The Effect of Military Expenditure on Profit Rates Evidence from Major Countries
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Nov 30, 2018
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Abstract
This article provides evidence of the effect of military expenditures on the rate of profits by focusing on 32 major countries for the period of 1963-2008 by using data from the Extended Penn World Tables, the University of Texas Inequality Project Estimated Household Income Inequality, the World Development Indicator, and the Stockholm International Peace Research Institute. The article employs a Generalized Method of Moment model within a Marxist framework. Findings show that military expenditures have positive effect on the rate of profits. It is also showed that increasing income inequality increases the rate of profits. Finally, the findings suggest that while military expenditures have a positive effect on the profit rates in the case of both armsexporting countries and net-arms exporters, the relationship is not that significant in the case of arms-importing countries.
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Elveren, A. and Hsu, S. (2018) “The Effect of Military Expenditure on Profit Rates”, World Journal of Applied Economics, 4(2), pp. 75-94. doi: 10.22440/wjae.4.2.2.
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References
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Hsiao, C. (1986). Analysis of Panel Data. Cambridge University of Press, Cambridge.
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Deininger, K., & Squire, L. (1996). A New Data Set Measuring Income Inequality. World Bank Economic Review, 10 (3), 565-591. http://dx.doi.org/10.1093/wber/10.3.565
Dumitrescu, E.-I., & Hurlin, C. (2012). Testing for Granger Non-causality in Heterogeneous Panels. Economic Modeling, 29 (4), 1450-1460. http://dx.doi.org/10.1016/j.econmod.2012.02.014
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Dunne, J. P. (1991). Quantitative Marxism. Cambridge: Polity Press.
Dunne, J. P., Pieroni, L., & d'Agostino, G. (2013). Military Spending and the Falling Rate of Proft in the US [Mimeo].
Dunne, J. P., & Uye, M. (2010). Military Spending and Development. In A. T. H. Tan (Ed.), The Global Arms Trade: A Handbook (p. 293-305). Routledge, London.
Dutt, A. K. (2006). Maturity, Stagnation and Consumer Debt: A Steindlian Approach. Metroeconomica, 57 (3), 339-364. http://dx.doi.org/10.1111/j.1467-999X.2006.00246.x
Elveren, A. Y., & Dunning, R. (2017). Do Military Expenditures Boost Proft Rates? (Munich Personal RePEc Archive (MPRA) No. 81143).
Elveren, A. Y., & Hsu, S. (2016). Military Expenditures and Proft Rates: Evidence from OECD Countries. Metroeconomica, 67 (3), 551-577. http://dx.doi.org/10.1111/meca.12111
Elveren, A. Y., & Ozgur, G. (2018). The Effect of Military Expenditures on the Proft Rates in Turkey (Munich Personal RePEc Archive (MPRA) No. 88848).
Engels, F. (1877). Anti-Duhring. http://www.marxists.org/archive/marx/works/1877/anti-duhring/ch15.htm#061.
Engels, F. (1893). Can Europe Disarm? In Karl Marx Frederick Engels Collected Works.
Estimated Household Income Inequality. (2017). https://sites.google.com/a/newschool.edu/duncan-foley-homepage/home/EPWT.
Extended Penn World Tables. (2018). https://utip.lbj.utexas.edu/.
Foley, D., & Marquetti, A. (1997). Economic Growth from a Classical Perspective.
In International Colloquium on Money, Growth, Distribution and Structural Change: Contemporaneous Analysis. https://pdfs.semanticscholar.org/85d8/d0f3fca9c9c1e42fb72992c4503979811440.pdf.
Friedman, S. R. (1974). An Alternative Model to Szymanski's. American Journal of Sociology, 79 (6), 1459-1462. http://dx.doi.org/10.1086/225712
Galbraith, J. K., Jiaqing, L., & Darity, J. W. A. (1999). Measuring the Evolution of Inequality in the Global Economy (University of Texas Inequality Project (UTIP) Working Paper No. 7).
Galbraith, J. K., & Kum, H. (2005). Estimating the Inequality of Households Incomes: Toward a Dense and Consistent Global Data Set. Review of Income and Wealth, 51 (1), 115-143. http://dx.doi.org/10.1111/j.1475-4991.2005.00147.x
Georgiou, G. (1983). The Political Economy of Military Expenditures. Capital & Class, 7 (1), 183-205. http://dx.doi.org/10.1177/030981688301900108
Georgiou, G. (1992). Military Expenditure and the Rate of Proft: Some Empirical Results. International Review of Applied Economics, 16 (3), 344-361. http://dx.doi.org/10.1080/758534266
Gottheil, F. (1986). Marx versus Marxists on the Role of Military Production in Capitalist Economies. Journal of Post-Keynesian Economics, 2 (8), 563-73. http://dx.doi.org/10.1080/01603477.1986.11489584
Green, D. W., & Higgins, C. I. (1977). SOVMOD I: A Macro-econometric Model of the Soviet Union. Academic Press, London.
Hartley, K., & McLean, P. (1978). Military Expenditure and Capitalism: A Comment. Cambridge Journal of Economics, 2 (3), 287-292. http://dx.doi.org/10.1093/oxfordjournals.cje.a035391
Hsiao, C. (1986). Analysis of Panel Data. Cambridge University of Press, Cambridge.
Hunt, E. K. (1972). Property and Prophets. Harper and Row, New York.
Kaldor, M. (1977). The Role of Arms in Capitalist Economies: The Process of Overdevelopment and Underdevelopment. In D. Carleton & C. Schaerf (Eds.), Arms Control and Technological Innovation. Croom Helm, London.
Kalecki, M. (1972). he Last Phase in the Transformation of Capitalism. Monthly Review Press, New York.
Kidron, M. (1970). Western Capitalism Since the War Revised Edition. Pelican Books, Harmondsworth.
Kollias, C., & Maniatis, T. (2003). Military Expenditure and the Proft Rate in Greece. Defence and Peace Economics, 14 (2), 117-127. http://dx.doi.org/10.1080/10242690302920
Luxemburg, R. (1913[2015]). The Accumulation of Capital. Mansfeld Centre, CT: Martino Publishing.
Magdoff, H. (1970). Militarism and Imperialism. The American Economic Review, 60 (2), 237-42. http://dx.doi.org/10.14452/MR-021-09-1970-02 1
Maito, E. E. (2016). The Historical Transience of Capital Datasets [Mimeo]. https://uba.academia.edu/EstebanMaito/The-Historical-Transience-of-Capital-Datasets.
Mandel, E. (1978). Late Capitalism. Verso, New York.
Marx, K. (1848a). Manifesto of the Communist Party. https://www.marxists.org/archive/marx/works/1848/communist-manifesto/index.htm.
Marx, K. (1848b). The Discourse on Free Trade. www.marxists.org/archive/marx/works/1848/free-trade/.
Melman, S. (1965). Our Depleted Society. Holt, Rinehart and Winston, New York.
Miller, J. (1987). Military Spending and Economic Crises: A Comment on Gottheil and Riddell. Journal of Post-Keynesian Economics, 10 (2), 310-318. http://dx.doi.org/10.1080/01603477.1987.11489680
Nickell, S. (1981). Biases in Dynamic Models with Fixed Effects. Econometrica, 49 (6),1417-1426. http://dx.doi.org/10.2307/1911408
Ochoa, E. M. (1984). Labour Values and Prices of Production: An Interindustry Study of the US Economy, 1947-1972 (PhD Thesis). Ann Arbor, MI.
O'Connor, J. (1973). The Fiscal Crisis of the State. St Martin's Press, New York.
Palley, T. (2002). Economic Contradictions Coming Home to Roost? Does the U.S. Economy Face a Long-term Aggregate Demand Generation Problem? Journal of Post Keynesian Economics, 25 (1), 9-32. http://dx.doi.org/10.1016/j.exis.2015.02.008
Petrovic, P. (1987). The Deviation of Production Prices from Labour Values: Some Methodology and Empirical Evidence. Cambridge Journal of Economics, 11 (3), 197-210. http://dx.doi.org/10.1093/oxfordjournals.cje.a035026
Pivetti, M. (1992). Military Spending as a Burden on Growth: An `Underconsumptionist' Critique. Cambridge Journal of Economics, 16 (4), 373-384. http://dx.doi.org/10.1093/oxfordjournals.cje.a035209
Pivetti, M. (1994). Effective demand, `marxo-marginalism' and the economics of military spending: A rejoinder. Cambridge Journal of Economics, 18 (5), 523-527. http://dx.doi.org/doi.org/10.1093/oxfordjournals.cje.a035288
Purdy, D. (1973). The Theory of the Permanent Arms Economy-A Critique and an Alternative. Bulletin of the Conference of Socialist Economists, 5 (1), 12-33.
Reich, M. (1972). Does the US Economy Require Military Spending? The American Economic Review, 62 (1/2), 296-303.
Roberts, M. (2012). A World Rate of Proft [Mimeo]. http://thenextrecession.files.wordpress.com/2012/09/a-world-rate-of-profit.pdf.
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