Trends of Marxian Ratios in South Korea, 1980–2014

Jeong, Guhyeon; Jeong, Seongjin

doi:10.1080/00472336.2019.1643488

Cited by 6 publications

(5 citation statements)

References 14 publications

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“…To this end, based on the method of Shaikh and Tonak (1994), data from national income and production accounts (NIPA) and input-output tables to estimate these for the Chinese economy are remapped. As Chinese statistics lack the detailed data on occupation and working hours available, for example, in South Korea, the estimation method employed here lacks some of the refinement and detail demonstrated by Jeong and Jeong (2020). Instead, the analysis here profits from aligning with the adaptation of Shaikh and Tonak's method by Maniatis (2005) for estimating Marxian categories in the Greek economy.…”

Section: Method: Measuring Marxian Categoriesmentioning

confidence: 99%

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Capitalist Accumulation, Contradictions and Crisis in China, 1995–2015

Pauls

2021

Journal of Contemporary Asia

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Drawing upon Marxian and regulation theory, this article seeks to identify key dynamics and contradictions of capitalist accumulation in China between 1995 and 2015 and to explain these in their institutional context. To this end, data from national accounts and input-output tables is re-mapped to estimate Marxian categories such as the rates of surplus value and profit. The article demonstrates how the transformation of the wage relation and an increase in the rate of surplus value lie at the core of a predominantly extensive accumulation regime that enabled rapid and uncoordinated growth facilitated by world market integration. In the wake of the global crisis, however, a confluence of contradictions has led to over-accumulation and a decline in profitability, clear symptoms of exhaustion of the accumulation regime that explain the current slowdown under the "New Normal." The underlying contradictions are rooted in the institutional context of the "Socialist Market Economy," but especially in the wage relation, which no longer supports sufficient increases in the rate of surplus value or a regular pace of accumulation.

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Section: Method: Measuring Marxian Categoriesmentioning

confidence: 99%

“…To measure accumulation empirically, the method developed by Shaikh and Tonak (1994) to estimate Marxian economic categories from Chinese statistics is used. This approach has recently been applied by Jeong and Jeong (2020) to the South Korean case.…”

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confidence: 99%

Capitalist Accumulation, Contradictions and Crisis in China, 1995–2015

Pauls

2021

Journal of Contemporary Asia

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“…First, most authors only use the stock of fixed capital in the denominator (Mariña and Moseley 2000; Moseley 1991; Cámara 2007; Maito 2015; Shaikh and Tonak 1994). Second, some authors embrace the unproductive/productive labor debate and, consequently, subtract the unproductive wages from the surplus value (Mariña and Moseley 2000) or only calculate the rate of profit for productive sectors (Jeong and Jeong 2020). Third, some authors use fixed capital calculated at historical costs (Carchedi and Roberts 2013) while the majority use fixed capital calculated at replacement costs (Duménil, Glick, and Rangel 1987; Moseley 1991; Marquetti, Maldonado Filho, and Lautert 2010).…”

Section: Model and Datamentioning

confidence: 99%

“…Within the most influential Marxian empirical literature about the rate of profit we find the works of Wolff (1979), Weisskopf (1979), Moseley (1991), and Shaikh (1992) for the US economy; the contribution of Cockshott, Cottrell, and Michaelson (1995) for the UK economy; and the analysis of Mariña and Moseley (2000) for the Mexican economy. This literature has been expanded with estimations and analysis of the rate of profit in Spain (Cámara 2007), France (Clévenot, Guy, and Mazier 2010), Greece (Maniatis and Passas 2013), China (Gaulard 2018), South Korea (Jeong and Jeong 2020), Brazil (Marquetti, Maldonado Filho, and Lautert 2010), Argentina (Maito 2012), and Chile (Maito 2012), among other contributions and countries. The majority of these works have covered the postwar period and have been focused on the debate around the falling rate of profit.…”

Section: Introductionmentioning

confidence: 99%

Economic Growth and the Rate of Profit in Colombia 1967–2019: A VAR Time-Series Analysis

Garcia

2022

Review of Radical Political Economics

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In recent decades, there has been a growing literature dealing with the empirical estimation of the rate of profit and other Marxian variables in several countries. Nonetheless, there has been a paucity of econometric research about the impact of those Marxian variables on the growth rate in developing countries. This article seeks to evaluate the rate of profit and the rate of accumulation as determinants of the growth rate in Colombia during 1967–2019, using a generalized vector autoregressive model. We find that both variables are statistically significant and, in concordance with Marxian theory predictions, affect positively the growth rate. We also identify direct impacts of the growth rate over the profit rate and the accumulation rate as well as an economic relevant relationship between these latter variables. JEL Classification: B51, C22, O54

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“…Li's discussion of Marxist crisis theory also raises important questions over Marx's elaboration in Volume III of Capital upon the tendency of the rate of profit to fall (Li 2020). As we shall see below, Jeong and Jeong (2020) as well as Rieu and Park (2020) also consider the question of profit rates in Marxian economic analysis though in the specific circumstances of recent South Korean development in thrall to neo-liberalism. Itoh (2020), in his contribution, sheds light on a largely ignored element of Marx's crisis theory.…”

Section: Capitalism In East Asia: the Special Issuementioning

confidence: 99%

East Asia in the Global Economy: Theoretical and Empirical Questions for Marxism

Westra

2019

Journal of Contemporary Asia

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As Marxism and socialism pass through watershed years it is important to reflect on the abiding questions of Marxist theory and empirical analysis. This article takes up this task in the context of East Asia under the impetus of globalisation and neo-liberalism, introducing a collection of five articles collected in the special issue. The article shows that questions Marx posed about the global economy more than a century ago remain prescient and continue to animate cutting-edge research, as shown in the articles in this special issue.

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Trends of Marxian Ratios in South Korea, 1980–2014

Cited by 6 publications

References 14 publications

Capitalist Accumulation, Contradictions and Crisis in China, 1995–2015

Capitalist Accumulation, Contradictions and Crisis in China, 1995–2015

Economic Growth and the Rate of Profit in Colombia 1967–2019: A VAR Time-Series Analysis

East Asia in the Global Economy: Theoretical and Empirical Questions for Marxism

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