Contemporary Capitalism and its Crises :Social Structure of Accumulation Theory for the 21st Century

Publication subTitle :Social Structure of Accumulation Theory for the 21st Century

Author: Terrence McDonough; Michael Reich; David M. Kotz  

Publisher: Cambridge University Press‎

Publication year: 2010

E-ISBN: 9780511687792

P-ISBN(Paperback): 9780521515160

Subject: F03 the capitalist mode of production

Keyword: 经济学Economics

Language: ENG

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Contemporary Capitalism and its Crises

Description

This volume analyses contemporary capitalism and its crises based on a theory of capitalist evolution known as the social structure of accumulation (SSA) theory. It applies this theory to explain the severe financial and economic crisis that broke out in 2008 and the kind of changes required to resolve it. The editors and contributors make available new work within this school of thought on such issues as the rise and persistence of the 'neoliberal' or 'free-market' form of capitalism since 1980 and the growing globalization and financialization of the world economy. The collection includes analyses of the US economy as well as that of several parts of the developing world.

Chapter

One: The State of the Art of Social Structure of Accumulation Theory

An Overview of the Last Decade

David Gordon’s Last Works

Enter Sociology

SSAs outside the United States

Specific Institutions within the SSA

The Current State of SSA Theory

Was a New SSA Consolidated after the 1970s?

Conclusion

References

Two: Social Structure of Accumulation Theory

SSA Theory and Its Origins

The Postwar SSA in the United States

Japan’s Postwar SSA

The Structural Integrity of an SSA

Overdetermination and the Postwar SSA in the United States

Why SSAs Require Many Years to Construct and Why they Endure Many Years

The Role of Class Conflict in SSA Formation and Collapse

Addendum: The 2007/8 Financial Crisis and the Collapse of the Neoliberal SSA

References

Three: A Reconceptualization of Social Structure of Accumulation Theory

Introduction

The Current Theory of an SSA

SSAs, Profit, and Growth

Class Contradictions

Liberal and Regulated SSAs

SSAs and Capitalist Crises

Liberal and Regulated SSAs and the Rate of Growth

Summary and Conclusion

References

Part Two: Globalization and the Contemporary Social Structure of Accumulation

Four: Global Neoliberalism and the Contemporary Social Structure of Accumulation

Introduction

Global Neoliberalism and Social Structure of Accumulation Theory

International Institutions of the Global Neoliberal SSA

Domestic Institutions of the Global Neoliberal SSA

Why Global Neoliberalism Should be Considered an SSA

The Uneven Spread of Neoliberal Institutions and Globalization

Contradictions and Crisis of the Global Neoliberal SSA

References

Five: Globalization or Spatialization?: The Worldwide Spatial Restructuring of the Labor Process

Introduction

Globalization’s Place in SSA Theory

Social Structures of Accumulation and Systems of Labor Control

Spatialization and Technocratic Control

Conclusion

References

Six: Financialization in the Contemporary Social Structure of Accumulation

Introduction

The Nature of the Neoliberal SSA

The Transition from a National Keynesian SSA to a Global Neoliberal SSA

The Central Role of Finance in the Global Neoliberal SSA

The End of a Finance-Dominated SSA?

Conclusion

Class Analysis in the New SSA

The Role of the State in the Neoliberal SSA

References

Seven: Global Neoliberalism and the Possibility of Transnational State Structures

Theorizing the Transnational State

SSA Theory and States

States and Markets

Gramsci and the Transnational Capitalist Class

The Transnational State Apparatus

The New Medievalism

The Evolving Transnational State Apparatus

Regional Trading Blocs

Global Finance

The World Trade Organization

NGOs

Policy Forums

The Nation-State and the Transnational State Apparatus

The Second Part of Polanyi’s Movement and International Human Rights

The TNS and the Global Neoliberal SSA

The Current Crisis and the TNS

References

Part Three: The Contemporary Social Structure of Accumulation in the United States

Eight: Labor in the Contemporary Social Structure of Accumulation

Business-Labor Relations in the Post World War II Social Structure of Accumulation: Conflict amid Stability

The Deregulatory Government Policy Regime of the 1980s: A Component of the Contemporary “Neoliberal” Social Structure of Accumulation

Employer Domination and Deunionization in the 1980s: Components of the Contemporary “Neoliberal” Social Structure of Accumulation

The Legacy of the Emergent Neoliberal Framework

Conclusion

References

Nine: The Rise of CEO Pay and the Contemporary Social Structure of Accumulation in the United States

Introduction

Corporate Governance and Shareholder Value: The Conventional View Does Not Fit with Observations

Align the Interests of Managers and Shareholders: The Motto of the 1990s

The Joint Stock Corporation in the 1990s: Good Financial Performance but Moderate Improvement of Economic Efficiency

Top Executives Remuneration Explosion, Far Ahead of Performance Improvement and Average Wage Evolution

Under the Aegis of Shareholder Value, the Hidden Alliance between Managers and Financiers

The Power and Informational Asymmetry in Favor of Executives

The Power of Managers at the Firm Level: Converging Empirical Evidence

Clear Windfall Profits for Managers Benefiting from Stock Options

Since 1997, a Favorite Corporate Strategy: Distorting the Profit Statements

Power of Managers: From the Corporation to the Political Arena

Financial Liberalization has been a Prerequisite for CEO Compensation Explosion

When Economic Power is Converted into Political Power

Benefiting from a Tax System Redesigned in Favor of the Richest

An Emblematic New Accumulation Regime

The Core of a Finance-led Accumulation Regime: A New Alliance between Managers and Financiers

The Components of a Finance-Led Accumulation Regime

This Regime is Possible but Requires Specific Conditions

An Exclusively American Model That Entered into a Structural Crisis in 2007

This Model Cannot Diffuse Easily to the Rest of the World

The Success of this Regime Propels it into Financial Fragility and the Subprime Structural Crisis

Conclusion

References

Ten: Social Structures of Accumulation and the Criminal Justice System

Introduction

SSA Theory, Capital Accumulation, and the Criminal Justice System

The Criminal Justice System across Phases of the Post-World War II SSA in the United States

Decay/Exploration Phase between the World Wars

Consolidation Phase

Further Decay and Initial Exploration for Alternatives

Exploration

Empirical Evidence of Historical Contingency in the U.S. Capital Accumulation-Criminal Justice System Relationship

Conclusion

Appendix Data Sources

Criminal Justice Expenditures, Employment, and Payrolls

Measure of Capital Accumulation

References

Part Four: Social Structure of Accumulation Theory and Transformations of the Capitalist Periphery

Eleven: The Social Structure of Accumulation in South Africa

The Social Structure of Accumulation and Apartheid South Africa

A Post-Apartheid Social Structure of Accumulation

Has the Strategy Worked?

Conclusion

References

Twelve: Social Structures of Accumulation and the Condition of the Working Class in Mexico

Introduction

Long-Term Trends and Breakpoints in the Mexican Economy: 1921–2007

Social Structures of Accumulation and the Long Wave of Development During 1930–1980

The Unstable Growth Cycle During 1980–2007 and the Transition to a New SSA

Conclusions

References

Thirteen: Social Structure of Accumulation Theory for the Arab World: The Economies of Egypt, Jordan, and Kuwait in the Regional System

Applying SSA Analysis to the Arab World

PostIndependence SSA: State-Led Development

Growth and Accumulation under the PostIndependence SSA

State-Capital Relations under the PostIndependence SSA

Capital/Labor Relations under the PostIndependence SSA

Human Development, Income Distribution, and Poverty

Economic Relations within the Regional SSA

Erosion of the State-Led SSA and the Advent of Neoliberalism

Disintegration and Reconstruction of Regional Economic Relations, 1985–2000

Accommodation and Resistance to the Neoliberal Agenda

Growth, Accumulation, And the Crisis of Neoliberalism

Regional Economic Relations in the 2000s

The Regional SSA Amid the Structural Boom and Crisis of Neoliberalism

Prognosis for Building a New SSA

References

Index

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