EconPapers    
Economics at your fingertips  
 

Marx's Legacy, Theory and Contemporary Capitalism

Robert Boyer

Review of Political Economy, 2018, vol. 30, issue 3, 284-316

Abstract: The 2008 financial crisis has challenged the merits of standard economic theories and sparked surprising references to Marxist analyses. A monetary economy is prone to crises, the interaction of competition with capital–labour relations launches relentless accumulation and over-accumulation crises exacerbate the built-in contradictions of the capitalist mode of production. Nevertheless, until now, these imbalances have not unfolded into its rapid and complete collapse. From the social and political struggles of labour and citizens, the 1929 crisis and finally the Second World War, new configurations emerge for the wage–labour nexus, the form of competition and the monetary and credit regime. These delineate an unprecedented accumulation regime, Fordism. In turn, Fordism enters a structural crisis and a dramatic change in institutionalized compromises favours a still different accumulation regime (finance-led) that evolved from one speculative boom to another till the 2008 American financial collapse. Thus the mobilization of Marx's foundational hypotheses by Régulation theory allows a better understanding than most alternative theories of major contemporary stylized facts: productivity slow-down and social polarization in mature economies, tensions between capitalism and democracy, new industrial capitalisms and limits to globalization.

Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/09538259.2018.1449480 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:revpoe:v:30:y:2018:i:3:p:284-316

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/CRPE20

DOI: 10.1080/09538259.2018.1449480

Access Statistics for this article

Review of Political Economy is currently edited by Steve Pressman and Louis-Philippe Rochon

More articles in Review of Political Economy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().

 
Page updated 2025-03-20
Handle: RePEc:taf:revpoe:v:30:y:2018:i:3:p:284-316