Structuration Theory and Capitalism

The Relation with Regulation Theory

Abstract

The purpose of this study is to explain that why capitalism continues to thrive and not fall apart. To explain this fact, first, I focus on Bob Jessop's theory which attempts to make regulation theory a social theory. But his theory has limitations in theorizing the concept of institutions to explain how capitalism is continually reproduced at the same time capitalistic institutions undergo changes. To overcome that, I first analyze Giddens' structuration theory. Giddens distinguishes “structure” from “structures.” Human agents utilize structure; as a matrix, structures perpetuate their own existence. Change in an institution occurs when human agents utilize a structure, so long as such changes do not adversely affect the continued existence of the structural matrix. In addition, I also examine Hirsch and Görg' s regulation theory, which is informed by the concept of structural principles in Giddens' structuration theory. Finally, I discuss the future of Capitalism at the end of this paper. Our task henceforth is how The Third Way, which Giddens theorized using Utopian Realism, can be achieved through democracy, one of the structural principles. Democracy as a structural principle has the capability to resist capitalism. In this case democracy and political system are agents that acts against capitalism.