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      Capital Accumulation in the Center and Semiperipheries: A Comparative Analysis of the US, Spain, and Brazil

      World Review of Political Economy
      Pluto Journals
      capital accumulation, productivity, profit rate, underdevelopment


            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.


            Author and article information

            World Review of Political Economy
            Pluto Journals
            1 December 2020
            : 11
            : 4 ( doiID: 10.13169/worlrevipoliecon.11.issue-4 )
            : 476-505
            © 2020 World Association for Political Economy

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            Custom metadata

            Political economics
            profit rate,underdevelopment,productivity,capital accumulation


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