"A RECONCEPTUALIZATION OF SOCIAL STRUCTURE OF ACCUMULATION THEORY"

Martin H. Wolfson, David Kotz

Research output: Contribution to journalArticlepeer-review

25 Citations (Scopus)

Abstract

"This article puts forward a reconceptualization of the theory of a social structure of accumulation (SSA). The thirty years of neoliberalism present a problem for SSA theory. According to current SSA theory, an SSA is an institutional configuration that for a long period of time promotes rapid capital accumulation and economic growth. Although neoliberalism is clearly a new and long-lasting institutional structure that replaced the postwar SSA, growth in the neoliberal economy has been relatively sluggish. This article offers a revised concept of an SSA, which makes it possible to explain neoliberalism as an SSA. It argues that every SSA promotes profit-making but does not necessarily bring accumulation that is rapid by some historical standard. It introduces the concept of liberal and regulated SSAs and examines the features of both types of SSA. It considers the implications of this revised SSA theory for understanding the current capitalist economic crisis."
Original languageEnglish
Pages (from-to)209-225
Number of pages17
JournalWorld Review of Political Economy
Volume1
Issue number2
Publication statusPublished - 2010

Keywords

  • social structure of accumulation
  • institutions
  • economic crisis

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