Profit and Trade Deficit in the U. S. Economy: A Marxist perspective
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In the economic literature there has been a lack of empirical and theoretical studies linking the relationship between profits and trade. The few theoretical researches that exist consider that profits increase when there is a trade surplus in a country. However, there is an apparent contradiction regarding the fact that the United States has run a large and growing trade deficit nevertheless U. S. corporate profits have systematically continued to rise. Following a Marxist perspective it is possible to make consistent the role of the U. S. as the hegemonic economy with its large and growing trade deficit since the latter has been necessary to increase the mass of profits. In this sense, the trade deficit in the U. S. economy might have acted as a counterbalancing force of the fall in the profit rate.
Abstract
In the economic literature there has been a lack of empirical and theoretical studies linking the relationship between profits and trade. The few theoretical researches that exist consider that profits increase when there is a trade surplus in a country. However, there is an apparent contradiction regarding the fact that the United States has run a large and growing trade deficit nevertheless U. S. corporate profits have systematically continued to rise. Following a Marxist perspective it is possible to make consistent the role of the U. S. as the hegemonic economy with its large and growing trade deficit since the latter has been necessary to increase the mass of profits. In this sense, the trade deficit in the U. S. economy might have acted as a counterbalancing force of the fall in the profit rate.
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