The profit rate in Chile: 1900-2010

Arbeitspapier

The interest of this paper is to discuss the main features that characterize the accumulation regimes that have taken place during the twentieth century in Chile. Understanding that a set of institutionalized compromises and political con icts are inherent to any capitalist society, I rely on the body of literature of Marxist political economy, which focuses on the dynamics of profitability to describe its reproductive patterns. In light of this analysis, I argue that the main institutional transformations in Chilean history are better understood. I characterize long-waves of capitalist accumulation as accumulation regimes and identify three stages: early expansion, late expansion, and crisis. Using decomposition analysis, I identify recurrent patterns in each phase and also argue that the distributional con ict is historically contingent. Moreover, I implement a novel method proposed by Shaikh (2016) to identify the utilization rate, which allows me to discuss issues of aggregate demand in the decomposition analysis more accurately. Furthermore, I also discuss the relation of the process of urbanization with technical change relying on the Okishio-Marx debate. Finally, I argue that unlike previous accumulation regimes, the neoliberal period relies on reproductive patterns of profitability that makes it highly stable.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Paper ; No. 2019-17

Classification and Topics

• Classification: Wirtschaft ; Current Heterodox Approaches: Socialist; Marxian; Sraffian ; Current Heterodox Approaches: Historical; Institutional; Evolutionary ; General Aggregative Models: Marxian; Sraffian; Kaleckian
• Subject: Profit Rate ; Accumulation Regimes ; Economic Growth

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Polanco, Diego
• Event: Veröffentlichung
• (who): University of Massachusetts, Department of Economics
• (where): Amherst, MA
• (when): 2019

Further information

• Handle: http://hdl.handle.net/10419/227883
• Last update: 10.03.2025, 11:46 AM CET