Rotta, Tomas and Kumar, Rishabh. 2024. Was Marx right? Development and exploitation in 43 countries, 2000–2014. Structural Change and Economic Dynamics, 69, pp. 213-223. ISSN 0954-349X [Article]

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Abstract or Description

We assess Marx's hypotheses about capitalist development on a global scale by constructing a new dataset of Marxist variables (profit rates, exploitation rates, composition of capital, and shares of productive activity) for 43 major economies, derived from world input-output data and national accounts in the 2000–2014 period. Consistent with Marx's hypotheses, the average profit rate declines at the world level, between countries, and within countries. The global rate of exploitation increases until 2008 but stagnates after the financial crisis, while capital intensity continued to increase. At the cross-country level, rich countries became increasingly dominated by unproductive activity. China absorbed much of the world's productive activity and kept the labor share of value added roughly constant at the world level.

Item Type:	Article
Identification Number (DOI):	https://doi.org/10.1016/j.strueco.2023.12.001
Additional Information:	JEL classification: B51, C82, E11, F63, O11, P51
Data Access Statement:	The data are available as supplementary material online: https://www.sciencedirect.com/science/article/pii/S0954349X23001753
Keywords:	Economic development, Marx, Productive and unproductive activities, Rate of profit, World economy
Departments, Centres and Research Units:	Institute of Management Studies Institute of Management Studies > Structural Economic Analysis
Dates:	Date Event 3 December 2023 Accepted 22 December 2023 Published Online June 2024 Published
Item ID:	34594
Date Deposited:	04 Jan 2024 15:48
Last Modified:	19 Feb 2024 16:25
Peer Reviewed:	Yes, this version has been peer-reviewed.
URI:	https://research.gold.ac.uk/id/eprint/34594

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