Geriatric Capitalism

Stagnation and Crisis in Western Capitalism

Datos Bibliográficos

ID23596358
AutoresMatt Vidal (0000-0001-7189-7482, Loughborough University, autor de correspondencia)
Año2018
Páginas581-606
Fecha de publicación2018-12-11
Peer ReviewedSí
Open AccessNo
TipoCHAPTER
RevistaThe Oxford Handbook of Karl Marx (SOURCE_BOOK)
EditorialOxford University Press (PUBLISHER • GB)
DOI10.1093/oxfordhb/9780190695545.013.34
OpenAlexW4245108303
ISBN9780190695545
IdiomaEN
Citas recibidas2
Referencias citadas22

This entry presents a variegated capitalism analysis of Atlantic capitalism. We trace the development of the national accumulation regimes in the United Kingdom, United States, and Germany from the nineteenth century to the present. Following the Great Depression and World War II, policymakers, reformers, and business leaders explicitly crafteda framework for regulating North American and Western European capitalism . The national Fordist accumulation regimes embedded in thisinternational framework offset the stagnationist and crisis tendencies of capitalism for around two decades, seeing high profits and strong, wage-led growth. The crisis of Fordism that lasted through the 1970s—declining profits and stagnation—marked the transition to what we refer to as the geriatric stage of post-Fordist Atlantic capitalism. In response to the crisis, capital and the state engaged in widespread restructuring. The post-Fordist regime of internationalized competition and finance generated a return to destructive, wage-based competition. The core-periphery nature of the enlarged, neoliberalized European Union and the precarious dependence of the United States on China have exacerbated global political economic instability. The post-Fordist stage is characterized by slow growth, economic instability, and increasingly damaging economic crises; wage stagnation, rising inequality, and labor market precarity; and political polarization.

Capitalism · Economic policy · Economic stagnation · Economics · European union · Financial crisis · Fordism · Keynesian economics · Market economy · Political economy · Political science · Politics · Restructuring · Housing, Finance, and Neoliberalism