Regulation in the Context of Regimes of Accumulation and Modes of Regulation
As with De Bernis, the expressed intention of Michel Aglietta was to develop a comprehensive alternative to general equilibrium theory. Aglietta argued that the latter failed to express the social nature of economic relations and to analyse the historical dynamics of economic processes because of its reductionist assumption that economic subjects are defined by rational conduct allegedly inherent in human nature (Aglietta, 1987, p. 13; 1976, p. 11). Since the theory is fundamentally flawed, an alternative cannot seek to answer the questions it raises or adopt its assumptions. The break with this framework requires a ‘theory of the regulation of capitalism which isolates the conditions, rhythms and forms of its social transformations’ (Aglietta, 1987, p. 15; 1976, p. 12).
KeywordsStructural Form Social Relation Collective Bargaining Institutional Form Consumption Norm
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