Capital accumulation in the periphery

Abstract

This article presents an analysis of the capital accumulation process in peripheral economies, the foundation of uneven development on a world scale. Starting from a political economy approach, and assuming that the surplus productive capacity is lower in the periphery, aspects such as dependence for the import of capital assets, the depreciation of the real exchange rate, interest rates, stand out. price deflators and monetary volatility. These elements ultimately put relatively upward pressure on capital composition ratios, limiting the level of the profit rate and, by extension, providing an objective rationale for pushing toward greater inequality in income distribution.