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 the capital–labour relation. Both regimes promoted profit-making and capital accumulation. The term ‘regulated capitalism’ indicates the major role of non-market institutions—state administration, unions, corporate bureaucracies—in managing economic activity. The label ‘neoliberal capitalism’ denotes the far greater role of market forces and market relations in the regulation of economic life.