The Political in the Era of Globalization and Finance: Focus on Some Régulation School Research

Robert Boyer

International Journal of Urban and Regional Research, 2000, vol. 24, issue 2, 274-322

Abstract: This article analyses macroeconomic developments of the 1990s in the light of recent propositions from régulation theory. These are concerned, firstly, with taking into account interdependencies between the political and economic spheres, with notions of the complementary nature and hierarchy of institutions, with the endogeneity of transition from growth to crisis and with the position of the nation‐state in a situation of greater international interdependence. Thus, they go on to demonstrate that ‘globalization’ relates, above all, to finance and is more the expression of a political project than of economic determinism. The extension of market adjustments has simply not led to the recovery of dynamic efficiency. The viability of various forms of capitalism depends greatly on the international configuration and on the political strategies of the various governments. Finally, the viability of a finance‐dominated or, perhaps, a property‐owning growth regime may prove problematic, as much from a theoretical as from an empirical point of view. L'article analyse lévolution macroéconomique des années quatre‐vingt‐dix à la lumière des avancées récentes de la th'éorie de la régulation. Elles concernent d'abord la prise en compte des interdépendances entre sphères politique et 'économique, les notions de complémentarit'é et hiérarchie institutionnelle, l'endogén'éit'é du passage de la croissance à la crise et la place de l'État‐Nation face à une plus grande interdépendance internationale. Ainsi, la ‘globalisation’ porte surtout sur la finance et constitue plus l'expression d'un projet politique que d'un d'éterminisme économique. L'extension des ajustements de marché est loin d'avoir conduit au redressement de l'efficacité dynamique. La viabilité des diverses formes de capitalisme dépend beaucoup de la configuration internationale et des stratégies politiques des divers gouvernements. Enfin, la viabilité d'un r'égime de croissance financiarisé ou encore patrimonial s'avère problématique tant d'un point de vue théorique qu'empirique.

Date: 2000
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