Abstract
This paper traces the evolution of profitability in the United States from the turn of the century. The first sectio n considers various measures of profitability over different sectors of the economy since 1947. The same downward tendency can be observed in all instances except the case of the after-all-tax rate of profit in the corporate sector. The second part traces the trend in profita bility from 1900 to 1947. Two periods of declining returns can be ide ntified over the last century, the first after World War I and the se cond after 1966. Between the two periods, a recovery occurred during World War II which was primarily absorbed in taxes. Copyright 1987 by Oxford University Press.
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