The rate of profit and modes of production

We carry forward the proposal of David Laibman (2024) to define the rate of profit as the ratio of output to capital in a socialist economy. We embed the definition in a standard set of macroeconomic coefficients deriving, thereby, appropriate equations for capitalist and for socialist economies. It turns out that the socialist rate is a measure of the accumulation of capital in a capitalist economy. The socialist economy is displayed as a multilevel hierarchical control system. Detailed illustrations are provided by the US for the first case, and China for the second.