By Robert Boyer, Yves Saillard
Robert Boyer and Yves Sailard's Theorie de l. a. Regulation introduces the Francophone public to at least one of an important new currents in social technology of the previous half-century. This long-awaited translation may help expand its impression nonetheless further.
Regulation Theory makes a speciality of the structural beneficial properties of a given version and has helped brighten up the exam of center fiscal options.
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Additional info for Regulation Theory: The State of the Art
Sample text
What a contrast to most contemporary economic theories! By adhering to the sole criterion of conformity to the founding axioms of equilibrium and rationality, these theories were unable to explain the major phenomena at the heart of economic policy without frequently resorting to a varying series of ad hoc hypotheses, depending on the theory and phenomena under consideration. It is paradoxical that while the hegemony of the neoclassical methodology that was supposed to produce a cumulative research programme prevailed, its results were more contradictory than ever.
Drawing inspiration from the works of R. Girard and placing violence at the origin of market society, Aglietta and Orléan propose a profound conceptual and methodological restructuring. Their essay can be read as a decisive shift in regard to the Marxian project. In particular it may be seen as abandoning ‘labour value’ and Marx’s theory that deduces money from the development of forms of value in order to establish a ‘qualitative’ theory of money. But from the authors’ stated intentions one might also think that their project tries to combine a Marxist approach, freed of Ricardian accretions, with Girardian theses, thereby relating contradiction and violence in order to understand the market mode of socialisation through money.
For Marx the institutional dimension is essential and the dynamic of capitalism cannot be reduced to the operation of a purely economic mechanism. If social classes are formed by their place in production, their conflicts will express themselves in the economic sphere. To oppose a decrease in profit rates, Marx wrote, is to obtain by force, through means of domination in the political realm – not by respecting the laws of exchange – a reduction in wages and an increase in labour intensity (Nadel, 1994a).