Managerial Capitalism by Duménil Gérard; Lévy Dominique;

Author:Duménil, Gérard; Lévy, Dominique;
Language: eng
Format: epub
Publisher: Pluto Press

Social orders and administrations in basic economic variables

The two theses at the beginning of the previous section were already clearly supported by the course of the main economic variables in Chapter 10: The changes in the profiles of basic economic variables from one social order to the next were spectacular, while the recurrent flips between right and left administrations (between Republican and Democrat administrations) within each social order remained invisible in the data. One can return here to Figures 10.1 to 10.7, regarding notably income distribution, income taxes, dividend payouts, buybacks, and foreign trade. In Figure 10.3, the share of dividends in the profits of corporations oscillated between 30 and 40 percent up to the crisis of the 1970s, that is, during the postwar compromise, and then rose to 60 or 70 percent; buybacks in Figure 10.5 were negative prior to 1980 (that is, stock shares were issued contributing to the financing of corporations) and turned positive and large during neoliberal decades, the expression of a process of negative accumulation. One can also return to Figure 6.1, showing total government spendings (with or without defense spendings) as a percentage of GDP. The growth rate of government spendings during the postwar compromise was rapid and slower during neoliberal decades. No significant differences were observed regarding the alternation between Republican and Democrat administrations.

Regarding specifically social spendings, which might be considered an expression of the right or left characters of administrations, the growth in Figure 12.1 was steady over the entire period. Again no relationship is apparent with the succession of governments. For example, during the Republican administrations of Nixon and Ford, the variable fluctuated above its historical trend.

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