Globalised finance-dominated accumulation regime and sustainable development
by Claude Serfati
International Journal of Sustainable Development (IJSD), Vol. 3, No. 1, 2000

Abstract: Ecological, economic and social issues are tightly interwoven and relate to a specific mode of production and social relations. Hence, we use the term ''sustainable development'' in a very broad sense, aimed at questioning how much and how far the dynamics of end-of-century capitalism is compatible with social well-being and environmental preservation. The new finance-driven accumulation regime, which came to being in the l980s, was consolidated thanks to neo-liberal governmental policies that strove to reduce social expenditure, including health-care benefits, retirement pensions and unemployment benefits. Connected to depressive macroeconomic trends, this regime caught third-world countries, including newly industrialised countries, in a debt trap, and contributed to a worsening of the economic, social and ecological situation of most of non-OECD countries.

Online publication date: Fri, 04-Jul-2003

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