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Contributions to Political Economy Advance Access published online on June 23, 2006
Contributions to Political Economy, doi:10.1093/cpe/bzl005
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© The Author 2006. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved

Article

GLOBAL FINANCE, INCOME DISTRIBUTION AND CAPITAL ACCUMULATION

George Argitis 1 and Christos Pitelis 2

1 Department of Economics, University of Cretee
2 Centre for International Business and Management, Judge Business School, University of Cambridge and University of Athens


  Abstract

The appreciation of the consequences of financial globalization is an important task for contemporary political economy. This paper maintains that industrial and macroeconomic instability faced by many developed and developing countries is likely to be attributed, to an extent, to changes in income distribution in favour of rentiers, financiers and other groups of financial capitalists. We elaborate on Marx's and Keynes's ideas and argue that a rise in rentiers' income might have been an obstacle to industry's investment decisions, and detrimental to capital accumulation. The econometric analysis conducted provides evidence in line with the paper's major hypothesis for the United States and the UK.


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This article has been cited by other articles:


Home page
 Contrib Pol EconomyHome page
G. Argitis and C. Pitelis
GLOBAL FINANCE AND SYSTEMIC INSTABILITY
Contrib. Pol. Economy, April 9, 2008; (2008) bzn008v1.
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