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Social Structure of Accumulation Theory. Is Institutional Change Constant?. Social Structure of Accumulation Theory. NO. Pattern of Periods of Stability alternating with Periods of Widespread Institutional Change. Marxian insight Capitalism conflictual Class Conflict

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Social Structure of Accumulation Theory

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Social Structure of Accumulation Theory


Is Institutional Change Constant?

Social Structure of Accumulation Theory

NO.

Pattern of

Periods of Stability alternating with

Periods of Widespread Institutional Change


Marxian insight

Capitalism conflictual

Class Conflict

Capitalist Competition

Keynesian insight

Capitalism unstable

Investment depends on expectations

Long run investment depends on long run expectations


Overcome through construction of a set of institutions

Institutions

moderate and channel class conflict

moderate and channel capitalist competition

Institutions

stabilize capitalist’s long run profit expectations


Social Structure of Accumulation (SSA)

A complex of institutions which support the process of capital accumulation


Social Structure of Accumulation (SSA)

INSTITUTIONS

Economic

Political

Cultural/

Ideological


SSA

Long-term stability

 Long-run investment

 Long-term growth


But growth erodes stability

  • Rising class conflict

  • Intensifying competition

  • Depletion of resources

  • Saturation of markets


Institutions destabilized

Economic

Political

Cultural/

Ideological


  • Collapse of profitability

    • Collapse of investment

      • Period of stagnation


Stagnation

 Search for new institutional structure

Institutional innovation comes in clumps

Widespread economic

political

ideological change

Accumulation – Stagnation – Accumulation -- Stagnation


Crisis

Inflation – price/wage spiral

Debt pyramid

End of capital-labour accord

International disorder

European and Japanese competition

End of Bretton-Woods

Oil crisis


Global Neoliberalism

A New Stage of Capitalism?


Coming to grips with globalization


Capital-Capital Relations

Increase in capital mobility


Circuit of Capital 2

  • Circuit of money capital

    M - C … P … C’ - M’

  • Circuit of commodity capital

    C … P … C’ - M’- C’

  • Circuit of productive capital

    P … C’ – M’ – C’ … P


Circuit of Money Capital

www.treasury.gov.au


Circuit of Commodity Capital

http://people.hofstra.edu/geotrans/eng/ch5en/conc5en/worldexports.html


Free Trade Agreements

World Trade Organization

Regional

Agreements

Bilateral Agreements


Circuit of Productive Capital

Maquladora Industry Sectors

Corpwatch


Commodity Chains

Gary Gereffi

http://people.hofstra.edu/geotrans/eng/ch5en/conc5en/producerbuyergcc.html


Willam I. Robinson

Martin Sklair

Amsterdam School


Financialization

Financialization


Foreign

Direct

Investment

Poverty Mapping


Increasing competition

but at the same time…

Networks, joint ventures, mergers


Information and Communication Technology

Integration of global supply chains

Control of labour at a distance


Transport Innovation

Containerization

Containerization


Capital Labour Relations

  • A strengthening of capital relative to labour

  • Spatialization as a labour control strategy

    • Outsourcing and offshoring

  • New forms of labour market segmentation

    • Across borders

    • Casualization of labour


Attack on unions


Increasing Inequality

Trends of Inequality in the EHII 2.2 Dataset by Income Level


Sized by population


Sized by GDP

Worldmapper


Lean Production


State - Domestic

Hollowed-out government

Prioritizing inflation

over unemployment

Deregulation


Privatization 1


Privatization 2


Lower taxes


Punitive Forms of Social Control


Schumpeterian Workfare State

Bob Jessop


State - Transnational

Transnational State Apparatus

William I. Robinson

Robert Cox

Stephen Gill


Ideology

Competitiveness

Neoliberalism


International Institutions


International

Integration of

Soviet Union

China


Structural Adjustment Programmes

International

Monetary

Fund


What are the Potential Contradictions Which Could End Global Neoliberalism?

  • Insufficient Aggregate Demand

  • Financial and Monetary Fragility

  • Peak Oil

  • Environmental Crises


What are the Potential Contradictions Which Could End Global Neoliberalism?

  • Financial and Monetary Fragility

  • Insufficient Aggregate Demand

  • Peak Oil

  • Environmental Crises


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