This article reconstructs the changes in the political economy of adult education in Switzerland since the middle of the 20th century. Methodologically, the analysis is based on historical institutionalism and concentrates on path dependencies and critical junctures. It is shown that the Swiss adult education system is neither exclusively a marked-led nor a stakeholder-led regime. Instead, it is demonstrated that the current situation cannot be understood without considering the several government initiatives in the context of digital change since the 1970s as well as the efforts of the private national continuing education association SVEB. The article concludes with reflections on the expected impact of the first national law on continuing education which has been enacted in 2017.