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Long Waves and Accumulation Regimes

In: Multi-Polar Capitalism

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  • Robert Guttmann

    (Hofstra University
    Université Sorbonne Paris Nord)

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.

Suggested Citation

  • Robert Guttmann, 2022. "Long Waves and Accumulation Regimes," Springer Books, in: Multi-Polar Capitalism, chapter 0, pages 35-72, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-88247-1_2
    DOI: 10.1007/978-3-030-88247-1_2
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