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Stefano Ponte

13.  Sustainability, global value chains and green capital accumulation Stefano Ponte 13.1  INTRODUCTION Human activity is having a major impact on the Earth and its biosphere, to the point that geologists have now defined a new era – the Anthropocene – to reflect this phenomenon (Crutzen and Stoermer, 2000). For some, this is a period that started in the late eighteenth century with a marked increase in fossil fuel use, and that has accelerated dramatically since the middle of the nineteenth century. During this time, human action has overshadowed nature’s work

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J.E. King

on The Trade Cycle was concerned as much with the theory of economic growth as it was with cyclical fluctuations, though it received less critical attention than his famous Economic Journal article three years later ( Harrod 1939 ). Michał Kalecki also took a strong interest in the analysis of capital accumulation, drawing on his knowledge of the Marxian literature ( Kalecki 1943 , part 5). And Robinson herself included a long chapter on ‘the long-period theory of employment’ in her Essays in the Theory of Employment ( Robinson 1937 , pp. 105–138; see also

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Paul Zarembka

1. Accumulation of capital Paul Zarembka In 1847, Marx published The Poverty of Philosophy as a critique of Proudhon. It represents an important initial step in his theoretical development regarding conceptual categories. In it, Marx argues that the categories of classical political economy have been applied to all modes of production: ‘Economists express the relations of bourgeois production, the division of labour, credit, money, etc., as fixed, immutable, eternal categories . . . [W]hat they do not explain is how these relations themselves are produced’. All

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Enrico Bellino

Capital accumulation is a phenomenon that has been widely studied by classical economists. It is a typical characteristic of the economic systems that have undergone the Industrial Revolution. Ricardo devoted an entire chapter of On the Principles of Political Economy, and Taxation to this topic ( Works , I, XXI: ‘Effects of Accumulation on Profits and Interests’), and hinted at it in several other sections throughout the book. According to Ricardo, it is the capitalist class that undertakes the accumulation of capital, that saves and invests

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Edited by Heinz D. Kurz and Neri Salvadori

10 Accumulation o Capital f Krause, U. (1982), Money and Abstract Labour. On the Analytical Foundations of Political Economy, London: New Left BooksNerso Editions. Kurz, H.D. and N. Salvadori, (1993, Theory of Production. A Long-Period Analysis, Cambridge: Cambridge University Press. Marx, K. (1867), Capital: A Critique of Political Economy, Vol. I; reprinted London: Lawrence & Wishart, 1972. Marx, K. (1972), Theories of Surplus Value,Part 3, London: Lawrence & Wishart. Morishima, M. (1973), Marx’s Economics. A Dual Theory of Value and Growth, Cambridge

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Cai Fang

9.  Human capital accumulation It takes ten years to grow trees but a hundred years to educate people. (Guan Zhong [BC 723 or 716–646]) During the period of Chinese economic development following the arrival of the Lewis Turning Point and the disappearance of the demographic dividend, sustaining economic growth will require a disproportionally rapid expansion of those inputs characterized by increasing returns. Human capital—namely, those skills developed through education, training, and learning- y- oing experience—is one such input of b d economic growth. The

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Kyoji Fukao

4. Productivity and capital accumulation Kyoji Fukao INTRODUCTION It has been well documented that the major countries of the Association of Southeast Asian Nations (ASEAN) – Indonesia, Malaysia, the Philippines, and Thailand – as well as the Republic of Korea have experienced sharp declines in the ratio between gross fixed capital formation and gross domestic product (GDP) following the Asian financial crisis (AFC) of 1997–98 (Figure 4.1). Many studies have tried to answer why capital accumulation declined in crisis-hit Asia. The Asian Development Bank’s Asian

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Engelbert Stockhammer, Alexander Guschanski and Karsten Köhler

global financial and economic crisis has illustrated, first, that big changes in unemployment are driven by demand shocks rather than changes in LMI; and, second, that elevated levels of unemployment persist for a long time. In modern language, the equilibrium unemployment seems to be path dependent. In this paper we will reinstate the post-Keynesian (PK) view that in the short as well as in the medium term, the labour market is dominated by demand on the goods market, in particular by capital accumulation. We will set our argument within a NAIRU model to ensure

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Andrés Solimano and Mario Gutierrez

19 Savings, investment and capital accumulation Andrés Solimano and Mario Gutierrez1 One of the most complex and empirically unsettled subjects in economics is the explanation of the process of economic growth. As the creation of wealth is of critical importance for the welfare of most people around the world the current disarray in growth economics is not only a topic of analytical interest but also of practical importance. One of the controversies in growth analysis is the relative role of capital accumulation and productivity growth in driving output growth

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Patricia Justino

13 Violent conflict and human capital accumulation Patricia Justino 13.1 INTRODUCTION Violent conflict is one of the most important development challenges facing the world today.* Although the incidence of civil wars has decreased in recent years (Harbom and Wallensteen 2009), the legacy of violence persists across many countries around the world, especially in Africa, Caucasia, the Balkans, and the Middle East. The economic, political and social consequences of civil wars are immense. War displaces people, destroys capital and infrastructure, disrupts schooling