Permanent arms economy, as explanation for long boom 165- 168; contradictions in 1 98-9
Pigou, Arthur Cecil 145
Plaza Accord of 1985 214, 266
Poland, crises of 1970s and 1980s 206-7; 1980-8 1, 351; significance for whole Eastern bloc 206-7
Polarisation of classes 87
"Political capitalists" 1 15
Political Economy of Growth, The (Paul Baran) 186
Pollution, in 19th century 307
Ponzi schemes 64, 283
Portugal 218
Posco 242
Post industrial society, theories of 331, 332
Poverty, in China in early 2000s 245; in India in 1990s and early 2000s 252; in USSR in late 1980s 208
Pravda on unemployment in USSR 208
Prebisch, Raoul 186
Precarious jobs, real levels in Western Europe, 336-7
Preobrazhensky, Evgeny 159; on slump of 1930s 153; impact of world crisis on USSR 158
Prescott, Edward C, on failure to understand cause of slump of 1930s 9; on Japanese crisis of 1990s 215
Price signals and climate change 311
Price and values 46; deviations from values 87
Primitive accumulation 39-40, 132, 258-9; and slavery 40; in USSR 176; China 245
Primitive communism 21
Private equity funds 279
Privatised Keynesianism 288
Productive and unproductive labour, 121-6; distinction does not depend on physical form of output 121; and accumulation 125; and commerce 125; Kidron on 127; Carchedi on 12 7
Productive capital 18, 107; twofold character of 108; and state 108; relative immobility of 107-8, 335; source of funds for banks 65; multinational, and rise of
finance 281
Productive capitalists and credit 62-4
Productive forces, can become destructive 81
Productive labour, and dynamic of system as whole 125
Productivity of labour, and rate of profit 73; Europe stops catching up with US in 1990s 239
Profit margins, China mid 2000s 248
Profit rate, theory of tendency to fall, Marx on centrality of theory 69; and crisis 75-78; countervailing tendencies 72; some Marxists critical of theory 69; Marxist theory after Marx 77; and state capitalism 201
Profit rates, equalisation of 87; falling in mid 19th century 88; recovery in Britain in 1890s 88; before and after First World War 151; from 1970s to early 2000s 232; fall in, and attractiveness of financial investment 281; claims that they recovered sufficiently in 1 990s 299 and investment, in Japan 171
Profitability, in China, and low international value of Yuan 289; and investment in low energy production 31 1-12
Project for a New American Century and US hegemony 272
Proletarianisation of public sector employees 138
Protectionism 145, 302; Hilferding's account of rise of 90
Proxy wars, typical of present period 269
Public expenditures and class struggle 138
Public works 216
"Pump priming" and slump of 1930s 155
Purchasing Power Parity 250
Quantitative easing 301
Raju, Ramalinga, India's "Young Entrepreneur of the Year" 287
Rate of profit, and productivity of labour 73 and imperialism 102; and investment 76; effect of arms expenditure on 131; and turnover time of capital 235; under state capitalism 1 1 7-119; in long boom and after 164, 195-7; and end of long boom 200; and Japanese crisis of 1990s 216; and restructuring through crisis 232; in China in 1990s and early 2000s, estimates 248; and wages and crisis 76
418
Index