David M. Kotz

The Financial and Economic Crisis of 2008: A Systemic Crisis of Neoliberal Capitalism

This paper presents a case that the financial and economic crisis that began in the United States in 2008 indicates the start of a systemic crisis of neoliberal capitalism. The same institutional features of neoliberal capitalism that promoted a series of long economic expansions over several decades also created long-run trends that have led to a systemic crisis. Major economic restructuring is likely to follow.

Social structures of accumulation : the political economy of growth and crisis

Introduction David M. Kotz, Terrence McDonough and Michael Reich Part I. The Theory of Social Structures of Accumulation: 1. Long swings and stages of capitalism David M. Gordon, Richard Edwards and Michael Reich 2. How social structures of accumulation decline and are built Michael Reich 3. Interpreting the social structure of accumulation approach David M. Kotz 4. Social structures of accumulation, contingent history, and stages of capitalism Terrence McDonough 5. The regulation theory and the social structure of accumulation approach David M. Kotz Part II. History, Institutions, and Macroeconomic Analysis: 6. The construction of social structures of accumulation in US history Terrence McDonough 7. The financial system and the social structure of accumulation Martin H. Wolfson 8. Alternative social structure of accumulation approaches to the analysis of capitalist booms and busts Thomas E. Weisskopf 9. The politics of the American industrial policy debate Jim Schoch Part III. Class, Race and Gender: 10. Shopfloor relations in the postwar capital-labor accord David Fairris 11. Towards a broader vision: race, gender and labor market segmentation in the social structure of accumulation framework Randy Aldelda and Chris Tilly Part IV. The International Dimension: 12. Accumulation and crisis in a small and open economy: the postwar social structure of accumulation in Puerto Rico Edwin Melendez 13. Apartheid and capitalism: social structure of accumulation or contradiction? Nicoli Nattrass 14. The social structure of accumulation approach and the regulation approach: a US-Japan comparison Tsuyoshi Tsuru 15. The global economy: new edifice or crumbling foundations? David M. Gordon Afterword: new international institutions and renewed world economic expansion David M. Kotz, Terrence McDonough and Michael Reich.

The Dependence of China’s Economic Growth on Exports and Investment

This paper analyzes the growing role played by exports and investment in China’s rapid economic growth since 1978. It examines the reasons for the shift over time in China’s growth model, which occurred in stages, and it questions the sustainability of the recent dependence on exports and investment. It proposes structural changes in China’s growth model and considers the obstacles to such changes. JEL classification:O53, F43, O11

Contradictions of Economic Growth in the Neoliberal Era: Accumulation and Crisis in the Contemporary U.S. Economy

In the neoliberal form of capitalism, economic expansion tends to be accompanied by rising profits and stagnant wages, creating a potential problem of overproduction. This obstacle to expansion has been overcome in the U.S. economy in the neoliberal era through rising household debt and the emergence of asset bubbles. However, certain trends in the U.S. economy suggest that the past methods of promoting expansion and averting severe crises in the neoliberal era may be becoming nonviable. JEL classification: E32, N12, E11

Neoliberalism and the Social Structure of Accumulation Theory of Long-Run Capital Accumulation

The social structure of accumulation theory faces a challenge arising from the persistence of neoliberalism, which does not appear to promote rapid capital accumulation. This article suggests an alternative interpretation of institutional change in which liberal and “regulationist” institutional structures alternate with one another, with the latter more favorable for capital accumulation. It examines the reasons why these two types of institutional structures arise, concluding that neoliberalism may persist for some time.

A RECONCEPTUALIZATION OF SOCIAL STRUCTURE OF ACCUMULATION THEORY

This article puts forward a reconceptualization of the theory of a social structure of accumulation (SSA). The thirty years of neoliberalism presenta problem for SSA theory. According to current SSA theory, an SSA is an institutional configuration that for a long period of time promotes rapid capital accumulation and economic growth. Although neoliberalism is clearly a new and long-lasting institutional structure that replaced the postwar SSA, growth in the neoliberal economy has been relatively sluggish. This article offers a revised concept of an SSA, which makes it possible to explain neoliberalism as an SSA. It argues that every SSA promotes profit-making but does not necessarily bring accumulation that is rapid by some historical standard. It introduces the concept of liberal and regulated SSAs and examines the features of both types of SSA. It considers the implications of this revised SSA theory for understanding the current capitalist economic crisis. JEL Codes: E02, E11, B51

Social Structure of Accumulation Theory

In this two-volume set, the editors present seminal articles by leading SSA scholars describing the development of SSA Theory and its wider application.

Neoliberalism and the U.S. Economic Expansion of the '90s

The U.S. economy has undergone a profound restructuring during the past two decades. This process, known as neoliberal restructuring, has affected practically every dimension of social life, including the gap between rich and poor, the nature of work, the role of big money in politics, the quantity and quality of public services, and the character of family life.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.

Long Waves and Social Structures of Accumulation: A Critique and Reinterpretation

This paper offers a critique and reinterpretation of the social structure of accumulation (SSA) approach to long waves in economic growth. The SSA approach is contrasted to earlier theories of long run macro-instability. Strengths and weaknesses of this approach are analyzed. A focus on class conflict and competition among capitals is proposed to clarify the relation between institutions and accumulation. Conceptual and historical problems in the SSA approach are considered, and a modified version of the approach is put forward to resolve the problems.

The Direction of Soviet Economic Reform: From Socialist Reform to Capitalist Transition

In 1985, in response to a decade of growing social and economic crisis in the Soviet system, the leadership of the USSR initiated the reform program known as perestroika . Six years later the Soviet state and its prevailing economic system of state socialism collapsed. Russia and the other states that formed out of the USSR are now moving rapidly to establish capitalist economic systems. This article can also be found at the Monthly Review website , where most recent articles are published in full. Click here to purchase a PDF version of this article at the Monthly Review website.