When Economic Crises Endure

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ISBN: 9781563245688 | 156324568X
Cover: Hardcover
Copyright: 5/31/1997

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This work represents the French Regulation School approach to the study of economics. Regulationists focus on the long-term evolution of capitalist economies with a strong emphasis on cross-country comparisons. Their theory centers on the notion of "accumulation regimes", a concept that analyzes long-wave growth patterns and how those patterns were shaped by five key regulatory mechanisms: 1) forms of competition; 2) the socio-technical system covering all aspects of the capital-labor relation; 3) money; 4) forms of state intervention; and 5) arrangements regulating international economic relations. Methodologically, their approach is very flexible and innovative, ranging from econometric models to interdisciplinary studies.

List of Tables

(4)

List of Figures

(2)

Acronyms and Abbreviations

xvii

(2)

Preface to the English Translation

xix

(2)

Introduction

xxi

PART I. GROWTH AND REGULATION

(84)

1. From Extensive to Intensive Accumulation

(22)

Growth and Accumulation: An Initial Overview

(3)

Extensive or Intensive Accumulation?

(8)

The Aims of Taylorism and Fordism

(2)

Limited Productivity Gains in France Until 1938

(2)

The Pioneering Role of the United States and the Unequal Development of Intensive Accumulation

(3)

The Long-Term Output per Capital Ratio

(1)

Econometric Analysis

(10)

Nature of the Breaks in France Following the Two World Wars

(2)

The Case of the Other Major Countries

(6)

2. Wage Formation and Consumption Standard

(18)

Wages and the Transformation of Wage Relations

(4)

Key Stages in the Evolution of the Wage Income

(2)

The Transformation of Wage Relations

(2)

Wage Formation: From Competitive Regulation to Administered Regulation

(9)

Wage Income and the Adjustment of Employment

(3)

Wages in France: From Competitive to Monopolistic Regulation

(1)

United States: Precocious Indexation but Persistence of More Competitive Regulation

(1)

United Kingdom: Precocious Monopolistic Regulation

(2)

Germany: Growing Indexation but Persistence of Greater Wage Flexibility

(2)

Wage Relation and Consumption Standards

(5)

The Emergence of a New Consumption Standard

(2)

Relative Prices, Production Conditions, and Consumption Standard

(3)

3. Price, Profit, and Accumulation

(18)

Inflation, Forms of Competition, and Monetary Regime

(7)

The Development of the Inflationary Process

(1)

Concentration and Forms of Competition

(2)

Monetary Regime and Financing of Accumulation

(4)

Price, Profit, and Investment: An Econometric Study

(4)

The Mechanisms of Price Formation: The Shift to Monopolistic Regulation

(2)

The Determinants of Capital Accumulation: Profits and Outlets

(2)

Wage-Profit Division and Profitability: The Long-Term Dynamic

(7)

Stability of the Share of Wages over the Long Term

(3)

The Long-Term Dynamic of the Rate of Profit

(4)

4. International Economic Relations and the Internal Dynamic

(26)

Long-Term Changes in the International Economy

(14)

The International Growth Regime and Its Transformations

(6)

Changes in International Regulation

(7)

Analysis of the Main Determinants of Competitiveness

(12)

Mastery of the Domestic Market

(2)

Exports, Devaluation, Regulation

(5)

Nonprice Competitiveness

(5)

PART II. STRUCTURAL CRISES: WHY AND HOW?

(154)

5. Origins of the Interwar Crisis

(23)

United States: Real Factors Often Underestimated

(11)

The Debate on Monetary Policy and Credit

(3)

From Financial Variables to Real Variables: Household Expenditures

(3)

Household Expenditure and Income: Long-Term Evolution

(4)

Germany: The Impossible Compromise

(5)

Premature Recession

(2)

Role of Economic Policy

100

(3)

France: A Dynamic Out of Step

103

(5)

The Role of Prices and World Trade

108

(2)

6. The Crisis of Intensive Accumulation

110

(22)

National Factors in the Accumulation Crisis

110

(15)

Declining Productivity

110

(6)

Wage-Profit Division and the Profitability of Capital: Growing Tensions in the Early 1970s

116

(4)

Relative Erosion of Growth Factors

120

(1)

Indebtedness, Assistance to Firms, and Inflation: Counter-Trends at Work

121

(4)

Internationalization and Crisis

125

(7)

The Questioning of American Hegemony and the Crisis of the International Monetary System

126

(1)

Internationalization and the Questioning of the Prior Logic of Growth

126

(2)

Effects of the Rise in Oil Prices

128

(4)

7. The 1930s: Fascism or Fordism?

132

(10)

Exchange Rate and the Response to External Constraint

133

(4)

Increased Government Intervention and Public Spending

137

(1)

Transformations of the Wage Relation

138

(4)

8. The 1970s: The End of Growth and the Persistence of Regulation Modes

142

(25)

The End of Growth

142

(8)

Freeze in Accumulation and Profitability Crisis

143

(4)

Absence of a Cumulative Decline

147

(3)

Sharp Disparities in Inflation

150

(5)

Sharp Contrasts in the Fixing of the Nominal Wage

152

(2)

Uneven Inflationary Consequences of the Slowdown in Labor Productivity

154

(1)

Defense of the Markup Rate and Inflation of Profit

154

(1)

Different Forms of Adaptation Through Exchange Rate and International Specialization

155

(12)

Greater External Constraint for the Least Specialized Countries

156

(2)

Rates of Exchange and External Constraint

158

(9)

9. From the 1970s to the 1980s: Contrasting Country Models

167

(33)

Experiments in Deregulation: The United States and the United Kingdom

170

(8)

The United States: In Search of a New Form of Growth

170

(6)

The United Kingdom: A Bifurcation Toward Deregulation and Continued Decline

176

(2)

The Case of the Social Market Economy and Social Democracy: An Orderly Regulation

178

(7)

West Germany: Slow Growth, Strong Mark, and Wage Compromises

178

(4)

Sweden, or Social Democracy Put to the Test

182

(2)

Social Liberalism a la Francaise

184

(1)

The Abandoning of French-Style Planning and the Decline of Colbertism

185

(1)

A More Inegalitarian Wage Relation Marked by the Search for External Flexibility

186

(1)

Monetary Orthodoxy and Financial Deregulation

187

(3)

Insufficient Industrial Competitiveness

190

(1)

Japan: Technological Revolution, Exports, and Foreign Investments

191

(9)

The Return to a Good Macroeconomic Configuration

191

(1)

The Successes of the Export Sector

192

(2)

The Stability of Regulation Procedures and Financial Deregulation

194

(2)

The Major Crisis of the 1990s

196

(1)

United States and Great Britian: Exploring a New Mode of Growth

197

(1)

Germany and Sweden: Social-Democratic Management of the Supply Crisis

198

(1)

France: The Unsuccessful Search for a New Model

199

(1)

Japan: New Challenges Following an Early End to the Crisis of the 1970s

199

(1)

10. The Accumulation Regime of the 2000s, An Open Choice

200

(41)

Transformation of the Wage Relation and Technological Changes

200

(7)

The Search for Greater Labor Flexibility

200

(4)

The Search for a New Organization and Changing Firm Strategy

204

(1)

The Emergence of a New Technical System

205

(1)

Two Diametrically Opposed Scenarios

206

(1)

Weakening or Restructuration of Public Interventions

207

(6)

The Yield and Legitimacy of the Tax Systems Partly Called into Question

207

(3)

The Rise in Public Debt Charges and the Fear of So-Called "Financial Crowding Out"

210

(1)

Restructuring of Public Expenditures and Privatizations: Changing Frontiers Between Private and Public?

211

(2)

Financial Changes and Transformations in Economic Cycles

213

(9)

Changes in the Financial Systems During the 1980s

213

(3)

The 1990-1993 Recessions: New Features

216

(6)

The Evolution of International Regulation

222

(6)

The Impossibility of Fixed Exchanges and the Drawbacks of Floating

222

(4)

International Regulation Through Debt

226

(2)

European Integration and the New Accumulation Regime

228

(7)

Single Market: The Perverse Effects of Increased Competition

228

(2)

The Prospects for Monetary Union and Its Contradictions

230

(3)

Scenarios for European Integration

233

(2)

The Impact of Changes in the Countries of Eastern Europe

235

(6)

The New Integration of the Eastern Countries into the World Economy

236

(1)

The Impact of German Reunification

237

(1)

The Impact of Changes in the Other East European Countries

238

(3)

Conclusion

241

(4)

References

245

(8)

About the Authors

253

(2)

Index

255

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When Economic Crises Endure

Summary

Table of Contents

Supplemental Materials