For citation:
Volynskii, A. I. (2022). The Theory of the Shifting Mode of Reproduction and Institutionalism: Is Synthesis Possible? AlterEconomics, 19(3), 424-441. https://doi.org/10.31063/AlterEconomics/2022.19-3.2
Abstract:
Like other macroeconomic models, the theory of the shifting mode of reproduction (SMR) developed by Vladimir Mayevsky describes economic reality outside its institutional dimension. Economic reality, like Kant’s «thing-in-itself», is viewed as a universe with its own internal laws, independent of exogenous factors such as politics, culture, and ideology. The purpose of the study is to test the possibility of implementing institutional factors in the SMR model. The SMR model seeks to describe the mechanism for financing innovations in the manufacturing sector, including modernization of fixed assets. Therefore, the model also encompasses the banking system, whose functioning is viewed in the light of the hierarchy of the central bank and commercial banks. As practice shows, however, despite the increased standardization of the banking principles across WTO member countries and development of international trade, their banking systems still differ significantly. Likewise, there are different mechanisms for financing of the innovation sector and modernization of fixed assets. The latter, as the case of China illustrates, depends on the institutional environment and political factors. The practical significance of this study lies in the fact that it explores the possibility of developing the SMR model in order to take into account the institutional heterogeneity of national economies and to demonstrate the role that institutions play in the financing the real sector.
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