Abstract
Recent developments in SSA theory are employed to analyze the construction and ultimate implosion of the global neoliberal SSA. Expanding upon the recent work of Martin Wolfson and David Kotz, who predict a shift toward a more state-regulated regime of accumulation, this article explores various ways by which this shift may be facilitated and accomplished, while contributing to the debates within SSA theory as regards the validity of concepts of transnational SSAs. As neoliberalism retrenches and the transition to a new SSA gathers pace, globalization itself faces reversal on many fronts.
Highlights
Introduction andOverview1Social structures of accumulation (SSAs) are the institutional ensembles that cohere in such a way as to facilitate a prolonged period of orderly, profitable capital accumulation
A restive financial sector took advantage of a series of financial scandals and failures to lobby for changes that would have global impact, as the power of the US financial sector was first leveraged against the US conglomerates, and thereafter, the US political system, followed by the rest of the world
social structure of accumulation (SSA) theory began as a response to the crisis and collapse of the post-1945 growth SSA of the United States during the 1970s
Summary
Social structures of accumulation (SSAs) are the institutional ensembles that cohere in such a way as to facilitate a prolonged period of orderly, profitable capital accumulation They are borne of crisis, and following an often uncertain, contingent phase of transition, enter a period of stable, consolidated configuration. As we search for clues, it is important to remember the continuities that bind successive SSAs as well as the genuinely new aspects of a successor regime It is clear, e.g., that the structural power accumulated and enjoyed by the financial sector is little diminished, the severity of crisis notwithstanding, and that a “ferocious rearguard” has been fought against all efforts to bring it to heel (Plender 2009; Wolf 2013b). This article concludes with what is considered to be a likely scenario, given the preceding discussion and further evidence
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