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Review of Radical Political Economics
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The Dynamics of the Profit Rate in Spain (1954—2001)

Sergio Cámara Izquierdo

Research Area of Society and Capitalist Accumulation, Department of Economics, Universidad Autónoma Metropolitana, Azcapotzalco, Mexico City, scamara{at}correo.azc.uam.mx

The article evaluates the Spanish economy from 1954 to 2001 from the standpoint of capital profitability. The profit rate combines a cyclical behavior caused by evolution of income distribution and a downward trend caused by increase in capital composition. Increase in capital composition is caused by mechanization of the economy, while the evolution of income distribution is conditioned by a particular performance of real wages.

JEL classification: P-17, E-11, J-30

Key Words: labor theory of value • profit rate • technology of production • income distribution

Review of Radical Political Economics, Vol. 39, No. 4, 543-561 (2007)
DOI: 10.1177/0486613407306822
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