Capitalism without capital : accounting for the crash / Alan Shipman, Lecturer in Economics, Open University, UK.
By: Shipman, Alan.Publisher: Houndmills, Basingstoke, Hampshire ; New York, NY : Palgrave Macmillan, 2015Description: vi, 180 pages ; 23 cm.ISBN: 9781137442437 (hardback).Subject(s): Capitalism | Financial crises | RecessionsDDC classification: 330 Sh-54
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ՀԱՅԱՍՏԱՆԻ ՊԵՏԱԿԱՆ ՏՆՏԵՍԱԳԻՏԱԿԱՆ ՀԱՄԱԼՍԱՐԱՆԻ ԳՐԱԴԱՐԱՆ
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Includes bibliographical references and index.
Machine generated contents note: -- Introduction1 An Obvious Excess of Capital2 A Still More Obvious Excess; Capital as Wealth3 The Scarcity of Capital In Practice4 What's Not There? Capital Definitions and Measurements5 The Destination of Wealth6 Economics Without Capital7 Economies Without Capital.
"An unusual consensus has developed among economists that the 'long boom' before 2008, and the subsequent crisis and recession, resulted from a global excess of capital. Over-supply of saving drive down capital costs, encouraging excessively risky investment and preventing the scrapping of outmoded plant. Capital's inexorable growth is also blamed for a prolonged squeeze on wages, rising elite wealth and worsening global inequality. This book explores the obvious clash between such arguments and actual measurements of capital, which show a small and shrinking 'productive' component, and a deepening disconnection between capital accumulation and economic growth. It traces the conflict to the continued absence of consistent definitions or measurements of capital, and neglect of the complex connection between aggregate capital and wealth. Capital 'gains' and 'losses', and the growing domination of income statements by balance sheets, undermine attempts to sidestep the problem by reconstituting economics as a system of flows"-- Provided by publisher.