The purpose of this study is to estimate and analysis trends of six Marxian ratios(rate of surplus value, turnover number of capital, value composition of capital, rate of profit, rate of accumulation, reproduction schema) from 1980 to 2011 in South Korean capitalism. This study starts with three ma...
The purpose of this study is to estimate and analysis trends of six Marxian ratios(rate of surplus value, turnover number of capital, value composition of capital, rate of profit, rate of accumulation, reproduction schema) from 1980 to 2011 in South Korean capitalism. This study starts with three main theoretical issues. First, definitions and decompositions of six Marxian ratios are presented. Second, the necessity of distinction between productive and unproductive labor, and criterions to classify many different types of labor into productive and unproductive labor are discussed. Third, we will discuss the method to account Marxian ratios in both price term and value term, especially how to use the Input-Output table for calculating ratios in price term and reverse transformation method from price term to value term. After discussing these issues, Marxian categories(advanced capital/applied capital, constant capital/variable capital/surplus value, and production department of means of production/production department of means of consumption) can be calculated. With Korean Standard Classification of Industries and Occupations, this study tries to reclassify labor into productive and unproductive labor. And with Input-Output Table and National Accounts, Marxian categories are derived from categories of macro-economic statistics. The result is as follows: the rate of surplus value has weak but growth trend. The trend of the turnover number of capital is mostly stable, except unusual growth after 1998. The value composition of capital grows linearly. The rate of profit obviously falls in the whole period. The rate of accumulation sharply decreases in 1998, the East Asian economic crisis, then it cannot have been recovered. In the last, two ratios from reproduction schema, the composition of production department and the proportional rate of reproduction will be presented. The composition of production department starts to grow after long stagnation, and the trend of the proportional rate of reproduction is stable in entire period. Some significance can be submitted. First, we can affirm that the general trends of capitalism such as the growths of the rate of surplus value, the value composition of capital, and the fall of the rate of profit also have worked in Korean economy. Second, we can support Marx’s model of the rate of profit which points out the correlations between the rate of profit and the rate of surplus value, or the value composition of capital. Third, we can answer the question, “Can the fall of the rate of profit and disproportion between sector I and II describe the economic crisis?” The answer is “yes” to the former, and “uncertain” to the latter. However, this study does not try to explain the causal relation between the rate of profit or reproduction schema and the crisis in 1997, 2007. It is not the main questions of this study. Forth, we can find the negative effects of social welfare and tax policy which are conducted by Korean government on working class, from the higher rate of surplus value which is adjusted by the social wage. And in the last, This study gives you some understandings that Marxian ratios can be good indicators to analysis production and reproduction structure of capitalism in one country, and have important implications in a different meaning with orthodox macroeconomic statistics.
The purpose of this study is to estimate and analysis trends of six Marxian ratios(rate of surplus value, turnover number of capital, value composition of capital, rate of profit, rate of accumulation, reproduction schema) from 1980 to 2011 in South Korean capitalism. This study starts with three main theoretical issues. First, definitions and decompositions of six Marxian ratios are presented. Second, the necessity of distinction between productive and unproductive labor, and criterions to classify many different types of labor into productive and unproductive labor are discussed. Third, we will discuss the method to account Marxian ratios in both price term and value term, especially how to use the Input-Output table for calculating ratios in price term and reverse transformation method from price term to value term. After discussing these issues, Marxian categories(advanced capital/applied capital, constant capital/variable capital/surplus value, and production department of means of production/production department of means of consumption) can be calculated. With Korean Standard Classification of Industries and Occupations, this study tries to reclassify labor into productive and unproductive labor. And with Input-Output Table and National Accounts, Marxian categories are derived from categories of macro-economic statistics. The result is as follows: the rate of surplus value has weak but growth trend. The trend of the turnover number of capital is mostly stable, except unusual growth after 1998. The value composition of capital grows linearly. The rate of profit obviously falls in the whole period. The rate of accumulation sharply decreases in 1998, the East Asian economic crisis, then it cannot have been recovered. In the last, two ratios from reproduction schema, the composition of production department and the proportional rate of reproduction will be presented. The composition of production department starts to grow after long stagnation, and the trend of the proportional rate of reproduction is stable in entire period. Some significance can be submitted. First, we can affirm that the general trends of capitalism such as the growths of the rate of surplus value, the value composition of capital, and the fall of the rate of profit also have worked in Korean economy. Second, we can support Marx’s model of the rate of profit which points out the correlations between the rate of profit and the rate of surplus value, or the value composition of capital. Third, we can answer the question, “Can the fall of the rate of profit and disproportion between sector I and II describe the economic crisis?” The answer is “yes” to the former, and “uncertain” to the latter. However, this study does not try to explain the causal relation between the rate of profit or reproduction schema and the crisis in 1997, 2007. It is not the main questions of this study. Forth, we can find the negative effects of social welfare and tax policy which are conducted by Korean government on working class, from the higher rate of surplus value which is adjusted by the social wage. And in the last, This study gives you some understandings that Marxian ratios can be good indicators to analysis production and reproduction structure of capitalism in one country, and have important implications in a different meaning with orthodox macroeconomic statistics.
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