The real rate of return to capital may have started to decline by the early 1970’s; productivity growth certainly has slowed since then. Some crucial changes in the political economy of Western capitalism in the 1980’s can also be viewed in this light: the rise of neoliberal ideology, the growing inequality of wealth and incomes, the increase in structural unemployment, the growth of financial services, globalization, the invention of post-Cold War threats to sustain military spending, and so on.
资本的实际回报大概从20世纪70年代初便开始下降；此后，生产率增长显然放缓了。对于西方资本主义政治经济学在20世纪80年代所发生的一些关键变化，如新自由主义思潮的崛起、财富和收入不平等性的增加、结构性失业的抬头、金融服务业的成长、全球化、后冷战时期的到来让军费支出难以为继等，只能从这个角度来解释。