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Late Capitalism

Capitalism continues to be a revolutionary form of social organization. Modes of production, the ordering of daily activities, and the material practices and processes of social reproduction have undergone numerous changes since capitalisms inception. Mapping a history of capitalisms different stages and forms both social and institutional would be an arduous task, complicated by the fact that in each of capitalisms stages, features and characteristics of past and future stages abound. Nevertheless, the current form of capitalism marks a unique departure from previous stages. Euphemisms and catchphrases concerning late 20th century capitalism have become all too common. "Globalization" has become a catchphrase for academics, journalists, and citizens alike. However, many of the claims about a new, distinguishable form of capitalist organization a "post-Fordist" or "flexible" system of accumulation are overstated. Despite the dominance of Neoliberalism following the collapse of Fordism, the current epoch does not occasion an economically, environmentally, or socially sustainable regime of accumulation. In this paper I will explain, drawing from the Regulation School, the shift from Fordism to what many have termed "post-Fordism," and use this analysis to suggest future routes for capitalist organization. Indeed, until a socially reproducible compromise to Neo-liberalism is found, aggressive competition and regulatory undercutting will further amplify destructive business cycles, abject poverty, and environmental destruction.In order to understand the shift away from Fordism it is first necessary to examine the institutional and social features that inform Fordism and its subsequent disintegration. Fordism was organized around a particular regime of accumulation and its corollary mode of social and political regulation. In this sense, a regime of accumulation refers to "the stabilization over a long period of the allocati...

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