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Social Structure of Accumulation Theory

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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  1. Social Structure of Accumulation Theory

  2. Is Institutional Change Constant? Social Structure of Accumulation Theory NO. Pattern of Periods of Stability alternating with Periods of Widespread Institutional Change

  3. Marxian insight Capitalism conflictual Class Conflict Capitalist Competition Keynesian insight Capitalism unstable Investment depends on expectations Long run investment depends on long run expectations

  4. 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

  5. Social Structure of Accumulation (SSA) A complex of institutions which support the process of capital accumulation

  6. Social Structure of Accumulation (SSA) INSTITUTIONS Economic Political Cultural/ Ideological

  7. SSA Long-term stability  Long-run investment  Long-term growth

  8. But growth erodes stability • Rising class conflict • Intensifying competition • Depletion of resources • Saturation of markets

  9. Institutions destabilized Economic Political Cultural/ Ideological

  10. Collapse of profitability • Collapse of investment • Period of stagnation

  11. Stagnation  Search for new institutional structure Institutional innovation comes in clumps Widespread economic political ideological change Accumulation – Stagnation – Accumulation -- Stagnation

  12. Crisis Inflation – price/wage spiral Debt pyramid End of capital-labour accord International disorder European and Japanese competition End of Bretton-Woods Oil crisis

  13. Global Neoliberalism A New Stage of Capitalism?

  14. Coming to grips with globalization

  15. Capital-Capital Relations Increase in capital mobility

  16. 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

  17. Circuit of Money Capital www.treasury.gov.au

  18. Circuit of Commodity Capital http://people.hofstra.edu/geotrans/eng/ch5en/conc5en/worldexports.html

  19. Free Trade Agreements World Trade Organization Regional Agreements Bilateral Agreements

  20. Circuit of Productive Capital Maquladora Industry Sectors Corpwatch

  21. Commodity Chains Gary Gereffi http://people.hofstra.edu/geotrans/eng/ch5en/conc5en/producerbuyergcc.html

  22. Willam I. Robinson Martin Sklair Amsterdam School

  23. Financialization Financialization

  24. Foreign Direct Investment Poverty Mapping

  25. Increasing competition but at the same time… Networks, joint ventures, mergers

  26. Information and Communication Technology Integration of global supply chains Control of labour at a distance

  27. Transport Innovation Containerization Containerization

  28. 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

  29. Attack on unions

  30. Increasing Inequality Trends of Inequality in the EHII 2.2 Dataset by Income Level

  31. Sized by population

  32. Sized by GDP Worldmapper

  33. Lean Production

  34. State - Domestic Hollowed-out government Prioritizing inflation over unemployment Deregulation

  35. Privatization 1

  36. Privatization 2

  37. Lower taxes

  38. Punitive Forms of Social Control

  39. Schumpeterian Workfare State Bob Jessop

  40. State - Transnational Transnational State Apparatus William I. Robinson Robert Cox Stephen Gill

  41. Ideology Competitiveness Neoliberalism

  42. International Institutions

  43. International Integration of Soviet Union China

  44. Structural Adjustment Programmes International Monetary Fund

  45. What are the Potential Contradictions Which Could End Global Neoliberalism? • Insufficient Aggregate Demand • Financial and Monetary Fragility • Peak Oil • Environmental Crises

  46. 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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