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An accumulation regime fosters capital accumulation through three channels: it enables a high profit rate, fosters the growth of total demand and creates conditions of stability and predictability for future-oriented investment. A structural crisis begins when the institutions of the regime no long…

the long-discredited Say’s Law that supply creates its own demand—that is, weak total demand is never a constraint on economic growth

The shift that began around 1979 was not just a change in economic policies—it was a regime change in capitalism. Both forms of capitalism, regulated and neoliberal, had a relatively coherent institutional structure, supported by a distinctive world outlook and associated with a particular form of …