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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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Presentation Transcript
is institutional change constant
Is Institutional Change Constant?

Social Structure of Accumulation Theory

NO.

Pattern of

Periods of Stability alternating with

Periods of Widespread Institutional Change

slide3
Marxian insight

Capitalism conflictual

Class Conflict

Capitalist Competition

Keynesian insight

Capitalism unstable

Investment depends on expectations

Long run investment depends on long run expectations

slide4
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

slide5
Social Structure of Accumulation (SSA)

A complex of institutions which support the process of capital accumulation

social structure of accumulation ssa
Social Structure of Accumulation (SSA)

INSTITUTIONS

Economic

Political

Cultural/

Ideological

slide7
SSA

Long-term stability

 Long-run investment

 Long-term growth

but growth erodes stability
But growth erodes stability
  • Rising class conflict
  • Intensifying competition
  • Depletion of resources
  • Saturation of markets
institutions destabilized
Institutions destabilized

Economic

Political

Cultural/

Ideological

slide10
Collapse of profitability
      • Collapse of investment
          • Period of stagnation
slide11
Stagnation

 Search for new institutional structure

Institutional innovation comes in clumps

Widespread economic

political

ideological change

Accumulation – Stagnation – Accumulation -- Stagnation

crisis
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

Global Neoliberalism

A New Stage of Capitalism?

capital capital relations
Capital-Capital Relations

Increase in capital mobility

circuit of capital 2
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
Circuit of Money Capital

www.treasury.gov.au

circuit of commodity capital
Circuit of Commodity Capital

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

free trade agreements
Free Trade Agreements

World Trade Organization

Regional

Agreements

Bilateral Agreements

circuit of productive capital
Circuit of Productive Capital

Maquladora Industry Sectors

Corpwatch

commodity chains
Commodity Chains

Gary Gereffi

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

slide24
Willam I. Robinson

Martin Sklair

Amsterdam School

slide26
Foreign

Direct

Investment

Poverty Mapping

slide27
Increasing competition

but at the same time…

Networks, joint ventures, mergers

information and communication technology
Information and Communication Technology

Integration of global supply chains

Control of labour at a distance

slide29
Transport Innovation

Containerization

Containerization

capital labour relations
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
slide32
Increasing Inequality

Trends of Inequality in the EHII 2.2 Dataset by Income Level

sized by gdp
Sized by GDP

Worldmapper

state domestic
State - Domestic

Hollowed-out government

Prioritizing inflation

over unemployment

Deregulation

state transnational
State - Transnational

Transnational State Apparatus

William I. Robinson

Robert Cox

Stephen Gill

ideology
Ideology

Competitiveness

Neoliberalism

international
International

Integration of

Soviet Union

China

structural adjustment programmes
Structural Adjustment Programmes

International

Monetary

Fund

what are the potential contradictions which could end global neoliberalism
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 neoliberalism1
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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