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By Roos C.F.

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3 the specific f�atures of the last decades, since the begb­ ning of the 1980s. A trend toward the increase in the productivity of cap­ ital and profit share, related to the increase in profit rates (Figure 3 . ' No signifi cant improvement concerning labor productivity, however, is noticeable (Fig­ ure 4 . 1 ) . 2), also apparent in the profile of the profit rate, is the consequence of the recent increase in the growth rate of the labor cost (Figure 6 . 1 } . CHAPTER 5 America and Europe: The Creator of Jobs and the Creator of Unemployment The structural crisis that began in the 1970s was common to both the United States and the European Union, but the problem of jobs and unem­ ployment did not develop to the same extent in both economic areas.

9 . Against this sudden slowing down of the revenue base, expenditures, as one may easily imag­ ine, tended rather to continue thei r expansion. Besides unemployment allocations, the number of retirees continued to swell (as a result of the in­ crease i n life expectancy)-at an even greater rate because of early retire­ ments aimed at reducing the n umber of unemployed. 6 The difficulties came from the confl ict between the slow progression of total wages result­ ing from the crisis and the dynamic of social expenditures.

What is interesting about this analysis is that the capitalist system is effec­ tively inclined to place itself on such trajectories. although it may avoid them during certain periods, given the effect of countertendencies or of more or less deep transfom1ations of its fimctioning. Periods of decline in profit rates lead to great structural crises, which cap­ italism bas, until now, been unable to avoid, but has been capable of overcom­ ing. The conditions of change, the arising of countertendencies after such cri­ ses, are created by the tendency itself, even though there is nothing automatic.

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

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