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By Dic Lo (auth.)

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Extra resources for Alternatives to Neoliberal Globalization: Studies in the Political Economy of Institutions and Late Development

Example text

This sounds very close to Aoki (1990), Best (1990), and especially Freeman and Perez (1988). Put together with the synthesis between the regulationist exposition and the neo-Schumpeterian writings, a convergence of views is apparent. The new paradigm, in short, encompasses a production system of skilful workers (integration of conception and execution), flexible machines (based on microelectronics), and horizontal co-ordination/ co-operation, and is capable of generating continuous product innovations on top of economies of scale.

Conversely, the central character of the literature is that it has ostensibly striven to use the free market model both as a summary representation of capitalism, and as a welfare standard by which to judge any alternative. The price of following such a theoretical approach is that the literature has thus far been unable to offer any insight to the following analytical issues: the endogeneity and exogeneity of institutional formation, the interaction between social and technological factors in the process of institutional change, and the impact of the interaction between different economic systems on development.

On the whole, for the regulationist writers, post-war economic development in the advanced capitalist world is dominated by ‘big firms, big labour, and big state’. Crucial to this pattern of development is the balance between productivity increase and the growth of workers’ (direct and social) wages (Boyer 1988; Harvey 1989; Lipietz 1986, 1987). It is precisely the breakdown of the balance that has accounted for the exhaustion of Fordism, that is, the long stagnation in world capitalism since the 1970s.

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