Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/175322 
Authors: 
Year of Publication: 
2018
Series/Report no.: 
Working Paper No. 96/2018
Publisher: 
Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE), Berlin
Abstract: 
The re-distribution of income from labour to capital, from workers to top-managers, and from low income households to the rich has been an important feature of financedominated capitalism since the early 1980s. After the Great Financial Crisis and the Great Recession in 2007-9, the recovery has been sluggish so far, and this has given rise to a renewed discussion about stagnation tendencies in capitalist economies. In orthodox approaches income distribution only has a restricted role to play, if at all, but the interaction between distribution and growth is at the centre of Marxian and post-Keynesian/Kaleckian approaches when it comes to explaining medium- to long-run trends of economic growth - and stagnation. In this contribution we will thus provide Marxian and Kaleckian assessments of the distribution and growth regimes under finance-dominated capitalism, both before and after the recent crisis. Finally, we also sketch an interpretation of stagnation tendencies in a demand-led endogenous growth model with Kaleckian, Kaldorian and Marxian features.
Subjects: 
distribution
growth
financialisation
stagnation
macroeconomic demand and growth regimes
productivity growth
Kaleckian models
Marxian models
JEL: 
E11
E21
E22
E25
E60
F43
F62
O40
Document Type: 
Working Paper

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