This paper presents a comparative analysis of capital accumulation in the US, Spain, and Brazil from 1990 to 2014, in order to analyze the peculiarities of the main contemporary economy (US), a developed one with a peripheral integration into the Eurozone (Spain), and a semiperipheral economy within a backward region (Brazil). This period is highlighted, especially for Spain and Brazil, by a neoliberal turn and certain monetary stability. Taking the US economy as a reference, Brazil achieved a higher average gDP and investment growth, but its capital-output ratio shows a relative high level. This economy also suffers from less capacity to produce a surplus in US dollars, and its productivity gap widens. In the case of Spain, its real-estate speculative boom has driven down both the profit rate and the productive efficiency of capital stock. Thus, while lacking an outstanding performance, the USA has kept its productive superiority in relation to Spain and Brazil.
AMECO (the Annual Macro-Economic Database of the European Commission's Directorate General for Economic). 2019. Annual Macro-Economic Database, European Commission's Directorate General for Economic and Financial Affairs. Accessed November 5, 2020. https://dashboard.tech.ec.europa.eu/qs_digit_dashboard_mt/public/sense/app/667e9fba-eea7-4d17-abf0-ef20f6994336/sheet/f38b3b42-402c-44a8-9264-9d422233add2/state/analysis.
Astarita, R. 2010. Economía política de la dependencia y el subdesarrollo [Political Economy of Dependency and Underdevelopment]. Buenos Aires: National Universidad of Quilmes.
Bakir, E. 2015. “Capital Accumulation, Profitability, and Crisis: Neoliberalism in the United States.” Review of Radical Political Economics 47 (3): 389–411.
BEA (Bureau of Economic Analysis, US Department of Commerce). 2019. “National Income and Product Accounts.” Bureau of Economic Analysis, US Department of Commerce. Accessed November 5, 2020. https://www.bea.gov/products/national-income-and-product-accounts.
Beitel, K. 2009. “The Rate of Profit and the Problem of Stagnant Investment: A Structural Analysis of Barriers to Accumulation and the Spectre of Protracted Crisis.” Historical Materialism 17 (4): 66–100.
Bichler, S., and J. Nitzan. 2012. “Imperialism and Financialism: A Story of a Nexus.” Journal of Critical Globalisation Studies, no. 5: 42–78.
BNDES (Banco Nacional de Desenvolvimento Econômico e Social). 2019. “Taxa de juros de longo prazo—TJLP” [Long-Term Interest Rate—TJLP]. Accessed November 5, 2020. https://www.gov.br/receitafederal/pt-br/assuntos/orientacao-tributaria/pagamentos-e-parcelamentos/taxa-de-juros-de-longo-prazo-tjlp.
Carchedi, G. 1997. “The EMU, Monetary Crises, and the Single European Currency.” Capital & Class 21 (3): 85–114.
Charnock, G., R. Ribera, and T. Purcel. 2014. The Limits to Capital in Spain: Crisis and Revolt in the European South. London: Palgrave.
ECLAC (Economic Commission for Latin America and the Caribbean). 2010. “Latin America and the Caribbean in the World Economy 2009–2010: A Crisis Generated in the Centre and a Recovery Driven by the Emerging Economies.” Accessed November 5, 2020. https://repositorio.cepal.org/bitstream/handle/11362/1175/1/S1000784_en.pdf.
EU KLEMS. 2011. “EU KLEMS Growth and Productivity Accounts: March 2011 Update of November 2009 Release.” Accessed November 5, 2020. http://www.euklems.net/data/09ii/sources/March_2011_update.pdf.
FBBVA (Fundación Banco Bilbao Vizcaya Argentaria). 2019. “El stock y los servicios del capital en España y su distribución territorial y sectorial (1964–2016). Metodología OCDE (2009)” [The Stock and Services of Capital in Spain and Its Territorial and Sectoral Distribution (1964–2016): OECD Methodology (2009)]. Accessed November 5, 2020. https://www.fbbva.es/microsites/stock09/fbbva_stock08_i40.html.
Federal Reserve Bank of St. Louis. 2019. “Federal Reserve Economic Data, St. Louis, Missouri.” Accessed November 5, 2020. https://fred.stlouisfed.org/.
Feenstra, R., R. Inklaar, and M. Timmer. 2015. “The Next Generation of the Penn World Table.” American Economic Review 105 (10): 3150–3182.
Foster, J. B., R. W. McChesney, and R. J. Jonna. 2011. “The Global Reserve Army of Labour and the New Imperialism.” Monthly Review 63 (6): 1–31.
Freeman, A. 2009. “The Poverty of Statistics and the Statistics of Poverty.” Third World Quarterly 30 (8): 1427–1448.
Freeman, R. 2004. “Doubling the Global Workforce: The Challenges of Integrating China, India, and the former Soviet Block into the World Economy.” Paper presented at the expanding global work-force in Institute of International Economics. Washington, DC, November 8.
GGDC (Groningen Growth and Development Centre, University of Groningen). 2007. “Productivity. 10-Sector Database.” Accessed November 5, 2020. https://www.rug.nl/ggdc/docs/10sd_jan15_2014.xlsx.
Gowan, P. 1999. The Global Gamble: Washington's Faustian Bid for World Dominance. London: Verso Press.
Hudson, M. 2010. “From Marx to Goldman Sachs: The Fiction of Fictitious Capital, and the Financialization of Industry.” Critique 38 (3): 419–444.
IBGE (The Brazilian Institute of Geography and Statistics). 2019. “Sistema de contas nacionais. Tabelas de recursos e usos” [National Accounts System: Tables of Resources and Uses]. Accessed November 5, 2020. https://ftp.ibge.gov.br/Contas_Nacionais/Contas_Nacionais_Trimestrais/Tabela_Recursos_e_Usos/TRU_2019_ValoresCorrentes.xlsx.
IEDI (Instituto de Estudos para O Desenvolvimento Industrial). 2007. O problema do preço relativo do investimento fixo no Brasil. [The Problem of the Relative Price of Fixed Investment in Brazil]. São Paulo: Institute of Studies for Industrial Development. Accessed November 5, 2020. https://iedi.org.br/admin_ori/pdf/20070820_fbkf.pdf.
ILO (International Labor Organization). 2019. ILOSTAT Database. Geneva: International Labour Organization. https://ilostat.ilo.org/.
IMF (International Monetary Fund). 2019a. World Economic Outlook Database. Washington DC: International Monetary Fund. Accessed November 5, 2020. https://www.imf.org/-/media/Files/Publications/WEO/2019/October/English/text.ashx.
IMF (International Monetary Fund). 2019b. International Financial Statistics. Washington DC: International Monetary Fund. Accessed November 5, 2020. https://data.imf.org/?sk=4c514d48-b6ba-49ed-8ab9-52b0c1a0179b.
IPEA (Instituto de Pesquisa e Economia Aplicada). 2019. Base de dados macroeconômicos [Macroeconomic Database]. Rio de Janeiro: Institute for Applied Economic Research. Accessed November 5, 2020. http://ipeadata.gov.br/Default.aspx.
Marquetti, A., and M. Porsse. 2014. “Patterns of Technical Progress in the Brazilian Economy, 1952–2008.” CEPAL Review 113: 57–73.
Mateo, J. P. 2007. La Tasa de ganancia en México, 1970–2003. Análisis de la crisis de rentabilidad a partir de la composición del capital y la distribución del ingreso [The Rate of Profit in Mexico, 1970–2003: Analysis of the Profitability Crisis from the Composition of Capital and Income Distribution]. PhD diss., Complutense University of Madrid.
Mateo, J. P. 2016. “The Great Recession in the US from the Perspective of the World Economy.” World Review of Political Economy 7 (2): 182–207.
Mateo, J. P. 2018a. “The Accumulation of Capital and Economic Growth in Brazil: A Long-Term Perspective (1950–2008).” Review of Radical Political Economics 50 (2): 370–391.
Mateo, J. P. 2018b. “The Long Depression in the Spanish Economy: Bubble, Profits and Debt.” In The World in Crisis. A Global Analysis of Marx's Law of Profitability, edited by G. Carchedi and M. Roberts, 201–227. Chicago: Haymarket.
Mateo, J. P. 2019. The Theory of Crisis and the Great Recession in Spain. London: Palgrave Macmillan.
Mateo, J. P. 2020. “La acumulación de capital en la periferia. Una propuesta analítica desde la economía política” [Capital Accumulation in the Periphery: An Analytical Proposal from Political Economy]. Cuadernos de Economía 42 (122): 119–130.
Mateo, J. P., and M. Montanyà. 2018. “The Accumulation Model of the Spanish Economy: Profitability, the Real Estate Bubble and Sectoral Imbalances.” In The Political Economy of Modern Spain: From Miracle to Mirage, edited by L. Buendía and R. Molero, 20–48. London: Routledge.
Milberg, W., and D. Winkler. 2009. “Financialisation and the Dynamics of Offshoring in the USA.” Cambridge Journal of Economics 34 (2): 275–293.
Milios, J., and D. P. Sotiropoulos. 2009. Rethinking Imperialism: A Study of Capitalist Rule. London: Palgrave Macmillan.
Morandi, L. 2015. Estimativas do estoque de capital fixo para o Brasil: 1950–2014. Séries Históricas [Estimates of the Fixed Capital Stock for Brazil, 1950–2014: Historical Series]. Rio de Janeiro: Getulio Vargas Foundation—Brazilian Institute of Economics (FGV—IBRE).
NSI (National Statistics Institute). 2019. “Spanish National Accounts: New Base 2010.” Madrid: National Statistics Institute. Accessed November 5, 2020. https://www.ine.es/en/prensa/np862_en.pdf.
OECD (Organisation for Economic Co-operation and Development). 2019. OECD National Accounts Statistics. Paris: Organization for Economic Co-operation and Development. Accessed November 5, 2020. https://www.oecd-ilibrary.org/economics/data/oecd-national-accounts-statistics_na-data-en.
Panitch, L., and S. Gindin. 2009. “Finance and American Empire.” In American Empire and the Political Economy of Global Finance, edited by L. Panitch and M. Konings, 17–47. Basingstoke: Palgrave.
Schwartz, H. 2009. Subprime Nation. American Power, Global Capital, and the Housing Bubble. Ithaca: Cornell University Press.
Shaikh, A. 2016. Capitalism: Competition, Conflict, Crises. New York: Oxford University Press.
Shaikh, A., and A. Tonak. 1994. Measuring the Wealth of Nations: The Political Economy of National Accounts. Cambridge: Cambridge University Press.
Smith, J. 2010. “Imperialism and the Globalisation of Production.” PhD diss., University of Sheffield.
The Conference Board. 2019. “Output, Labor and Labor Productivity, 1950–2017.” Accessed November 5, 2020. https://conference-board.org/retrievefile.cfm?filename=TED_1_NOV20171.xlsx&type=subsite.
UNCTAD (United Nations Conference on Trade and Development). 2019. UNCTAD Statistics. Geneva: United Nations Conference on Trade and Development. Accessed November 5, 2020. https://unctadstat.unctad.org/wds/ReportFolders/reportFolders.aspx.
Valle, A., and B. G. Martínez. 2013. “The Problem of Absorbing All the Available Labor Force and Capital Composition.” World Review of Political Economy 4 (2): 178–191.
Weeks, J. 1985. Limits to Capitalist Development: The Industrialization of Peru, 1950–1980. London: Westview Replica.
World Bank. 2019. World Development Indicators. Washington DC: World Bank.