Crisis Theory and Social Structures of Accumulation

Hoseon Hwang
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Hoseon Hwang: Pukyoung National University

Korean Economic Review, 1999, vol. 15, 29-42

Abstract: Economic crisis has two different types, one that takes a secular form which occurs as a result of the secular decline in aggregate output and employment and the other that takes a cyclical form which arises out of cyclical fluctuations of aggregate output and employment. Its cause and dynamic mechanism are different between the two kinds of crisis, which need to be analyzed from different angles. The traditional crisis theory explains economic crisis through a behavior of proï¬ t rate whereas the theory of social structures of accumulation (SSA) emphasizes the role of political-economic institutions in accumulation and economic performance. The behavior of proï¬ t rate is relevant to the analysis of a crisis of short-run type while political-economic institutions are pertinent to that of long-term type. This paper argues that the relevancy of crisis theory could be improved in grasping the logic of macrodynamics of capitalist economy in both secular and cyclical terms if it synthesizes the traditional theory and the SSA theory.

Keywords: Public Averting Behavior; Weak Complementarity; Weak Neutrality; Use Value; Nonuse Value (search for similar items in EconPapers)
JEL-codes: B24 P16 (search for similar items in EconPapers)
Date: 1999
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