Thomas Dallery, Le divorce rentabilité/croissance dans le capitalisme financiarisé. Changements de régimes, équilibres, instabilités et conflits
The divorce between profitability and growth that emerged since the 80s raises a paradox that has to be explained. The macroeconomic realisation of profits being determined by capitalists’ spendings, the slowdown of accumulation cannot come (theoretically) with a profitability recovery, others thing...
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| Format: | Article |
| Language: | English |
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Association Recherche & Régulation
2011-06-01
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| Series: | Revue de la Régulation |
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| Online Access: | https://journals.openedition.org/regulation/9294 |
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| author | Thomas Dallery |
| author_facet | Thomas Dallery |
| author_sort | Thomas Dallery |
| collection | DOAJ |
| description | The divorce between profitability and growth that emerged since the 80s raises a paradox that has to be explained. The macroeconomic realisation of profits being determined by capitalists’ spendings, the slowdown of accumulation cannot come (theoretically) with a profitability recovery, others things being equal.After having recalled, in a first chapter, that financialisation is only the last avatar of a long trend for capitalism to escape from real economy, we show, in a second chapter, that financialisation leads, for the individual firm, to a reorientation towards shareholders’ profitability claims at the expense of managers and capital accumulation, financial (indebtedness) and real (capacity utilisation) security, and also of workers (real wage).After having faced, in a third chapter, two methodological, embarrassing questions for kaleckian models of growth and distribution (not very plausible and unstable for the most plausible ones), we use, in a fourth chapter, a second macroeconomic approach (stock-flow consistent model) where conflict impacts distribution (conflict inflation) and accumulation (growth/profit trade-off). We show that dividends distribution and share buybacks allow, within the limits permitted by indebtedness, for a stimulation of rentiers’ consumption and for the realisation of profitability claims, in spite of the slowdown of accumulation. |
| format | Article |
| id | doaj-art-78287fb6b9db46b3935710b5078ad1db |
| institution | Kabale University |
| issn | 1957-7796 |
| language | English |
| publishDate | 2011-06-01 |
| publisher | Association Recherche & Régulation |
| record_format | Article |
| series | Revue de la Régulation |
| spelling | doaj-art-78287fb6b9db46b3935710b5078ad1db2025-01-30T14:25:31ZengAssociation Recherche & RégulationRevue de la Régulation1957-77962011-06-01910.4000/regulation.9294Thomas Dallery, Le divorce rentabilité/croissance dans le capitalisme financiarisé. Changements de régimes, équilibres, instabilités et conflitsThomas DalleryThe divorce between profitability and growth that emerged since the 80s raises a paradox that has to be explained. The macroeconomic realisation of profits being determined by capitalists’ spendings, the slowdown of accumulation cannot come (theoretically) with a profitability recovery, others things being equal.After having recalled, in a first chapter, that financialisation is only the last avatar of a long trend for capitalism to escape from real economy, we show, in a second chapter, that financialisation leads, for the individual firm, to a reorientation towards shareholders’ profitability claims at the expense of managers and capital accumulation, financial (indebtedness) and real (capacity utilisation) security, and also of workers (real wage).After having faced, in a third chapter, two methodological, embarrassing questions for kaleckian models of growth and distribution (not very plausible and unstable for the most plausible ones), we use, in a fourth chapter, a second macroeconomic approach (stock-flow consistent model) where conflict impacts distribution (conflict inflation) and accumulation (growth/profit trade-off). We show that dividends distribution and share buybacks allow, within the limits permitted by indebtedness, for a stimulation of rentiers’ consumption and for the realisation of profitability claims, in spite of the slowdown of accumulation.https://journals.openedition.org/regulation/9294financialisationcapital accumulationdistributionconflictsequilibrium |
| spellingShingle | Thomas Dallery Thomas Dallery, Le divorce rentabilité/croissance dans le capitalisme financiarisé. Changements de régimes, équilibres, instabilités et conflits Revue de la Régulation financialisation capital accumulation distribution conflicts equilibrium |
| title | Thomas Dallery, Le divorce rentabilité/croissance dans le capitalisme financiarisé. Changements de régimes, équilibres, instabilités et conflits |
| title_full | Thomas Dallery, Le divorce rentabilité/croissance dans le capitalisme financiarisé. Changements de régimes, équilibres, instabilités et conflits |
| title_fullStr | Thomas Dallery, Le divorce rentabilité/croissance dans le capitalisme financiarisé. Changements de régimes, équilibres, instabilités et conflits |
| title_full_unstemmed | Thomas Dallery, Le divorce rentabilité/croissance dans le capitalisme financiarisé. Changements de régimes, équilibres, instabilités et conflits |
| title_short | Thomas Dallery, Le divorce rentabilité/croissance dans le capitalisme financiarisé. Changements de régimes, équilibres, instabilités et conflits |
| title_sort | thomas dallery le divorce rentabilite croissance dans le capitalisme financiarise changements de regimes equilibres instabilites et conflits |
| topic | financialisation capital accumulation distribution conflicts equilibrium |
| url | https://journals.openedition.org/regulation/9294 |
| work_keys_str_mv | AT thomasdallery thomasdalleryledivorcerentabilitecroissancedanslecapitalismefinanciarisechangementsderegimesequilibresinstabilitesetconflits |