CAPITAL ACCUMULATION AND FAMILY ECONOMIC DETERIORATION: HISTORICAL CONTINGENCIES AND THE "GREAT RECESSION" OF THE UNITED STATES

Abstract

The "Great Recession" in the United States exposed contradictions between the economic wellbeing of families and capital. Using social structure of accumulation theory, a qualitative institutional analysis and quantitative time-series models, I investigate historicallycontingent relations between family economic deterioration and capital accumulation. The circuit of capital, I argue, necessitates increasing private consumption expenditures by families, however with minimal governmental support. Therefore, the economic deterioration of the family expands under unprecedented levels of debt.