A new financial social structure of accumulation in the United States for long wave upswing?

Phillip Anthony O'Hara
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Phillip Anthony O'Hara: Global Political Economy Research Unit, Department of Economics, Curtin University, GPO Box U1987, Perth 6845, Australia

Review of Radical Political Economics, 2002, vol. 34, issue 3, 295-301

Abstract: This paper examines the question of whether a new financial social structure of accumulation (FSSA) is being developed, or has already evolved, in the United States to contribute towards long wave upswing during the early years of the 21st century. Attention is given to three main requirements for a FSSA within the circuit: the promotion of sufficient (a) financial stability, (b) conflict resolution between finance and industry, and (c) sustainable bank productivity and profitability. The current system is characterized by major financial instability, due to the growth and crash of speculative bubbles. It is also insufficiently resolving conflict between finance and industry, since finance does not expand production to the required degree. Also, the banking sector has been undergoing insufficient productivity and unsustainable profitability. Overall, it is unlikely that a developed FSSA is currently in place to promote long wave upswing.

Keywords: Financial system; Social structures of accumulation; Long waves; Institutional forms; Deep recession; Financial instability (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:34:y:2002:i:3:p:295-301

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