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The interpretation of the cyclical history of capitalism. A comparison between the neo-Schumpeterian and social structure of accumulation (SSA) approaches in light of the long wave theory

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  • Tomás Gutiérrez-Barbarrusa

    (Universidad Rey Juan Carlos)

Abstract

Long waves research is currently dominated by two main approaches: a “neo-Schumpeterian” and a “social structure of accumulation” paradigm. While the former fits into evolutionary economics, the latter is rooted within Marxian and Keynesian macroeconomics. Although each research school continues with its own approach, without knowing what the other school has learned, a similarity between the two is inevitable, since long wave (or cycles) theory is a common framework for research. This makes both theories well-suited to help in understanding the factors underlying the financial and economic crises of capitalism. The primary purpose of this paper is to compare their respective accounts in this field, from a theoretical and analytical perspective, concluding that, despite the different premises and approaches of both schools, the resulting periodizations of capitalism elaborated by each theory are quite similar.

Suggested Citation

  • Tomás Gutiérrez-Barbarrusa, 2019. "The interpretation of the cyclical history of capitalism. A comparison between the neo-Schumpeterian and social structure of accumulation (SSA) approaches in light of the long wave theory," Journal of Evolutionary Economics, Springer, vol. 29(4), pages 1285-1314, September.
    • Handle: RePEc:spr:joevec:v:29:y:2019:i:4:d:10.1007_s00191-019-00631-0
    DOI: 10.1007/s00191-019-00631-0
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    More about this item

    Keywords

    Capitalism; Economic crises; Long waves; Evolutionary economics; Social structure of accumulation;
    All these keywords.

    JEL classification:

    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General

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