s):  
United States ◽  
Soft Power ◽  
International Politics ◽  
Social Power ◽  
International System ◽  
The United States ◽  
World Politics ◽  
The Us ◽  
The Future ◽  
Us Hegemony

Abstract. The demise of the bipolar system of international politics has revived interest in such closely related and contested terms as "superpower", "hegemon", "empire" and "imperialism". This article represents an attempt to define the most probable trend in the future evolution of the international system with regard to the role of the United States of America as the most prominent state power of today's world. This article seeks to analyse the US power posture in today's world politics by comparing its core capabilities to those of the classical empire of the previous century - the British Empire - with analytical emphasis on both the "hard power" and the "soft power" dimensions. The author maintains that the notion of US hegemony or even American Empire is still relevant despite a clear historic tendency of hegemonic decline seen throughout the second part of the 20th century. The United States still ranks high on the scale of most traditional power factors and, what is by far more important, they continue to be able to shape and control the scale and the volume of international exposure of all other major players within the framework of contemporary global international system. The relative decline of US influence upon world politics at the beginning of the new millennia has been effectively off-set by the profound change in the nature of American power which is now assuming the form of a structural dominance. The author's personal view is that US hegemony is not doomed to wane, given the enormous impact the United States have already made economically, politically and intellectually upon the post World War II international relations. The continuance of the US playing the pivotal role in the international politics of the 21st century will be dependent on the ability of the US political class to adapt to and to harness the social power of numerous non-state international actors that are due take over the leading role in the future world's politics.

scholarly journals The Future of Turkey - United States Relations

Jurnal ICMES ◽  
2018 ◽  
Vol 2 (2) ◽  
pp. 179-196
Author(s):  
Firmanda Taufiq
Keyword(s):  
United States ◽  
The United States ◽  
Economic Interests ◽  
The Us ◽  
The Future ◽  
Foreign Policies ◽  
The Government ◽  
The Cold War ◽  
Role Of The Government

Throughout 2018, relations between Turkey and the United States seemed to deteriorate. The leaders of the two countries issued sharp diplomatic statements and the US even imposed economic sanctions on Turkey. This article aims to analyze how the future of relations between Turkey and the United States. Cooperation between the two has a long historical side after the Cold War. Relations between the two countries are based on various interests, both economic, political, military and security interests. The theory used in this study is the theory of national interest. The US has great interests in the Middle East and Turkey is the front-line ally in achieving those interests. However, there are many US foreign policies that ignore the Turkish concern and create tensions between the two countries. On the contrary, Turkey also has considerable economic interests, but the role of the government elite (in this case, President Erdogan) has a significant influence in the determination of Turkish foreign policy. The findings of this study, although it will go through complex challenges and processes, the US and Turkey will continue to maintain their relations.

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