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Postfordism as a dysfunctional accumulation regime: a comparative analysis of the USA, the UK and Germany

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  • Matt Vidal

Abstract

The article seeks to reanimate the early regulation theory project of building Marxist political economy through the development of mid-range institutional theory. The concept of a mode of regulation – central to the Parisian wing of regulation theory – is rejected in favour of a distinction between functional and dysfunctional accumulation regimes. The Fordist regime of accumulation provided a unique institutional context allowing an extraordinary combination of high profits, rising real wages and strong GDP growth. In contrast, the postfordist regime is shown to be inherently dysfunctional, characterized by manifest tendencies toward stagnation and associated regressive trends in work and employment relations. A comparative analysis of profit rates, wage shares, growth rates and debt in the USA, UK and Germany shows that the single model of postfordism as a dysfunctional accumulation regime fits all three countries, although with important differences in forms of dysfunctionality.

Suggested Citation

  • Matt Vidal, 2013. "Postfordism as a dysfunctional accumulation regime: a comparative analysis of the USA, the UK and Germany," Work, Employment & Society, British Sociological Association, vol. 27(3), pages 451-471, June.
    • Handle: RePEc:sae:woemps:v:27:y:2013:i:3:p:451-471
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    Cited by:

    1. Thomas Goda & Özlem Onaran & Engelbert Stockhammer, 2017. "Income Inequality and Wealth Concentration in the Recent Crisis," Development and Change, International Institute of Social Studies, vol. 48(1), pages 3-27, January.
    2. Veldman, Jeroen, 2018. "Inequality, Inc," MPRA Paper 86644, University Library of Munich, Germany.
    3. Veldman, Jeroen, 2019. "Inequality, Inc," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 63(C).
    4. Thomas Goda, 2018. "The global concentration of wealth [Persistence of power, elites, and institutions]," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 42(1), pages 95-115.

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