Le profit sans l'accumulation: la recette du capitalisme gouverné par la finance
In a capitalist economy where profits are fully saved and wages fully spent in consumption goods, Kalecki’s law asserts that the rate of profit is equal to the rate of capital accumulation. The divorce between these two variables, as observed during the last twenty years in the US as well as in France, raises in this framework a puzzle. We show that the spectacular augmentation of profit distribution partly provides an account of this, at a theoretical level. We give further indications as to how new corporate governance and the institution of stockholders renewed power have taken part in this phenomena.
Is a Finance-led growth regime a viable alternative to Fordism? A preliminary analysis
The viability and desirability of a finance-led growth regime is first assessed against the historical evidence about the many alternative regimes that have been proposed as successors to Fordism. A purely hypothetical model is then built by assembling various hypotheses derived from the observation of current American trends. The imposition of financial norms, such as shareholder value, requires a new and coherent architecture for the mode of governance of firms, the form of competition, the wage labour nexus and the objectives of monetary policy, public budget and tax system. According to the model, any requirement for increased profit has a variable macro-economic impact on wages and economic activity according to the size of accelerator effects and the relative importance of wage and profit in income formation. The stability of an equity-based regime depends on monetary policy which controls financial bubbles and thus the diffusion of finance may push the economy into a zone of structural instability. The next major financial crisis may originate in the USA whose economy approximates most closely to the model. But, the so-called American 'new economy' combines diverse but interdependent structural transformations: diffusion of Information and Communication Technologies, search for new rules for competition, increased flexibility in wages and employment, shift from manufacturing to services. Finance is an element in, but not the whole of, this complex emerging regime.
Techno-economic analysis of solar thermal power plants using liquid sodium as heat transfer fluid
Abstract Solar thermal power plants with central receiver and thermal storage are expected to be one key technology in future electricity generation, because they are renewable and due to the thermal storage independent of the current solar radiation. State-of-the-art solar power plants often use molten nitrate salts as heat transfer fluid. The use of liquid sodium instead leads to lower electricity generation costs. Sodium has a high thermal conductivity and thus large heat transfer rates are possible. Hence, a smaller absorber surface is sufficient for the same thermal power. As a result, the sodium receiver achieves a higher efficiency at lower investment cost. Additionally, the aiming strategy, which reduces the peak heat flux on molten salt receivers isn’t necessary for sodium. Even at high heat flux densities, the absorber tubes will be cooled sufficiently due to the high heat transfer coefficients. Therefore, the sodium receiver in this analysis is designed for one single aim point, resulting in a heat flux density of q mean = 1.06 MW / m 2 and q peak = 2.99 MW / m 2 . The state-of-the-art system with molten salt considers q mean = 0.51 MW / m 2 and q peak = 1.0 MW / m 2 . The presented techno-economic analysis of two sodium based concepts compared to a reference system with molten salt results in up to 16% lower electricity generation costs.