 Long Waves and Accumulation RegimesChapter Chapter 2 in Multi-Polar Capitalism, 2022, pp 35-72 from Springer Abstract: Abstract Changes in the international monetary system do not happen arbitrarily. They occur typically during periods of structural crisis and amidst shifts in the global power structure. One way to put these developments in their proper historical context is by means of a theory of “long waves,” first proposed by Soviet economist Nikolai Kondratiev in the 1920s as recurrent 40-to-60-year cycles. While it is possible to discern technological or financial patterns driving these long waves, it would be better to integrate those dimensions into a more comprehensive approach as put forth by the French “théorie de la régulation.” The Régulationists trace the long-term evolution of capitalism in terms of successive “accumulation regimes” and provide a typology of crises for when such accumulation regimes disintegrate and get transformed. The international monetary system is one of the key institutional features defining specific accumulation regimes. We are arguably in the midst of a transition from one accumulation regime (“finance-led capitalism”) to another (“low-carbon transition”), with the dollar standard giving way to a multi-currency standard being one aspect of this transition. Keywords: ■■■ (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-88247-1_2 Ordering information: This item can be ordered from DOI: 10.1007/978-3-030-88247-1_2 Access Statistics for this chapter More chapters in Springer Books from Springer |
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