%0 Journal Article
%T Thomas Dallery, Le divorce rentabilit¨¦/croissance dans le capitalisme financiaris¨¦. Changements de r¨¦gimes, ¨¦quilibres, instabilit¨¦s et conflits
%A Thomas Dallery
%J Revue de la R¨¦gulation : Capitalisme, Institutions, Pouvoirs
%D 2011
%I Association Recherche & R¨¦gulation
%X The divorce between profitability and growth that emerged since the 80s raises a paradox that has to be explained. The macroeconomic realisation of profits being determined by capitalists¡¯ spendings, the slowdown of accumulation cannot come (theoretically) with a profitability recovery, others things being equal.After having recalled, in a first chapter, that financialisation is only the last avatar of a long trend for capitalism to escape from real economy, we show, in a second chapter, that financialisation leads, for the individual firm, to a reorientation towards shareholders¡¯ profitability claims at the expense of managers and capital accumulation, financial (indebtedness) and real (capacity utilisation) security, and also of workers (real wage).After having faced, in a third chapter, two methodological, embarrassing questions for kaleckian models of growth and distribution (not very plausible and unstable for the most plausible ones), we use, in a fourth chapter, a second macroeconomic approach (stock-flow consistent model) where conflict impacts distribution (conflict inflation) and accumulation (growth/profit trade-off). We show that dividends distribution and share buybacks allow, within the limits permitted by indebtedness, for a stimulation of rentiers¡¯ consumption and for the realisation of profitability claims, in spite of the slowdown of accumulation.
%K financialisation
%K capital accumulation
%K distribution
%K conflicts
%K equilibrium
%K financiarisation
%K accumulation du capital
%K r¨¦partition
%K conflits
%K ¨¦quilibre
%U http://regulation.revues.org/9294