From Social Structures to Techno-Economic Paradigms: Comparison of Four Phases of Capitalism Theories

Abstract

The 2008 great financial crisis brought the question of the cyclical development of capitalism back to the center of political economy. To understand the nature of post-crisis capitalism, it is inevitable to evaluate the literature on the temporal phases of capitalism. This article presents four theories about the periodization of capitalism: the social structure of accumulation theory, regulation theory, techno-economic paradigm approach and systemic cycles of accumulation school. The article shows that, despite the different perspectives, each of the phasing approaches leads to similar results about the periods of capitalism. Moreover, the article concludes that every phase of capitalism has four elements: techno-economic paradigm, socio-institutional structures, demand regime and hegemonic state.