Regimes of Accumulation and Modes of Regulation
Regulation theory discusses historical change of the political economy through two central concepts: Regimes of Accumulation (or Accumulation Regime)(AR) and Modes of Regulation (MR). Regimes of Accumulation analyze the way production, circulation, consumption, and distribution organizes and expands capital in a way that stabilizes the economy over a period of time. Alain Lipietz in Towards a New Economic Order describes the Regimes of Accumulation of Fordism as mass producing, proportionate share-out of value added, and a consequent stability in firm’s profitability; with the plant used at full capacity and full employment are all elements of this approach (p. 6).
MRs are institutional sets of law, norms, forms of state, policy paradigms and other practices which provide the context for the AR's operation. Typically, it is said that it comprises money form, competition form, wage form, state form, and international regime, but can encompass many more elements than these. Generally speaking, MRs support ARs by providing a conducive and supportive environment, in which the AR's are given guidelines to which they should follow. In case that there is a tension between the two, then there may occur a crisis. Thus this approach parallels Marx's characterisation of historical change as driven by 'contradictions' between the forces and the relations of production (see Historical Materialism).
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Famous quotes containing the words accumulation, modes and/or regulation:
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—Anne Taylor Fleming (20th century)
“Without any extraordinary effort of genius, I have discovered that nature was the same three thousand years ago as at present; that men were but men then as well as now; that modes and customs vary often, but that human nature is always the same. And I can no more suppose, that men were better, braver, or wiser, fifteen hundred or three thousand years ago, than I can suppose that the animals or vegetables were better than they are now.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
“Nothing can be more real, or concern us more, than our own sentiments of pleasure and uneasiness; and if these be favourable to virtue and unfavourable to vice, no more can be requisite to the regulation of our conduct and behavior.”
—David Hume (1711–1776)