The Falling Profitability of U.S. Multinational Corporations Abroad: Implications for an Understanding of Global Profitability and the Great Recession
0
조회
0
다운로드
2
인용
0
참고문헌
키워드
초록
This paper finds that U.S multinational corporations’ after-tax rate of return on foreign direct investment fell significantly between 1983 and the start of the recent global financial crisis. It also analyzes movements in this rate of return in the twenty countries in which the largest shares of U.S. foreign direct investment were located. The country-level evidence indicates that the fall in the rate of profit was very broad-based, both geographically and in terms of industrial composition, and that globally-operative forces seem to have contributed significantly to the fall in a large majority of cases. When considered together with evidence that U.S. corporations’ domestic rate of profit also fell during this period, the evidence presented herein suggests that the fall in the rate of profit was an underlying cause of the Great Recession. Moreover, the country-level evidence indicates that the general global rate of profit, of all U.S. and non-U.S. corporations taken together, probably fell as well.
Abstract
This paper finds that U.S multinational corporations’ after-tax rate of return on foreign direct investment fell significantly between 1983 and the start of the recent global financial crisis. It also analyzes movements in this rate of return in the twenty countries in which the largest shares of U.S. foreign direct investment were located. The country-level evidence indicates that the fall in the rate of profit was very broad-based, both geographically and in terms of industrial composition, and that globally-operative forces seem to have contributed significantly to the fall in a large majority of cases. When considered together with evidence that U.S. corporations’ domestic rate of profit also fell during this period, the evidence presented herein suggests that the fall in the rate of profit was an underlying cause of the Great Recession. Moreover, the country-level evidence indicates that the general global rate of profit, of all U.S. and non-U.S. corporations taken together, probably fell as well.
참고문헌 (10)
- Blouin, J, "Where in the World are ‘Permanently Reinvested’ Foreign Earnings", pp.2012
- Duménil, G., "The Real and Financial Components of Profitability (United States,1952-2000)", Review of Radical Political Economics, 36(1) (2004)
- U.S. Direct Investment Abroad: Trends and Current Issues, "Jackson, J. K.", Congressional Research Service., ~ (2009)
- Kliman, A., "The Failure of Capitalist Production: Underlying Causes of the Great Recession" (2011), Pluto Books
- Lipsey, R. E., "Foreign Direct Investment and the Operation of Multinational Firms: Concepts, History, and Data, In Handbook of International Trade, vol. 1" (2003), Blackwell Publishing
- Marx, K., "Capital: A critique of political economy, Vol. III" (1991), Penguin
- Mohun, S., "The Australian Rate of Profit: 1965-2001", Journal of Australian Political Economy, 52(2) (2001)
- O’Hara, P. A., "New Transnational Corporate Social Structure of Accumulation for Long-Wave Upswing in the Global Economy", Review of Radical Political Economics, 36(3) (2004)
- 장시복, "1980년대 이후 미국 초국적기업의 유연화와 금융화", 박사, 경제학, pp.2008