The Current Crisis of US Neoliberal Capitalism and Prospects for a New “Social Structure of Accumulationâ€

David Jaffee

Review of Radical Political Economics, 2019, vol. 51, issue 2, 193-210

Abstract: Wage squeeze/profit squeeze crisis theories provide a powerful framework for the historical analysis of US capitalist crises and the alternating demand-side and supply-side social structures of accumulation (SSA). However, the current neoliberal SSA would seem to defy the logic of this model in its persistence in the face of a deep financial crisis and a failure to realize its espoused objectives. This paper reviews this theoretical model of economic crises, its relationship to and viability alongside the rise and establishment of neoliberalism, and some of the political and economic obstacles that would seem to prevent the construction of a new SSA that would address and correct the glaring deficiencies of neoliberal political economy. JEL Classification: P16, G01

Keywords: economic and financial crises; social structures of accumulation (SSA) theory; neoliberalism; financialization (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:51:y:2019:i:2:p:193-210

DOI: 10.1177/0486613417736890

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