Foley Duncan K. :
ON MARX'S THEORY OF MONEY. The Theory of Money and the Theory of Value
Understanding Capital. Marx's Economic Theory
John E. Roemer, Free to Lose: An Introduction to Marxist Economic Philosophy. Cambridge, Massachusetts: Harvard University Press, 1988.
Realization and Accumulation in a Marxian Model of the Circuit of Capital
Recent Developments in the Labor Theory of Value, February, 1997
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The Circuit of Capital, U.S. Manufacturing and Non-Financial Corporate Business Sectors, 1947–1993
Piruz Alemi Duncan K. Foley September, 1997
Abstract : Marx’s analysis of the circuits of capital in Volume II of Capital pro- vides a powerful framework for the empirical study of the dynamics and structure of capitalist production. Methods of Foley (1986) are applied to a wide range of official statistical sources to recover estimates of the rate of exploitation, composition of capital flows, markup, turnover times, profit rate and capitalization rate for U.S. capital in the Manufacturing and Non-Financial Corporate Business sectors from 1947–1993. Both sec- tors show strong fluctuations at business cycle frequencies, a secular rise in the rate of surplus value, and a fall in the composition of capital costs concentrated in the early 1970s. In the Manufacturing sector a rise in the markup was offset by a rise in turnover times, so that the rate of profit is essentially stationary. In the NFCB sector a stationary markup was offset by a similar modest rise in turnover times, so that the rate of profit fell slightly.