Professor of Economics and Director, Institute for Research on Labor and Employment University of California, Berkeley, USA

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1 Social Structure of Accumulation Theory Volume I Edited by Terrence McDonough Professor of Economics National University oflreland Galway, Ireland David M. Kotz Professor of Economics University of Massachusetts Amherst, USA and Distinguished Professor School of Economics, Shanghai University offinance and Economics, China and Michael Reich Professor of Economics and Director, Institute for Research on Labor and Employment University of California, Berkeley, USA THE INTERNATIONAL LIBRARY OF CRITICAL WRITINGS IN ECONOMICS An Elgar Research Collection Cheltenham, UK Northampton, MA, USA

2 Contents Acknow Icdgcments Introduction Terrence McDonough, David M. Kotz and Michael Reich xi xv PART 1 THE HISTORICAL DEVELOPMENT OFSSATHEORY 1. Terrence McDonough (2007), 'The Marxian Theory of Capitalist Stages', in Paul Zarembka (ed.), Transitions in Latin America and in Poland and Syria. Research in Political Economy, Volume 24, Amsterdam, The Netherlands: Elsevier Ltd, Michael Reich (1997), 'Social Structure ofaccumulation Theory: Retrospect and Prospect', Review ofradical Political Economics, 29 (3), September, Terrence McDonough (2008), 'Social Structures of Accumulation Theory: The State ofthe Art', Review of Radical Political Economics, 40 (2), Spring, PART II ORIGINS OF SSA THEORY 4. Michael Reich, David M. Gordon and Richard C. Edwards (1973), Dual Labor Markets: A Theory of Labor Market Segmentation', American Economic Review, 63 (2), May, David M. Gordon (1978), 'Up and Down the Long Roller Coaster', in Crisis Reader Editorial Collective (ed.), U.S. Capitalism in Crisis, New York, NY: Union for Radical Political Economics, David M. Gordon (1980), 'Stages of Accumulation and Long Economic Cycles', in Terence K. Hopkins and Immanuel Wallerstein (eds), Processes ofthe World-System, Chapter 1, Beverly Hills, CA: SAGE Publications, David M. Gordon, Richard Edwards and Michael Reich (1982), 'Long Swings and Stages of Capitalism,' in Segmented Work, Divided Workers: The Historical Transformation of Labor in the United States, Chapter 2, Cambridge, UK: Cambridge University Press, 18-47,245-8, references 135

3 vi Social Structure of Accumulation Theoryl PART III THEORETICAL AND EMPIRICAL DEVELOPMENTS IN SSA THEORY 8. David M. Kotz (1987), 'Long Waves and Social Structures of Accumulation: A Critique and Reinterpretation', Review ofradical Political Economics, 19 (4), Winter, Terrence McDonough (1990), 'The Resolution of Crisis in American Economic History: Social Structures of Accumulation and Stages of Capitalism', in Paul Zarembka (ed.), Research in Political Economy, Volume 12, Greenwich, CT: JAI Press, Inc., Victor D. Lippit (2005), 'Social Structures of Accumulation: The Theoretical Issues', in Capitalism, Chapter 2, London, UK and New York, NY: Routledge, 23 43, 167-9, references David M. Kotz (2003), 'Neoliberalism and the Social Structure of Accumulation Theory of Long-Run Capital Accumulation', Review of Radical Political Economics, 35 (3), Summer, Kent A. Klitgaard and Lisi Krall (2012), 'Ecological Economics, Degrowth, and Institutional Change', Ecological Economics, 84, F. Gregory Hayden (2011),'Integrating the Social Structure of Accumulation and Social Accounting Matrix with the Social Fabric Matrix', American Journal of Economics and Sociology, 70 (5), November, Jonathan P. Goldstein (1999), 'The Existence, Endogeneity, and Synchronization of Long Waves: Structural Time Series Model Estimates', Review of Radical Political Economics, 31 (4), December, Minqi Li, Feng Xiao and Andong Zhu (2007), 'Long Waves, Institutional Changes, and Historical Trends: A Study of the Long- Term Movement of the Profit Rate in the Capitalist World- Economy', Journal of World-Systems Research, XIII (1), PART IV RELATED SCHOOLS 16. David M. Kotz (1990),' A Comparative Analysis of the Theoiy of Regulation and the Social Structure of Accumulation Theory', Science and Society, 54 (1), Spring, Robert Went (2002), 'Capitalism and Stages of Accumulation', in The Enigma of Glohalization: A Journey to a New Stage of Capitalism, Chapter 5, London, UK and New York, NY: Routledge, 72-92, references 409

4 Social Structure of Accumulation Theory I vii 18. Phillip Anthony O'Hara (1994), 'An Institutionalist Review of Long Wave Theories: Schumpeterian Innovation, Modes of Regulation, and Social Structures of Accumulation', Journal of Economic Issues, XXVIII (2), June, Mark Setterfield (2011), 'Anticipations of the Crisis: On the Similarities between Post-Keynesian Economics and Regulation Theoiy', Revue de la regulation, 10, Autumn, revues.org, accessed on 12 June 2013, Richard Westra (2010), 'Periodizing Capitalism and the World Historie Transmutability of Capital', in Political Economy and Globalization, Chapter 3, London, UK: Routledge, 43-92, , references 461 PART V CRITIQUES OF THE SSA FRAMEWORK 21. Bruce Norton (1988), 'The Power Axis: Bowles, Gordon, and Weisskopf's Theory of Postwar U.S. Accumulation', Rethinking Marxism: A Journal of Economics, Culture and Society, 1 (3), Fall, Ismael Hossein-zadeh and Anthony Gabb (2000), 'Making Sense of the Current Expansion of the U.S. Economy: A Long Wave Approach and a Critique', Review of Radical Political Economics, 32 (3), September, Stavros D. Mavroudeas (2012), 'The Social Structures of Accumulation Approach', in Ben Fine, Allfedo Saad-Filho and Marco Boffo (eds), The Elgar Companion to Marxist Economics, Chapter 50, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, PART VI SSA MACROMODELING A The Original Work of Bowles, Gordon and Weisskopf 24. Samuel Bowles, David M. Gordon and Thomas E. Weisskopf (1983), 'The Rise and Demise of the Postwar Corporate System', in Beyond the Waste Land: A Democratic Alternative to Economic Decline, Chapter 4, Garden City, NY: Anchor Press/Doubleday, 62-97, Thomas E. Weisskopf, Samuel Bowles and David M. Gordon (1983), 'Hearts and Minds: A Social Model of U.S. Productivity Growth', Brookings Papers on Economic Activity, 2, Samuel Bowles, David M. Gordon and Thomas E. Weisskopf (1986), 'Power and Profits: The Social Structure of Accumulation and the Prohtability of the Postwar U.S. Economy', Review of Radical Political Economics, 18 (1&2),

5 viii Social Structure of Accumulation Theoryl 27. Samuel Bewies, David M. Gordon and Thomas E. Weisskopf (1989), 'Business Ascendancy and Economic Impasse: A Structural Retrospective on Conservative Economics, ', Journal of Economic Perspectives, 3 (1), Winter, David M. Gordon, Thomas E. Weisskopf and Samuel Bowles ([1994] 1998), 'Power, Profits and Investment: An Institutionalist Explanation of the Stagnation of U.S. Net Investment after the Mid- 1960s', in David M. Gordon, Economics and Social Justice: Essays on Power, Labor and Institutional Change, edited by Samuel Bowles and Thomas E. Weisskopf, Chapter 10, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, David M. Gordon, Thomas E. Weisskopf and Samuel Bowles (1983), 'Long Swings and the Nonreproductive Cycle', American Economic Review Papers and Proceedings, 73 (2), May, B Later Work by David Gordon 30. David M. Gordon (1994), 'Putting Heterodox Macro to the Test: Comparing Post-Keynesian, Marxian, and Social Structuralist Macroeconomic Models of the Post-War US Economy', in Mark Glick (ed.), Competition, Technology and Money: Classical and Post-Keynesian Perspectives, Chapter 8, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, David M. Gordon (1997), 'From the Drive System to the Capital- Labor Accord: Econometric Tests for the Transition between Productivity Regimes', Industrial Relations, 36 (2), April, C Extensions to this Macromodeling Tradition 32. Edwin Melendez (1990), 'Accumulation and Crisis in a Small and Open Economy: The Postwar Social Structure of Accumulation in Puerto Rico', Review of Radical Political Economics, 22 (2-3), Dimitrios M. Mihail (1993), 'Modelling Profits and Industrial Investment in Postwar Greece', International Review of Applied Economics, 7 (3), Seongjin Jeong (1997), 'The Social Structure of Accumulation in South Korea: Upgrading or Crumbling?', Review of Radical Political Economics, 29 (4), December, Eric A. Nilsson (1996), 'The Breakdown of the U.S. Postwar System of Labor Relations: An Econometric Study', Review of Radical Political Economics, 28 (1),

6 Social Structure of Accumulation Theory I ix 36. Michael Reich (2013), 'The Rising Strength of Management, High Unemployment, and Slow Growth: Revisiting Okun's Law', in Jeannette Wicks-Lim and Robert Pollin (eds), Capitalism on Trial: Explorations in the Tradition of Thomas E. Weisskopf, Chapter 11, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing,