Journal Article

Crisis and renewal: the outlines of a twenty-first century new deal<sup>†</sup>

Fred Block

in Socio-Economic Review

Published on behalf of Society for the Advancement of Socio-Economics

Volume 9, issue 1, pages 31-57
Published in print January 2011 | ISSN: 1475-1461
Published online August 2010 | e-ISSN: 1475-147X | DOI: http://dx.doi.org/10.1093/ser/mwq017
Crisis and renewal: the outlines of a twenty-first century new deal†

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Most analyses of the US financial crisis of 2007–2009 focus on the proximate causes. This article sees the crisis as a consequence of the decline of a long-term pattern of accumulation in the USA and seeks to outline the requirements for a new period of dynamic economic growth. Drawing on work done by the French Regulation theorists and the US analysts of Social Structures of Accumulation, the paper attempts to describe the types of institutional changes that would be needed to spark a new period of stable economic growth in the USA and in the rest of the world economy. The paper outlines what a green mass consumption economy might involve.

Keywords: capitalism; crises; economic change; economic reform; institutional change; USA; P1 capitalist systems; G01 financial crisis

Journal Article.  10162 words.  Illustrated.

Subjects: Moral Philosophy ; Corporate Social Responsibility ; Welfare Economics ; Political Economy ; Economic Sociology

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