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transactions are really decentralized by monetary exchange, new compatibility
problems emerge due to the formation of expectations, the uncertainty about the use
of the money balances and financial assets, and of course the role of time in
investment decisions. The equivalent of the auctioneer is then a well organized
system of payment’(1996b11). When there is such a ‘well organized’ credit and
monetary regime, then ‘markets can be organized, provided that the more powerful
actors have an interest in implementing them’(Boyer 2001:80). Thus, the second
basic institution is forms of competition.
3.4 Boyer on Institutional Complementarity and Hierarchy
Regulation Theory first focused more on analysing capitalism’s stages than on
the variety of its forms at a particular moment in time. However, further
research into the growth regimes that were likely to succeed Fordism, ... ,
revealed the coexistence of many different forms of capitalism. Analysis
subsequently went on to cover modes of regulation and institutional
architectures(Boyer 2005:511).
As analysts of the structural change within capitalism, regulationists have been
particularly fastidious about the exceptional ‘dynamic efficiency’ and growth
throughout the postwar years in industrialised economies, structural terms of which
now contrast with the curious parti pris about market-led growth and pro-market
reform efforts throughout the ‘les vingt douloureuses’. The solitary effect of
Taylorism on productivity growth is elusive, it after all had had such an effect before
postwar model of growth. However in the 1920s and 1930s, corporate capital had
generally been recalcitrant about large-scale industrial employment and real wage
growth along its systematic resort to Taylorist methods and on the basis of the broadly
competitive mechanisms at large at the time. Mass production without mass
consumption was thereby scarcely galvanic upon macroeconomic growth; the very
market-based structure of production and demand indeed stirred up economic
stagnation and price competition. The structure of productivity and real wages since
the 1950s contrasted with that of the formerly stagnant wages with productivity
growth along Taylorist mechanisation throughout the interwar years. Perturbations
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