IS-LM Plot

JH ZL digital tech and employment

Sophia Gautier: data analysis for her BA thesis

This is the 2/2021 version of the document. It contains the results of the analysis of the PWT 10.0. All critical commentary will be welcome.

Eora26 project

Stocks and flows

Relations among variables, functions, etc.

Math for Economics etc.: Models

Variables and changes.

Lecture outline: Production and learning.

Numerical notation and some arithmetic.

Probability theory review

A brief review of the properties of the summation operator.

Introduction to Probability Theory with R

Introduction to probability theory

The Deeper Structures of Late Global Capitalism: Eora26 README.Rmd

Math for Economics and R. This section introduces mathematical-economic models. You should study Alpha Chiang, ch. 2.

This project, titled "The Deeper Structures of Late Global Capitalist Society" is a work in progress.

Your first R project.

Math for Economics & Econometrics with R: An Independent Study

The Deeper Structures of Postwar Global Capitalism: updated, but still crude.

The Deeper Structures of Postwar Global Capitalism

The Deeper Structures of Postwar Global Capitalism

COVID 19 growth rates

COVID 19 3rd differences

COVID 19 2nd differences

COVID 19 1st differences

COVID 19 cases

Germany between the wars: GDP per capita.

Nominal y real.

Estimación del efecto que el crecimiento del gasto público anual en México tiene en el crecimiento del PIB anual. Por cada 1% de crecimiento en el gasto público anual, el PIB crece en 0.3%. Según esta estimación (muy burda), si AMLO incrementa el gasto público cada uno de los 6 años de su mandato en 10% en comparación con cada año anterior, entonces el PIB incrementará su tasa de crecimiento en un promedio de 3% anual.

From PWT 9.0. Vertical dashed line at 2008 (onset of global crisis) to highlight the different trends of the wage share post crisis in each country.

From the PWT 9.0. Vertical dashed line at 1995, inflection of China's RMB.

From the PWT 9.0.

From the PWT 9.0.

Consumer gold-price index: log difference.

This is an index of consumer prices, but instead of in USD or some other currency, they are in gold units. Obtained by taking a ratio of the US (BLS) CPI index to the (USGS) annual average unit price of gold (1 metric ton) in current USD.

Kautsky "High Cost of Living": Annual percent change of London markets price index

Kautsky "High Cost of Living": London markets price index (1891-1900=100)

The neoliberal counterrevolution from the 1980s is most outstanding, and the shift to the level led by Chavez's Venezuela in the 2000s.

The profit rates converged (downwards) in the 1990s and early 2000s. The following recovery of the global profit rate is owed to (1) Middle East & North Africa, (2) Sub-Saharan Africa, and (3) South Asia. To a lesser extent it is due to Latin America & Caribbean and Central Asia (bundled together here with Europe). The profit rate in Europe and North America, while also increasing, has been a drag for the global profit rate.

In South Asia and in the Middle East & North Africa (oil wealth!) regions is where exploitation has been most apparent in the sense that the profit rate has moved most in tandem with the rate of exploitation; and similarly but with less variation in North America and Europe & Central Asia. Where exploitation has been least apparent is in the East Asia & Pacific region. (Marx said that the profit rate was the rate of exploitation in disguise; the disguise being supplied by the notion that capital is productive, i.e. rho.)

Only in Sub-Saharan Africa, and only as a temporary consequence of the anti-colonial revolutions, did increases in productivity translate into reductions in the rate of exploitation. In the overwhelming majority of historical cases, increases in productivity led almost directly to higher rates of exploitation. #relativesurplusvalue

Source: BEA Input Output Total Commodity Output is gross of Intermediate Primary_share = (Agriculture, forestry, fishing, and hunting+Mining)/Total Commodity Output Secondary_share=(Utilities+Construction+Manufacturing)/Total Commodity Output Tertiary_share=(Transportation and warehousing+Information+Educational services, health care, and social assistance+Arts, entertainment, recreation, accommodation, and food services+Other services, except government)/Total Commodity Output Productive_share=Primary_share+Secondary_share+Tertiary_share Unproductive_share=(Wholesale trade+Retail trade+Finance, insurance, real estate, rental, and leasing+Professional and business services+Government)/Total Commodity Output

Source: BEA Input-Output data s \equiv Taxes on production and imports, less subsidies + Gross operating surplus v \equiv Compensation of employees c \equiv Total intermediate e \equiv \frac{s}{v} h \equiv \frac{c}{v} k \equiv \frac{v}{c+v} q = e k \frac{P}{Y} \equiv \frac{c+v+s}{v+s} \frac{Y}{P} \equiv \frac{v+s}{c+v+s}

Much less volatility than private, but otherwise similar patterns.

Similar characteristics as the private one, though higher average (naturally) and less volatile (again, since public investment spending smooths the roughness of the private one). Otherwise, similar. (See my comments on the private Kaleckian e plots.)

Basically, same average growth rate than regular e, though more volatile. The big difference: this rate of exploitation decelerates in the 1950s, 1960s, and 1970s while regular e goes up and only declines from the 1970s on. Like regular e, the growth rate of private Kaleckian e bottoms in the 1980s and then goes up until the crisis. My conjecture about the discrepant paths: Assuming C reflects workers' consumption (big if, as perhaps capitalist consumption share declined in that sub period), before the 1970s, the workers were losing de facto ground in terms of C. In the 2000s, they recovered that ground via credit. But that didn't last. One point I make more clearly in the paper: It is not the same to have your standard of living formalized in the legal form of wages and enforce that legal fiction than to be subject to the vagaries of consumption financing. The latter is risky living, which goes with being the proletariat. With political response, workers can use their de facto leverage though.

Here I invoke Kalecki's dictum: "Workers consume what they earn. Capitalists earn what they invest." Thus, e_iota = I/K. The interesting thing here is the path discrepancy with the regular rate of exploitation, calculated on the basis of the PWT wage share estimates. More on this in my paper.

Accelerating trend, overall. (See my comment on the level plot.)

This is a proxy for the extent of globalization. This is consistent with the impression that globalization had a slow but steady pace, with stagnation from the mid 1970s to early 1980s, followed by an aggressive expansion in the 1990s and 2000s. Finally, the downturn with the crisis.

This is not surprising: The public component of gross capital formation ("gross" is because it is inclusive of depreciation) acts as a buffer a la Keynesian "automatic stabilizer."

Basically, the same story as in the profit rate and the private accumulation rate.

"Accumulation" (or, more precisely, the "accumulation fund") is defined as A = I + gov gross capital formation. Since at the global level, exports and imports cancel out, then A = Y - C a fortiori, where C is private consumption spending. That is how A gets pinned down. The accumulation rate kappa = A/K is a proxy for the profit rate as well. (See my comment on global private accumulation rate.)

See my comment on global private accumulation rate. This is the growth rate. Positive growth rates in the 1950s and 1960s turn into negative ones in the 1970s, which persist up to the mid 1980s. The negative growth rates return in the early 1990s, and then the brief inflection of the 2000s followed by the crisis.

My "private accumulation" category corresponds to "private gross capital formation" or "private investment spending" in the PWT 9. The PWT 9 gives us the share of private investment spending in real GDP (output approach). That multiplied by real GDP gives us private investment spending. The government share is only consumption, it does not include capital formation by the government. That is what I call "accumulation" (without the "private" modifier). In a Kaleckian framework, profits = investment. In this sense, kappa_p = I/K is a proxy for the profit rate. (The subscript is for "private.") In my paper I discuss this point extensively. We see an increase in kappa_p in the earlier period that peaks in the earlier 1970s, then decline (associated with a sudden drop in capital "productivity"). In the mid 1980s, there is partial restoration of kappa_p that exhausts itself in the early 1990s, then decline. Finally, restoration in earnest in the 2000s, and then the crisis.

Deceleration of the profit rate up to the late 1970s, and then gentle recovery/stagnation with increased volatility associated with the crisis.

The early increase (if data for the period are reliable) is largely due to the increase in "capital productivity" and to a lesser extent to the gradual increase in the rate of exploitation. The decline of 1.5% in the mid 1970s to early 1980s is associated mainly with the drop in capital "productivity." The subsequent recovery in the profit rate is almost entirely due to the vicious increase in the rate of exploitation.

Again, sudden decay in the 1970s to early 1980s and relative stagnation since.

The most remarkable phenomenon here is the sudden decline in the output/capital ratio in the 1970s to early 1980s, and its relative stagnation thereafter. More on this later.

Acceleration up to the mid 1980s, and then gentle deceleration.

This is a "synthesis" of many determinations. Some conjectures: the demographic transition (slow down in population growth), incorporation of women into the labor force, the bumps caused by incorporation of large countries to the PWT (e.g. Russian Fed, etc.) starting at the 1990s. Other things equal, an increase in the E/N ratio entails an improvement in the class balance of forces in favor of workers, and vice versa, but other things are not equal.

The polynomial trend shows a steady increase in the rate of exploitation during the 1950s and 1960s, its relative decline/stagnation in the 1970s and 1980s, its aggressive acceleration in the late 1990s and 2000s, and its struggles after the crisis.

Note its acceleration in the late 1990s and 2000s, and its stagnation after the crisis.

1952 is an outlier, but otherwise it looks stationary.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.

These plots show time series of the return rates on over 100 leading international stock indices. This is part of a larger project on the deep history of postwar global capitalism that seeks to analyze international economic data to characterize the evolving structure of postwar global capitalist society.