A Dynamical Theory of Economic Equilibrium by Roos C.F.

By Roos C.F.

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This contrasted with the practice in Germany, where traders usually used their own financial resources in payments between each other. The different financial practice was attributed to the effect of the 1920s hyperinflation, which forced businesses to finance trade out of current income. Interviews with experts revealed the poor financial situation of both retail and wholesale traders, which limited the possibilities of expanding trade and reduced any higher profits by high discount rates that had to be paid for by converting bills into cash.

Kalecki was very aware of the connection between business conditions in particular countries and international capital flows in conditions of crisis. The link between them was, not through the struggle for markets and financing ‘enterprise’ or trade, but through deflation and forced indebtedness. 1 There were essentially three mechanisms suppressing international capital flows. The first occurred in the commodity-exporting countries of South America and Australia. The fall in commodity prices caused difficulties in repayments of debt principal and interest.

Tugan-Baranovsky turned this into a system in which investment drives capitalist development and the profits that capitalists earn, instead of investment being merely an outlet for capitalists’ profits. For a capitalist economy to be in equilibrium, the surplus generated in the consumption goods sector must equal capitalist consumption plus the consumption of workers in the investment goods sector. From this, Tugan-Baranovsky concluded that, for capitalists to realise their profits, they would invest enough to absorb whatever they did not consume from the surplus of the consumption goods sector.

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