Some Critical Remarks on the Profitability of U.S. Multinationals
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This paper will criticize the estimation of the profitability of U.S. multinationals presented by Andrew Kliman's The Failure of Capitalist Production: Underlying Causes of the Great Recession (2011). In this book, he measures the profitability of U.S. multinationals as the ratio of ‘direct investment abroad without current-cost adjustment’ to ‘U.S. direct investment position abroad at historical cost’ and shows its downward trend since the 1980s. But, from the viewpoint of Marxian economics, his estimation is inaccuratee because FDI position tells us very little about activities of U.S. multinationals in their host countries and is no more than a proxy measure.
Abstract
This paper will criticize the estimation of the profitability of U.S. multinationals presented by Andrew Kliman's The Failure of Capitalist Production: Underlying Causes of the Great Recession (2011). In this book, he measures the profitability of U.S. multinationals as the ratio of ‘direct investment abroad without current-cost adjustment’ to ‘U.S. direct investment position abroad at historical cost’ and shows its downward trend since the 1980s. But, from the viewpoint of Marxian economics, his estimation is inaccuratee because FDI position tells us very little about activities of U.S. multinationals in their host countries and is no more than a proxy measure.
참고문헌 (13)
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