Theories of cyclical profit squeeze

Article Abstract:

Empirical data on profit squeezes in expansions have been analyzed. A Rising Strength of Labor (RSL) theory explains why the profit share normally declines before the cycle peak, but fails to explain why the profit share rises for most of the expansion. The opposing Declining Strength of Labor theory explains rising profit share as a result of capacity utilization and productivity rising faster than wages, but fails to explain why the profit share normally falls before the peak. A nutcracker theory is proposed which combines the two factors in one relationship so that the profit share is derived via the two factors operating in different directions and with different lag times.

Profit, Profits, Capitalism

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Responding the crisis: state withdrawal, postmodern fatalism and the possibilities of radical politics

Article Abstract:

Three books on the contemporary crisis of modernization and increased displacement of the state by markets are reviewed. Invisible Leviathan: The Marxist Critique of Market Despotism Beyond Postmodernism' by Murray E. G. Smith examines the crisis in the context on capitalist development. 'New Poverty: Families in Postmodern Society' by David Cheal analyzes the postmodernization of poverty. 'The Death of Class' by Jan Pakulski and Malcolm Waters focuses on the political, theoretical and sociological salience of class.

Postmodernism

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The making of a radical economist

Article Abstract:

The information on the ways that people become radical economists, the radical fight against McCarthyism and the building of a political economy program is presented. The findings indicate that radical economists are mainly shaped by the nature of class relations and class conflict in their years of development, although personal environment is important and the form and concepts used in one's work always reflect the intellectual ideas current in the discipline.

United States, Public affairs, Social aspects, Economic aspects, McCarthyism

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