The Failure of Capitalist Production by Kliman Andrew;

Author:Kliman, Andrew; [Kliman, Andrew]
Language: eng
Format: epub
ISBN: 9781849646208
Publisher: Book Network Int'l Limited trading as NBN International (NBNi)

Figure 7.4 shows the cumulative percentage changes since 1947 in the rate of profit and its components. On the one hand, we see that short-term movements in the rate of profit were strongly driven by movements in the rate of surplus-value; the former rose and fell along with the latter. Yet since the rate of surplus-value remained roughly constant over the entire period—its value in 2007 was just 3.9 percent less than its value in 1947—its long-term influence on the rate of profit was very minor. In contrast, the reciprocal of the value composition fell by 24.6 percent between 1947 and 2007. The rate of profit fell by only a bit more, 27.6 percent. Almost all the decline in the rate of profit during the 60-year period, 89 percent, can therefore be attributed to the rise in the value composition of capital.

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