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The Current Crisis of US Neoliberal Capitalism and Prospects for a New “Social Structure of Accumulationâ€

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  • David Jaffee

Abstract

Wage squeeze/profit squeeze crisis theories provide a powerful framework for the historical analysis of US capitalist crises and the alternating demand-side and supply-side social structures of accumulation (SSA). However, the current neoliberal SSA would seem to defy the logic of this model in its persistence in the face of a deep financial crisis and a failure to realize its espoused objectives. This paper reviews this theoretical model of economic crises, its relationship to and viability alongside the rise and establishment of neoliberalism, and some of the political and economic obstacles that would seem to prevent the construction of a new SSA that would address and correct the glaring deficiencies of neoliberal political economy. JEL Classification: P16, G01

Suggested Citation

  • David Jaffee, 2019. "The Current Crisis of US Neoliberal Capitalism and Prospects for a New “Social Structure of Accumulationâ€," Review of Radical Political Economics, Union for Radical Political Economics, vol. 51(2), pages 193-210, June.
    • Handle: RePEc:sae:reorpe:v:51:y:2019:i:2:p:193-210
    DOI: 10.1177/0486613417736890
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    References listed on IDEAS

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    Keywords

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    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • G01 - Financial Economics - - General - - - Financial Crises

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