The Rise and Crisis of Fordism and the Imperial Mode of Living - PowerPoint Presentation

1. The Rise and Crisis of Fordism and the Imperial Mode of Living Bob JessopLancaster UniversityHistoricizing the Imperial Mode of Living,Amsterdam, 3-4 September, 2001

2. OutlineFoundational Contradictions of the Capital RelationAccumulation regimes, modes of regulationInstitutional fixes and spatio-temporal fixesAtlantic Fordism and its CrisisThe Knowledge-Based EconomyFinance-Led AccumulationBeyond current crises to ....?Self-Criticism by Way of Conclusion

3. Class and social reproductionDialectics of resistance and absorptionUniversalization of globalization – neoliberalismWorld market as presupposition and positIndustrial animal farming and material costsPrivatization of agricultural research (patents, biotech); international food security regime

4. Fordism and the IMoLSince Fordism, the exploitation of workers in global North has been alleviated by that of workers in global South.The reproduction of the northern working class has benefitted not only from the institutionalized class compromises of class struggle in the global North itself but also from the possibility of accessing nature and labour-power on a global scale and externalizing the socio-ecological costs of resource- and energy intensive patterns of production and consumption – a possibility that has been safeguarded by an imperialist world order (xx)

5. Fordism and IMoLThe integration of workers in the global North into the imperial mode of living has always been a subaltern relationship. The equalizing effects of the imperial mode of living has always been superseded by its hierarchizing effects. And, more recently, the latter have been moving into the foreground (IMoL: xx-xi)Environmental and economic crises and declining working conditions even in core sectors of global North indicate that promises of IMoL are becoming less achievable, not only in global South but also for more workers in global North (xxi)Solution is working class environmentalism that focuses on use-values and social reproduction (xxi).

6. IMoLDepends on exploitation of humans and nature in global North based on externalization (urban-rural), hierarchization of conspicuous consumption, and contradictions (xxii)Also affects global South (sub-imperial relations), upper and middle classes adopt northern consumption norms, increased labour exploitation, and land-grabbing (xxii)Growth of global domination in ecological unequal exchange based on appropriation of ecological time and space (Hornberg 2010) (xxiii)

7. IMoL SummarizedIn sum, the IMoL intends to better understand a global constellation of power and domination that is reproduced – through innumerable strategies, practices and intended consequences – at all spatial scales: from bodies, minds and everyday actions, through regions and nationally organized societies, to the largely invisible and consciously concealed structures that enable global interactions. That mode also reproduces largely destructive society-nature relations, which imply enormous transfers of biophysical material. This happens within regions and countries but also at a global scale – and it is represented by relationships of domination which it simultaneously reproduces (xxiii-xxiv)

8. IMoL aims1. How is its normality produced by masking the destruction in which it is rooted?2. How and why this sense of normality is produced in period of multiple crises?3. How contemporary crises and conflicts express the contradictions at heart of IMoL and how centres of capitalism try to stabilize their mode of living through isolation and exclusion4. Demands for alternative must be more radical than green economy or new social contract by linking multiple struggles in solidary economy based on real democracy.

9. IMoLIMoL based on exclusivity: depends on outside on which to impose its costs. Scope for this shrinking (7)IMoL is both a structural constraint and an extension of scope of action (10)IMoL establishes itself in discourses and world views, it cements itself in practices and institutions, and it is the result of social conflicts in civil society and the state (42)IMoL shapes subjects and their common sense, normalizes it and enables their capacity to act; also contested (42)Habitus links everyday life to structures – transfer of value and materials from outside plus dispossessions (47-48)

10. Dimensions of the IMoLValorization, accumulation, reproduction via competition on global scale – centres, colonies, outside (49)Hegemony and subjectivation based on coherence of norms of production and consumption and ability to externalize socio-economic-environmental costs (54): no master plan but result of conflicts within ruling class and subalterns (55). Becomes part of individual identity and aspirations (56-57)Hierarchization: better life for some depends on subversion of living conditions for others in other places (59-60)Externalization: advantageous access to labour power, care work, resources and sinks elsewhere (62-64)

11. Use-value of IMoL1. Links exploitation and domination and everyday life2. Reveals imperial domination and hierarchy3. High durability of domination despite crises4. Reveals extent of current crisis-management5. Highlights neo-imperial resource management, new forms of extractivism, externalization of crisis responses6. Exposes scope for absorbing crisis answers (e.g. greening)7. Contains aspects of struggle and change8. Identifies conditions and entry points for transformation9. Provides starting point for ecological projects (64-68)

12. Periodization of IMoLIMoL a compromise between the interests of those in power and the demands and desires of their subalterns, partially externalizing both many important prerequisites for producing their living conditions and the negative consequences of these conditions (70)Periods: Early capitalism and colonization to end of 18CLiberal capitalism and advancing colonization until 19C and 20C imperialism based on coal and steam powerInterwar transition, then Fordism 1950s-70s under Pax AmericanaNeoliberal capitalist globalization and its crisis (71, 80)These periods are multiply overdetermined rather than purely economically determined (72-3)

13. Some Foundational ContradictionsBasic FormValue AspectMaterial Aspect Commodity Exchange-value Use-valueLabour-powera) abstract labour as substitutable factor of production b) sole source of surplus valuea) generic and concrete skills, different forms of knowledgeb) source of craft prideWagemonetary cost of productionmeans of securing supply of useful labour for given time source of effective demandmeans to satisfy wants in a cash-based societyMoneya) interest bearing capital, private creditb) international currencyc) ultimate expression of capital in generala) measure of value, store of value, means of exchangeb) national money, legal tenderc) general form of power in the wider societyDerivativesPure value in motionArbitrageHedging

14. Value AspectMaterial AspectProductive Capitala) Abstract value in motion as necessary moment in the self-expansion of capitalb) source of profits of enterprisea) stock of specific assets to be valorized in specific time and place under specific conditionsb) concrete entrepreneurial and managerial skillsLanda) 'Free gift of nature' that is [currently] unalienable b) Alienated and alienable property, source of rentsa) Freely available and uncultivated resourcesb) Transformed natural resourcesKnowledgea) Intellectual Propertyb) Monetized Riska) Intellectual Commonsb) UncertaintyStateIdeal Collective CapitalistFactor of Social CohesionTaxationDeduction from private revenue or wealthFund for public goodsState BondInterest-bearing (fictitious) capitalMeans of reproducing state and its activities

15. Some Foundational ContradictionsFormValue AspectMaterial AspectCommodityExchange-valueUse-valueLabour-powerAbstract labourConcrete skillsWageCost of productionSource of demandMoneyInterest-bearing capitalInternational currencyMeasure of valueNational moneyProductive capitalAbstract value in motionStock of specific assetsKnowledgeIntellectual propertyIntellectual commons“Nature”Absolute + differential rentSpaceship earthState“Ideal collective capitalist”Factor of social cohesion

16. Significance of contradictionsThese (and other) contradictions are incompressible but vary in importance in distinct stages and “varieties” of capitalism, posing different sets of régulation and governance problemsContradictions  dilemmas (does State treat wages, including. social wage, mainly as source of demand – Keynesian welfare; as cost of [international] production – neoliberal retrenchment; or both, e.g. flexicurity?). Scope here for actor-centred institutional approachHandling of these contradictions shapes subsequent crises (e.g., Keynesian welfare national state is weakened as wage qua cost, money qua currency, become weightier, limiting crisis-management capacities, damaging social compromise)This does not determine subsequent spatio-temporal fix(es), which depend on path-shaping initiatives and new accumulation challenges at different scales

17. Abstract potentials, concrete causesEven before studying capitalist production relations, Marx showed a theory of money and credit was an essential foundation for developing a theoretical account of crisisAccumulation and crisis dynamics rest on interaction:abstract forms of crisis (abstract potential of crisis) in commodity circulation (esp of capitalist commodities) and the basic crisis-tendencies of capitalist production (which may be expressed concretely in various ways)While profit fluctuations are critical to monetary crises that are directly rooted in industrial and commercial crisis, some monetary crises have own causes and affect wider economy through contagion and feedback effects

18. Accumulation Regimes, Modes of RegulationPetit (1999) suggests one of the RA’s five structural forms will predominate in each period and shape its institutional dynamics: wage relation dominated Fordism, then came competition (broadly conceived). This provides a general grid to define broad features of a post Fordist regime.There is no sound reason to assume only one structural form will dominate and it is unclear what dominance means; I build on Petit’s insights and combine them with Althusser’s ideas on the materialist dialectic (Althusser 1977). I propose that accumulation regimes and their modes of regulation can be distinguished in terms of, inter alia, the principal contradictions and their primary and secondary aspects when they are en régulation and, later, in crisis

19. Regulation-Theoretical ConceptsAccumulation regime : a complementary pattern of production and consumption that is reproducible over a long period; Mode of regulation: emergent ensemble of norms, institutions, organizational forms, social networks, and patterns of conduct that can temporarily stabilize an accumulation regime despite conflictual and antagonistic nature of capitalist social relationsWage relation: labour markets, individual and social wages, lifestylesEnterprise form: internal organization, source of profits, forms of competition, ties among enterprises and/or banksState: institutionalized compromise between capital and labour, forms of state interventionMoney: form and emission, banking and credit systems, allocation of capital to production, national currencies and world monies, and monetary regimesInternational regimes: trade, investment, monetary, and political arrangements that link national economies, nation states, and world system

20. Elaborating the ConceptsBasic Structural Formsconstructed-reproduced through semiosis and institutionalizationforms can be analysed as relations of dominationforms problematize functionsInstitutionsensembles of social practices that are regularly and continuously repeated, that are linked to defined roles and social relations, that are sanctioned and maintained by social norms, and that instantiate basic structural forms, thereby having a key role in social formationInstitutional instantiationspecific organizations, routinized practices, etc.

21. Entry Points and StandpointsCrises cannot be understood in all their complexity in real time (if ever)To be able to act, we must reduce complexity: this occurs through different entry points, which are hard to join up, and from different standpoints, often conflictingEntry points include: – ecological, technological, financial, productive, legal, fiscal, political, educational, governmental, religious, ethical, …Standpoints include: – technology vs social relations, capital vs labour, productive vs parasitic, north-south, gender, growth-no-growth, global-local, …

22. Historical Institutionalism or Form Analysis?Historical institutionalism allows distinctions among forms or stages of capitalism and facilitates historical-comparative studies of capitalist societiesInstitutional complementarities and micro-foundations can explain relative stability of specific VoCs (up to a point)Institutionalism can’t explain generic features of capitalism, ignores roots of crisis in basic contradictions of capital relation  instability of any institutional, spatio-temporal fixMid-range analyses also ignore generic constraints rooted in self-organizing dynamic and contingent dominance of profit-oriented, market-mediated principle of societal organization (Vergesellschaftung)

23. Analysing Growth RegimesRegimes have different patterns of economic forms: each form can be a principal or secondary site of institutional and spatio-temporal fixes; primary and secondary aspects change between regime en régulation and crisisAtlantic Fordist tables show (a) how Atlantic Fordism en régulation was organized; (b) how typical configuration was disorganized as primary and secondary aspects were reversed, creating crisis in Atlantic Fordist growth regimeIt does not follow that crisis of Fordism (or other regime) can be resolved by refocusing regulation on previously secondary aspects of contradictions; as Petit notes, new regimes more likely to be linked to primacy of other forms/contradictions

24. Institutional FixesInstitutional fix: complementary set of institutions that, via institutional design, imitation, imposition, or chance evolution , offers provisional, partial, and relatively stable solution to co-ordination problems involved in economic, political, or social order (e.g., an accumulation regime)Historical institutionalism often proposed as suitable for analysing genesis of institutional fixes and their effectsIn strategic-relational terms, institutions have specific biases, favouring some actors, alliances, identities, interests, projects, spatio-temporal horizons, etc

25. Spatio-Temporal Fixes …… set spatial and temporal boundaries within which the always relative, partial, and provisional structural coherence (and, so, institutional complementarities) of given regime are secured; … externalize material and social costs of securing such coherence beyond spatial, temporal, and social boundaries of fix by displacing them elsewhere and/or deferring them. Even within these boundaries, we find that some classes, class fractions, social categories, or other social forces located within these spatio-temporal boundaries are marginalized, excluded, or subject to coercion.

26. Organizing Spatio-Temporal FixesHierarchization: some contradictions “more important”Prioritization: priority to one aspect of a contradiction or dilemma over the other aspectSpatialization: rely on different scales and sites of action to address one contradiction or aspect and/or displace problems linked to neglected aspect to marginal or liminal territories, spaces, places, scalesTemporalization: alternate between treatment of different aspects or focus one-sidedly on a subset of contradictions, dilemmas, or aspects until it becomes urgent to address what had hitherto been neglected

27. TERRITORYPLACESCALENETWORKSTERRITORYActually existing frontiers, borders, boundariesIntegrating places into a territory, managing uneven developmentMulti-level governmentInter-state system, state alliances, multi-area governmentPLACECore-Periphery relations, borderlands, empiresLocales, milieux, cities, sites, regions, localities, globalitiesGlocalization, glurbanizationLocal/urban governance, partnerships SCALEScalar division of political power (unitary state, federal state, &c)Local global areal (spatial) division of labourNested ortangled scalar hierarchies Transversal parallel power networks, non-governmental international regimesNETWORKSCross-border region, virtual regions (BRICS, Four Motors, etc) Global city networks, poly-nucleated cities, intermeshed sites Networks of differently scaled places Networks of networks, space of flows

28. Success or FailureA relative success?RA not alone in finding it hard to dislodge standard economicsclear evidence of progressive development of Parisian paradigmcatalytic impact in reorienting social and economic analysis in the social sciences – even if in unintended waysregulationist ways of thinking have become normalized part of thinking in social sciences – hence less often cited Or a double failure?mainstream economists not convinced to stop regarding extra-economic phenomena as irrelevant, marginal, exogenous, ceteris paribus issuesmainstream social scientists not persuaded to abandon attempt to explain capital accumulation without serious and systematic reference to economic as well as extra-economic mechanisms.

29. Return to the sources?Re-reading Kapital, Theorien der Mehrwert (e.g., Volume 3, chapter 17), etcRe-reading Marxian and critical work on world market, imperialism, and forms of internationalizationRe-reading Gramsci and neo-Gramscian theory Updating analyses in light of recent changes in bases of accumulation, forms of competition, etc.

30. Atlantic Fordist STFBasic FormPrimaryAspectSecondaryAspectKey institutional fixesSpatio-temporal fixWagerelationDemandCostKeynesian state + rising productivityCreation of National EconomiesMoneyNational MoneyInternational currencyKeynesianism + Bretton Woods & role of USDManaging International RelationsStateSocial CohesionEconomic InterventionWelfare state + spatial planningNational state and local spaceCapitalProductive capital as stock of assets for valorizationMoney as most abstract expression of capital Reinvested Fordist profits + financing of consumptionCircuits of Atlantic FordismNatureResourcesSinkImperial subordinationCentre-(semi-) periphery nexus

31. Atlantic Fordist CrisisBasic FormPrimaryAspectSecondaryAspectKey Institutional CrisisSpatio-temporal fixWage relationCostDemandInternationalization  changes role of (social) wageCrisis of national crisis managementMoneyInternational currencyNational MoneyBreakdown of Bretton Woods, change in USD Crisis in international regimesStateSocial exclusion, new social movements Increasing economic interventionFiscal, rationality, legitimacy, and hegemonic crises Declining power of national statesCapitalMoney as most abstract expression of capitalCapital as stock of fixed assets valorized in given time-placeDisruption of Fordist circuitsAtlantic FordismNatureEnvironmental crisis (sink)ResourceImperial resistanceImperial crisis

32. ExplanationPrincipal structural forms are wage relation and money, others are complementary when Fordism is stablePrimary aspect of wage in Fordism en régulation was as source of demand, primary aspect of money was nationalSecondary aspect of wage handled via Fordist productivity increases, secondary aspect of money via BW institutionsSpatio-temporal fix depended on embedding of Fordism in national and international orderSociety-nature relations focused on access to resourcesCrisis emerges when internationalization and other spatio-temporal changes reverse primary & secondary aspects of contradictions, undermining dominant institutional fixes

33. Knowledge-Based EconomyBasic FormPrimaryAspectSecondaryAspectKey Institutional FixSpatio-temporal fixCapitalValorization of knowledge- and design-intensive capitalCapital as intellectual propertyCompetition state plus IPR regimes (with risk of creating anti-commons)Knowledge-intensive clusters, cities, regionsCompet-itionInnovation-led, Schumpeterian competition“Race to bottom” and fall-out from creative destructionIncreased role of global trade regimes, IP regimes, network economyNeo-mercantilism at different scales as basis for global expansion(Social) Wage RelationProduction cost (even for mental labour)Source of demandFlexicurity for full employability, aiding demand and global competitivenessControlled forms of labour mobility, globalized spatial division of labourStateCompetition state oriented to innovation-led growth‘Third Way’ as a flanking and supporting mechanismSchumpeterian Workfare Post-National RegimeMulti-scalar meta-governance (e.g., open method of coordination)NatureInnovation in resource access and value cyclesInnovation in sink capacitiesHierarchy of green bio-economy Global South as resources + sink

34. Finance-Dominated AccumulationBasic FormPrimaryAspectSecondaryAspectKey Institutional FixSpatio-temporal fixCapitalFast, hyper-mobile money (+ derivatives) as general formValorization of capital as fixed asset in specific time-placeDe-regulation of financial markets, state targets price stability, not jobsFree trade without national or regional state controls(Social) Wage RelationPrivate wage plus credit as demand sourceSocial wage as (international) cost of productionNumerical flexibility; time flexibility; new forms of creditWar for talents plus race to bottom for most workers and “squeezed middle”StateNeo-liberal policy measures and Ordoliberal constitutionFlanking measures plus disciplinary measures Free market plus “strong state” (authoritarian statism)Endorses intensified uneven development at many sites + scalesInternat-ional regimeCreate space of flows for all forms of capitalCompensate uneven development, adapt to rising economic powersWashington Consensus regimesCentre-periphery relations tied to US hegemony and its relaysNatureNeo-extractivism, greater trade and unequal eco-costsExpansion of industrial agricultureCarbon pricing and trading; ecological modernization Global carbon market; green grabbing

35. Finance-Dominated Accumulation in CrisisBasic FormPrimaryAspectSecondaryAspectKey InstitutionalFixSpatio-temporalfixCapitalRising antagonism between “Main Street” and “Wall Street” (City, etc)Epic recession based on debt-default-deflation dynamicsDe-regulation  crisis of TBTF predatory finance + contagion effectProtectionism in core economies, growing resistance to free trade in periphery(Social) WageCredit crunch puts private Keynesian-ism into reverseAusterity reinforces D4 and leads to double dip recessionGrowing reserve army of surplus, precarious labourGlobal crisis and Internal devaluation -> reproduction crisisStatePolitical capitalism undermines OrdoliberalismAusterity policies meet resistance, harsher discipline Crises in political markets reinforce “post-democracy”Cannot halt uneven development at many sites + scalesGlobal RegimeUnregulated space of flows intensifies “triple crisis”Multilateral, multi-scalar imbalances and race to bottomCrisis + rejection of (post-)Washington ConsensusCrisis of US hegemony, BRICs in crisis and disarrayNatureLost biodiversity; crisis of unequal exchange; end of cheap natureExistential insecurity in global South and lack of resourcesNew forms of imperialismNew forms of multi-lateral partnerships

36. ExplanationTables show two alternative post-Fordist growth scenarios, with their corresponding principal structural forms and respective complementary forms, if they are to be en régulationTwo principal forms in KBE are capital and competition, in finance-dominated accumulation, they are money andWhile KBE seeks to valorize knowledge, emphasis on IPR should be secondary; competition Spatio-temporal fixes depend on embedding of KBE in multi-scalar knowledge society, on embedding of finance-dominated accumulation in Ordoliberal frameworkBoth growth regimes likely to be less stable in practice than Atlantic Fordism because they co-exist and it is correspondingly harder to secure their respective forms of embedding

37. First GenerationSecond GenerationThird GenerationACCUMULATION REGIMESHistory of accumulate-ion regimes in FranceThe novelty of intensive accumulationFordism in the USA and FranceStylized facts about Fordism and its crisis Fordist reproduction schemasMacro- and sectoral econometric modelsVarieties of Fordism and crisis tendenciesAlternatives to classic Fordism (small open economies, Japan, state socialism, Latin America, East Asia)Challenges to Fordist growth dynamicsAlternative post-Fordist scenarios Towards a finance-led accumulation regime? Why are transitions so difficult?Critique of a possibly resurgent US modelGlobalization and the rescaling of regimes (especially in EU)

38. First GenerationSecond GenerationThird GenerationWAGE RELATIONLabour power is a fictitious commodity Liberal competitive vs Fordist wage relationRole of Institutionalized compromiseVarieties of capitalism Crisis of Fordism and defensive versus offensive flexibilityWelfare states & social security systems Post-Fordist scenariosInternational competit-ion and wage relation Training systems and educationCrisis in welfare stateSource: Simplified and extended version of tables in Boyer and Saillard (2002c)

39. First GenerationSecond GenerationThird GenerationINTERNATIONAL REGIMESInternational regimes as expression of interests of hegemonic power Diffusion of Atlantic Fordism from USARefusal to treat ‘Third World’ as the periphery of advanced capitalism Crisis of international postwar settlement & erosion of American hegemonyUneven development as motor of growthNew international division of labourScope for global governance without a hegemonGlobalization and destabilzation of national regimesRegional integration and regional blocsNew sources of disequilibrium (ecology, N-S divide)

40. First GenerationSecond GenerationThird GenerationMONEYMoney is a fictitious commodityEsoteric dynamic of capitalism rooted in value relationsRole of credit money in Fordist accumulationStagflation and crisis of Fordism regimeForms of moneyCrises in monetary regimesMonetary policy as an expression of creditor-debtor relationsShifts in monetary regime & transition in accumulation regimesFinancialization and primacy of hyper-mobile finance capitalFinancial arbitrage Neo-liberal austerity and re-assertion of monetary constraint Monetary regime and types of wage relation

41. First GenerationSecond GenerationThird GenerationENTERPRISE FORM AND COMPETITIONLiberal competition vs monopoly competition Liberal market prices vs cost-plus (administered) pricesNational frameworks of enterprise forms and competitionTypes of competition in sectoral and national regimes (esp. Japan) Productive systems and their preconditions Social systems of innovationComplexities of market, hybrid governance forms Internationalization and product differentiationInter-company and local relations in innovationAccumulation regimes not governed by competitivenessCorporate governance

42. First GenerationSecond GenerationThird GenerationSTATEPublic spending and institutionalized com- promiseLimited state versus embedded stateState as guarantor of wage-labour nexusAccumulation regimes shape nature & limits of economic policy Types of institutional- ized compromise and national modelsRelative autonomy of political and limits of state interventionEconomic order of political regimesNational styles of eco- nomic policyERIC model (Delorme)Towards a regulationist theory: the coupling of economic and political logicsTaxonomy of state- economy relations and types of welfare stateFisco-financial regimesPath-dependency and diversity of economic policy regimes

43. CAPITALISMRational CapitalismPolitical CapitalismTraditional commercial capitalismMode #1Trade infree markets & capitalist productionMode #2Capitalist speculation and financeMode #3Predatory political profitsMode #4Profit on market from force and dominationMode #5Profit from ‘unusual’ deals with political authority Mode #6Traditional types of trade or money dealsWeber’s Modes of Capitalist Profit Orientation (Based on Swedberg 1998)An alternative approach

44. A Marxian View of ‘Capitalism’Wealth appears as immense accumulation of commoditiesCommodity form generalized to labour-power (which is a fictitious commodity but treated as if it were a commodity)Duality of labour-power as concrete labour and labour time A political economy of time (note especially the constant rebasing of abstract time  treadmill effects)Key role of money as social relation in mediating profit-oriented, market-mediated accumulation processEssential role of competition in dynamic of capitalismMarket mechanism cannot secure all conditions of capitalist reproduction (even ignoring labour process)

45. Categories for Analysis of CapitalCapital as functioning capitalProductive capital (constant and variable) plus capital of circulation (commodity and money capital)Merchant’s capital (commodity-dealing capital and money-dealing capital) has necessary functionsDivision of labour plus division of property among productive capitalists Commercial credit reduces demand for capitalBank credit concentrates spare funds and savings of all classes in hands of money-dealing capitalistsCapital as propertyInterest-bearing capital (titles of ownership or financial assets)Fictitious capital when viewed in terms of capitalized income streamsMMC employed neither in production or circulation - useless from viewpoint of capital, value set by capitalization of revenues relative to interest ratesFictitious capital (narrowly defined)Money lent as MMC directly or via banks to state (e.g., to finance wars, public expenditure, state activities)Basis for exchange of money against ownership titles – can be multiplied many times over (leverage)

46. Finance-Dominated Accumulation

47. ExplanationPrincipal structural forms are money and (social) wage relation, others are subordinated to thesePrimary aspect of money is (world) money as abstract expression of capital in space of flows, primary aspect of (social) wage is cost of productionSecondary aspect of money (real assets) treated via neo-liberal policy boost to post-tax profits, secondary aspect of (social) wage relation handled via private credit and lean welfare stateSpatio-temporal fix depends on ‘embedded neo-liberalism’ tied to new, disciplinary constitutionalismCrisis emerges when (il-)logic of neo-liberalism resurfaces after short-term boost from accumulation through dispossession

48. A Comment on Money and FinanceMoney functions as money and as capital. In FDA, fictitious credit and fictitious capital (esp interest-bearing capital, reinforced through derivatives) are crucial causal factors.Cf. means of deferred payment (Marx and Minsky) and as world money (Marx) are especially significantTo put NAFC in its place, study dynamics of production and finance in world market and, in particular, include all five functions of money in their relation to both aspectsBoth must be related to hierarchy of monies (commodity money, bank money, central bank money, state money, world money) and their roles in crisis situations without world state, world money, or hegemonic world currency

49. The Global Financial Crisis

50. Epic RecessionRasmus (2010) distinguishes normal recession, epic recession, and great depression; NAFC has generated an epic recession in some (not all) advanced economiesNormal recession (whether rooted in production and/or monetary crisis) turns into epic recession through vicious interaction among debt, default, deflationDebts that cannot be settled produce default, distressed selling to settle other debts leads to deflation, default and deflation aggravate situation of debtors, and so onWhether epic recession then leads to great depression depends on wider conjuncture and policy responses

51. Fundamental Forces and Relations of “Epic Recession”Global Liquidity ExplosionGlobal Money ParadeSpeculative Investing Shift Debt Deflation Default Financial Institutions Asset Prices Banks and Finance Non-Financial Business Product Prices Non-Bank Business Consumer-Household Labour Wages Consumer-Household Financial Fragility Consumption Fragility Declining Real Economic IndicatorsReal Asset Investment Household Consumption Global Trade and Exports Industrial Production Employment ....Derived from Rasmus , 2010: 16

52. Finance-Dominated Regimes in CrisisNorth Atlantic financial crisis emerged directly from “capitalist speculation and finance” rather than a specific type of “free trade in markets and capitalist production”It was enabled by “unusual deals with political authority” (de-regulation of finance via legal changes and regulatory capture) and “predatory political profits” (tax cuts for rich, welfare cuts, privatization, “disaster capitalism”)But it has specific form due to hyper-financialization of advanced neo-liberal economies and, in particular and most immediately, practices of de-regulated, opaque, and sometimes fraudulent financial institutions

53. Cui bono, cui malo?Global financial crisis removed environmental issues, food and fuel crises from policy agendaCrisis in finance-dominated accumulation blamed on weak regulation with preferred policy fix aiming to restore neo-liberal momentumCrisis management is occurring under neo-liberal legaciesGlobal environmental crisis has risen up agenda in guise of ‘Green New Deal’ as basis for longer-term exit strategyAs it has gained prominence, however, struggle to inflect it in neo-liberal direction has increased (e.g., cap-and-trade)

54. Crises of Crisis-ManagementPolicy failures can occur because of:Arbitrariness of crisis interpretationsInadequacy of instruments and institutionsCrisis in or of the broader policy contextEconomic crisis and political crisisState as addressee in last instance of calls for interventionBut state may lack capacities to interveneThis can reinforce tendencies to uneven developmentStrong East Asian economies investing in future growthWeak states in USA, weak economies like Greece in EU

55. Green New Deal

56. Scope of the GNDFields include technology (eco-technologies, energy efficiency),productive economy (green collar jobs, sustainable development, ecological modernization, low carbon economy), financial system (cap and trade, carbon trading, green bonds, sustainable investing),law (environmental rights, new legal regimes), politics (the green movement, climate change), religion (environmental stewardship), andself-identities (homo virens, green lifestyle).

57. Strategic FlexibilityThe GND has been translated into many different visions and strategies and can be inflected in neo-liberal, neo-corporatist, neo-statist, and neo-communitarian ways by prioritizing, respectively, market incentives, social partnership, societal steering, and solidarity respectively. The very fuzziness of the ‘Green New Deal’ has helped to build alliances and compromises and it is currently being heralded in many quarters as a ‘magic bullet’There are also many attempts to neutralize GND, notably from corporate interests tied to energy-intensive industries and market fundamentalist circles

58. Green New Deal = ‘No Growth’? GND can be seen in some ways as imaginative extension of the KBE paradigm consolidated in mid-1980s to mid-1990s – a paradigm that was sidelined but not negated by the rise of a finance-led accumulation that reflected the interests of financial rather than industrial capital. It could become nodal point for synthesising productive and financial ‘concepts of capital’, narrated as capital’s best hope to create jobs, restore growth, save earthIt is nonetheless a floating signifier, which has been inflected in different ways and translated into strategies on many sites and scales

59. Ecologically-Friendly No Growth RegimeBasic FormPrimaryAspectSecondaryAspectKey Institutional FixSpatio-temporal fix‘Capital’Low carbon economy, capital as commonsCapital possessed by coopsSolar solidarity economy, oriented to allocative and distributive justiceLocal and slow but with appropriate forms of glocal redistributionEnterprise FormNot for profit, innovation-led, SchumpeterianSolidarity to limit ‘race to bottom’ and its fall-outEmbedded cooperation (cf. Mondragon)No-growth or slow growth (Social) wage relationSource of demand (with green recovery)Reduction of material (esp carbon) costsFlexicurity for full employability but with new work-life balanceControlled forms of labour mobility tied to global justiceStatePolicies for innovation-led sustainable growthPromotes social economy and fair competitionNeo-communitarian Schumpeterian Workfare Post-National RegimeMulti-scalar meta-governance (e.g., open method of coordination)

60. ElucidationThis matrix pushes at limits of preceding approach as it stretches meaning of economic categories (structural forms) studied in regulationist analysesThe economic imaginary in Green New Deal must differ in scope and content from its equivalents in Atlantic Fordism, the KBE, and finance-dominated accumulationIt must also highlight ecology as integral element of an economic imaginary (or refocus on ecological imaginary that includes economic and extra-economic relations)This is basis for recuperating and normalizing GND in more mainstream imaginaries or marginalizing it

61. There are Many Meanings of GND ...Green RealpolitikNew Deal+Green Investment+Social Model+GrowthGreen funda-mentalismNew Deal-Green Investment+Social Model-GrowthNothing GreenNew Deal-Green Investment-Social Model+GrowthGND Beyond CapitalismNew Deal+Green Investment+Social Model-GrowthSource: based on Elmar Altvater (2010)

62. Risks of GNDRisk that GND gets re-contextualized and re-appropriated on neo-liberal lines (e.g., cap-and-trade) rather than being articulated to challenge economic logic that has created environmental, energy, food, water crises‘Zombie’ neo-liberalism has been colonizing GND, turning it into a ‘nothing Green’ strategyRisk that it also becomes part of new imperial strategy through which North maintains its living standards by paying for slower growth in ‘dependent south’Valuable lessons on how to develop post-neoliberal GND from outside neo-liberal heartlands (e.g., Latin America)

63. Commodifying Nature’s ServicesNature’s labor power — flows of ‘natural services’Forests do complex work to remove carbon from the airRainforest ecosystem preserves important biodiversity repository. Wetlands prevent costly natural disasters (e.g., buffering floods).Nature’s everyday services are ‘green’ capitalist’s dream. Not yet priced or traded, they are vast untapped realm of value and profit, desperately needed to rescue economyFor instance, programmes like REDD are measuring and inventorying every forest on the planet in readiness for opening global marketGreen capitalist agenda begins with commodifying global carbon cycle but aims deeper: commodifying, privatizing nature as whole to create new world ‘green economy’

64. What is to be Done?Crisis of neo-liberalism on global scale does not mean that neo-liberal era has ended – it will continue to have path-dependent effects for many yearsMuch depends on how current crisis is interpreted and resolved in key economic spaces and statesSo get involved in struggle to interpret crisis of neo-liberalism – because this will frame medium- and long-term solutions as well as short-term ‘first aid’ National states will remain crucial first aiders’ and local states also have their own role to playIt takes time to mobilize international responses but a global solution is needed, the sooner the better

65. Knowledge-Based EconomyKBE discourse can be translated into many visions and strategies (e.g., smart machines, expert systems, knowledge transfer, creative industries, IPRs, lifelong learning, e-government, smart weapons, information society, cybercommunity)It applies at many scales (firms, organizations, cities, regions, nations, supra-national regions, transnational institutions, etc)KBE has neo-liberal, neo-corporatist, neo-statist, neo-communitarian variantsIts fuzziness facilitates alliances and institutionalized compromise

66. Political Economy of TimeEvery economy is a political economy of timeMarx produced numerous concepts to analyse the temporalities of capital accumulationThe economy of time in the capitalist mode of production is modified and mediated through money as money and money as capitalMoney as money may still be important in post-capitalist, neo-socialist social formations but will be articulated to the gift economy (networks, solidarities)State power is essential to capitalist and socialist formations but its forms and modalities differ

67. Free time for [solidaristic] self-realizationProfit-producing production and reproduction incapitalist social formationsNon-profit producing production and reproductionPaid + unpaid labourTaxation + socializationCapitalist ColonizationAlter-mode of livingContradictionReduce costs of labour-power through non-profit sector versus reduce its size to increase profits, interest or rentsReconciliation?Devices to reduce “socially necessary not-for-profit labour time” to free up time for profit-producing labourNon-profit ≠ absence of exploitation oppressionReal risksof objectiveand subjective colonization by bourgeois valuesReal subsumptionSource of resistanceParasitism Solidarity

68. InterpretationProfit-producing capital is at centre of circuits of capital – determinant in last instance (even in finance-dominated accumulation)Profit-producing capital is involved in production and reproduction (and depends on non-market inputs – the fictitious commodities of land, labour-power, money, and knowledge – supplied through state and civil society (incl. households) and as “free gifts” of [social] nature)Non-profit production is really subsumed under logic of profit-oriented, market-mediated accumulationAristotelian (and Marxian) free time is limited and at risk

69. Free time for [solidaristic] self-realizationProfit-producing production and reproduction in socialist societiesNon-profit producing production and reproductionBasic income + care commonsFiat money + socializationTaxation + socializationNon-profit based on mutual respect (no exploitation or oppression)TightcouplingRegulated to limit rents and taxed to secure revenues for non-profit sectorNew subjectivitiesMarket inputsGovernance prioritizes solidarity and networksReal subsumptionMarket inputs

70. InterpretationMarkets are not eliminated – some products and services can be produced most efficiently through markets – but are really subsumed to logic of socialist social relationsNon-profit-production and reproduction is the centre of gravity of socialist social formations and is tightly coupled to expansion of free time (a precondition of democratic civil society and collective self-determination)Land, labour-power, money, and knowledge lose their fictitious commodity character and circulate as public goods (or private or club goods under democratic control) Aristotelian (and Marxian) free time expands and serves self-realization within limits of solidarity

71. ReferencesAlthusser, L. (1977) ‘On the materialist dialectic’, in idem, For Marx, Allen Lane, 161-188Boyer, R. And Saillard, Y., eds (2002) Régulation Theory: State of the Art, RoutledgeJessop, B. (2002) The Future of the Capitalist State, PolityJessop, B. and Sum, N. (2006) Beyond the Regulation Approach, Edward ElgarPetit, P. (1999) ‘Structural forms and growth regimes of the post-Fordist era’, Review of Social Economy, 57 (2), 220-243Stockhammer, E. (2007) ‘Some stylized facts on the finance-dominated accumulation regime’ , Amherst: PERI WP 142