By Samir Amin
Samir Amin has undertaken an formidable job: not anything lower than an research of the method of capital accumulation on a world point. Drawing on a variety of empirical fabric from Africa and the center East, Amin makes an attempt to illustrate, via a critique of writings on "underdevelopment," how accumulation in complex capitalist nations prevents improvement, even if which may be outlined, in the peripheral social formations, frequently known as "underdeveloped" nations. Samir Amin ranks between those that detect the need now not in basic terms to realize the growing to be quandary of worldwide capitalism, because it manifests itself inside person country states, but additionally on the global level.
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Additional info for Accumulation on a World Scale: A Critique of the Theory of Underdevelopment. (2 Volumes)
When there is persistently high unemployment induced by low levels of aggregate demand, individuals perceive unemployment to be widespread and their prospects of securing work to be poor, then they may give up actively seeking work and are then deemed economically inactive. Other workers may be forced to seek work because other family members have lost their job or suffered a drop in wages. With high unemployment, employers will have greater power to increase work time and also work intensity for those still in work.
Still, these features are highly relevant for a path dependency approach to macroeconomic analysis. The first is that the essential property of investment (whether in the form of fixed capital equipment or in the form of say education) is that it is intended to bring future rewards and benefits. Investment, which occurs in the present, is intended to have future effects by the definition of what constitutes investment. This leads to the observation that decisions on investment are strongly influenced by perceptions of the future by the decision maker.
In turn, the investment that occurs helps to set down the next steps for the economy in terms of the evolution of the supply potential of the economy. We illustrate some of the significance of these arguments by reference to the notion of an inflation barrier. In mainstream analysis notions such as ‘natural rate of unemployment’ and the NAIRU act rather like inflation barriers in the sense that unemployment lower than the ‘natural rate’ or the NAIRU is predicted to lead to rising inflation. However, those concepts tend to be associated with the labour market and, more significantly here, are treated as equilibrium levels of unemployment which act as strong attractors for the level of economic activity and which are not influenced by the level of demand (indeed it was that property which lead Friedman (1968) to use the label ‘natural rate’).
Accumulation on a World Scale: A Critique of the Theory of Underdevelopment. (2 Volumes) by Samir Amin