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 SSAsand examines the features os both types of SSA. It considers the implications of this revised SSA theory for understanding the current capitalist economic crisis.