This article starts from the institutional/evolutionary insight that economic processes are necessarily embedded in broader sets of social institutions and that these institutions change over time. It uses a Marxian framework, the Social Structure of Accumulation school, to argue that this change is not gradual or continuous. Rather, wide-ranging institutional transformations follow periods of capitalist crisis, setting the stage for renewed accumulation and, eventually, new crises. This leads to a punctuated pattern of successive stages of capitalism.
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