Capital Accumulation and Family Economic Deterioration: Historical Contingencies and the “Great Recession” of the United States

Michael D. Gillespie

Research output: Contribution to journalArticle

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Abstract

The “Great Recession” in the United States exposed contradictions between the
economic wellbeing of families and capital. Using social structure of accumulation theory, a
qualitative institutional analysis and quantitative time-series models, I investigate historicallycontingent
relations between family economic deterioration and capital accumulation. The circuit
of capital, I argue, necessitates increasing private consumption expenditures by families, however
with minimal governmental support. Therefore, the economic deterioration of the family expands
under unprecedented levels of debt.
Original languageEnglish
Pages (from-to)406-440
Number of pages35
JournalWorld Review of Political Economy
Volume2
Issue number2
Publication statusPublished - 2011
Externally publishedYes

Fingerprint

Great Recession
Capital accumulation
Family economics
Deterioration
Contingency
Economics
Time series models
Institutional analysis
Well-being
Social structure of accumulation
Expenditure
Private consumption
Debt

Keywords

  • family
  • debt poverty
  • economic deterioration
  • capital accumulation

Cite this

Capital Accumulation and Family Economic Deterioration: Historical Contingencies and the “Great Recession” of the United States. / Gillespie, Michael D. .

In: World Review of Political Economy, Vol. 2, No. 2, 2011, p. 406-440.

Research output: Contribution to journalArticle

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