IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-01345508.html

The heterodox notion of structural crisis

Author

Listed:
  • Robert Guttmann

    (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique)

Abstract

Long waves of economic activity, also known as ‘Kondratiev cycles,' have been known to exist for nearly a century without having ever been given a proper theoretical context. In this paper we try to identify various contributions to shed light on this phenomenon, notably Schumpeter's notion of technological bursts and Minsky's notion of a super-cycle where ‘stability breeds instability' to the point of systemic crisis. A more comprehensive and methodologically innovative approach to the periodization of capitalism is the French Régulation School. This heterodox approach has reframed the story of long waves in terms of period-specific ‘accumulation regimes' and ‘modes of (self-)regulation.' Here systemic crises, like the ones we experienced in 1873–1879, 1929–1939, 1973–1982 or 2007–2011, play the role of regime-transforming adjustments in the institutional make-up of the wage relation, forms of competition, state intervention, and money and banking, as well as international context. We apply the Regulationist approach to finance-led capitalism, the latest long-wave accumulation regime emerging around 1982 to find itself confronted with its own systemic crisis starting in 2007. How will that crisis, one of the most profound structural crises to date, change our economic system?

Suggested Citation

  • Robert Guttmann, 2015. "The heterodox notion of structural crisis," Post-Print hal-01345508, HAL.
    • Handle: RePEc:hal:journl:hal-01345508
    DOI: 10.4337/roke.2015.02.04
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a
    for a similarly titled item that would be available.

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Hein, Eckhard & Dodig, Nina & Budyldina, Natalia, 2014. "Financial, economic and social systems: French Regulation School, Social Structures of Accumulation and Post-Keynesian approaches compared," IPE Working Papers 34/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    2. Mark Setterfield & Joana David Avritzer, 2020. "Hysteresis in the normal rate of capacity utilization: A behavioral explanation," Metroeconomica, Wiley Blackwell, vol. 71(4), pages 898-919, November.
    3. Charis Vlados, 2020. "The Dynamics of the Current Global Restructuring and Contemporary Framework of the US–China Trade War," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 12(1), pages 4-23, January.
    4. Iancu, Aurel, 2014. "Financial Instability, Cycles and the Role of Institutions," Working Papers of National Institute for Economic Research 141007, Institutul National de Cercetari Economice (INCE).

    More about this item

    Keywords

    ;
    ;
    ;

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G2 - Financial Economics - - Financial Institutions and Services

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-01345508. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.