When Economic Crises Endure

When Economic Crises Endure

When Economic Crises Endure

When Economic Crises Endure


This work represents the French Regulation School approach to the study of economics. Regulationists focus on the long-term evolution of capitalist economies with a strong emphasis on cross-country comparisons. Their theory centers on the notion of "accumulation regimes", a concept that analyzes long-wave growth patterns and how those patterns were shaped by five key regulatory mechanisms: 1) forms of competition; 2) the socio-technical system covering all aspects of the capital-labor relation; 3) money; 4) forms of state intervention; and 5) arrangements regulating international economic relations. Methodologically, their approach is very flexible and innovative, ranging from econometric models to interdisciplinary studies.


This book is an abridged and reworked version of a monograph first published in French, by Economica, Paris, in 1984, with a second edition in 1993.

The approach adopted is that of economic history and comparative economics. the authors are associated with the French Regulation School. This school puts the emphasis on institutional change, the development of productive systems, and the social relations of production in trying to explain economic growth and macroeconomic trends.

The economic crisis of the 1970s is analyzed in its long-term context by comparing the different growth phases of the five countries that have dominated the world economy since 1890. the book looks at the differences between the respective economies, their international links, and the economic policies that followed.

Particular attention is paid to the years 1980 and 1990. Some countries, especially in Europe, became stuck in crisis; while others such as the United States were able to restore the momentum of growth. European macroeconomic policy is critically analyzed from the inception of the European Monetary System in 1979 to the run-up to Monetary Union at the end of the 1990s.

Translation of any work is always fraught with difficulties. the authors wish especially to record their thanks to Robert Guttmann, professor at Hofstra University in New York, for his invaluable help in this awkward task. As always, they take full responsibility for the many flaws that remain.

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