Panoeconomicus 2013 Volume 60, Issue 1, Pages: 19-49
https://doi.org/10.2298/PAN1301019H
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Policies and institutions for moderating deep recessions, debt crises and financial instabilities
O’Hara Phillip Anthony (Global Political Economy Research Unit, Bentley, Australia)
This paper outlines a long-term policy and institutional framework for
reducing the intensity of recessions, debt crises and financial
instabilities, especially for the Core nations and areas that bore the brunt
of the anomalies during 2008-2013. We argue that institutional changes need
to be systemic, amounting to the construction of a new social structure of
accumulation (SSA) or mode of regulation (MOR), which we call an SSA of
embedded communitarian liberalism. Five institutional spheres are introduced
which are in need of systemic change, due to the entrenched contradictions
and problems which the current set of institutions generate. These involve
firstly institutions within the world-system of finance and production;
secondly relating to finance versus industry; thirdly capital versus labor;
fourthly state systems of production; and fifthly the interlinking of state,
community and ecology.
Keywords: policies, recessions, debt crises, financial instabilities