Secular stagnation and monopoly capitalism

Abstract

The paper opens with a brief review of economic growth in industrialized economies over the past four decades, indicating a general slow-down in growth. This is followed by a brief review of the mainstream views on ‘secular stagnation’. The major section of the paper is based on outlining elements of approaches to secular stagnation within the monopoly capital literature associated with authors such as Steindl, Kalecki and Cowling, followed by consideration of evidence in broad support of those dimensions. This includes the recent, generally upward, trends in industrial concentration, profit margins, and relationship with investment and innovation. Brief remarks are made on the effects of financialization, globalization and climate change on economic growth.