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1The Advisory Board of the Revue de la régulation is growing, and it is both a pleasure and an honor for us to welcome our prestigious new international members. The individuals concerned have close ties to the work we publish. Their very diverse origins highlight the wide range of disciplines and specialties that the Revue de la regulation explores (in this issue, political science and sociology in addition to economy, of course). This new input will strengthen our international and interdisciplinary dynamics. Our heartfelt thanks go to Susan Berger (MIT), Colin Crouch (University of Warwick Business School), Giovanni Dosi (Scuola Superiore Sant’Anna), Geoffrey Hodgson (Hertfordshire University), Richard Nelson (University of Columbia), Viviana Zelizer (Princeton) and Kathleen Thelen (MIT).

2Issue 16 of the Revue de la regulation offers another occasion (after Issue 10) for exchanges with the post-Keynesian school of thought. It illustrates the connections between these frameworks and allows researchers with different, but often complementary, orientations to work together. The dossier, edited by Mickaël Clévenot and Edwin Le Heron, invites us to explore emerging directions in post-Keynesian macroeconomic modeling. In their introduction, Mickaël Clévenot and Edwin Le Héron look back over the genealogy of these models and explain why the dossier provides a significant assessment of the SFC (Stock Flow Consistent) monetary framework through its recent developments, particularly the use of multi-agent-based models (ABM). Recent progress made in this field opens modeling up to a large number of issues and increases the usefulness of this approach, turning it into a credible and relevant alternative to Dynamic Stochastic General Equilibrium (DSGE) models.

3Four articles employ the Stock-Flow Consistent models introduced by Wynne Godley and Marc Lavoie. A fifth contribution, while retaining Stock-Flow Consistency, also develops multi-agent modeling. To conclude the dossier, we asked several authors to collaborate on a detailed review of Marc Lavoie’s latest book, Post-Keynesian Economics – New Foundations, published by Edward Elgar in 2014. The book contains both a synthesis of and reflections on this school of thought’s new theoretical and methodological foundations.

4The dossier opens with Pascal Seppecher’s article, which attempts to resolve the circuit-theory question of monetary profit based on a model with multiple-heterogeneous agents with extremely numerous micro-economic interactions that lead to an un-predetermined stable macroeconomic state. The article’s obvious originality means that it may well become a reference in the field. An English version will soon be published on line in order to allow for the broadest possible circulation of this innovative approach. In the next piece, Tarik Mouakil uses an SFC model to attempt to justify Minsky’s financial-instability hypothesis macro-economically. The article by Thomas Dallery and Jordan Melmies, as well as the one by Antoine Godin, both break the productive sector down into three types of businesses, in order, for Thomas Dallery and Jordan Melmiès, to examine price dynamics and the influence of financing on revenue distribution, and, for Antoine Godin, to test the effects of employer policy as a last resort on unemployment levels and social inequalities. Lastly, Luis Ortiz-Reyes and Jacques Mazier analyze the financialized growth regime by taking either debt or equity as the standard at the level of non-financialized businesses. The form of these equations is then mobilized within the framework of SFC models representing two more or less-financialized growth regimes.

5In addition to the dossier on post-Keynesianism, this issue also contains an interview with Michel Aglietta that provides an opportunity to look back over his intellectual progress, his conception of currency and the recent developments that currency offers us on different scales, from local to global. This interview resonates in advance with the Monetary Contestations dossier scheduled for publication in our Autumn 2015 issue.

6In varia, Arnaud Buchs looks into regimes and crises of water-usage modes. His analysis allows the construction of a periodization of water usages over the long term that can be integrated into a conceptual analysis of institutional change. Adrien Faudot’s contribution presents an analysis of a little-studied regime from the angle of its accumulation dynamic: the rentier regime in Saudi Arabia. Stepping outside of the seminal analysis of annuities alone, Adrien Faudot demonstrates that other factors and institutional forms are essential (dollar anchoring, the centrality of migratory patterns in employment relationship and more) in order to grasp the regime’s instable dynamic and to describe its mode of regulation. With Pascal Charbonnat’s article about market concepts in 18th-century political economy, we open our pages to a history and philosophy-of-thought perspective. His contribution examines, from a genealogical perspective, both ordinary and scholarly uses of the word market in combination in order to understand the evolution of the modern concept. In so doing, the author contributes to the analysis of the evolution of an institution that is central to the economy through its discursive usages. Lastly, Éric Lahille’s article develops historical political-economic reflections centering on the subprime crisis in the United States. The author’s theory is that this crisis’s true nature is political. He explores different aspects of this political dimension by using a regulationist analysis framework. The idea is to show the co-evolution between a regime of largely financialized accumulation and the geopolitical foundations, particularly the goal of hegemony, of the new form of neo-liberalism that appeared in the USA in the 2000s. This co-evolution led to internal contradictions in public policies followed in the United States. According to this author, it is these contradictions that need to be analyzed in order to understand the crisis.

7This editorial will end with an invitation to an International Colloque, « La théorie de la régulation à l’épreuve des crises / The theory of regulation in times of crisis » which will be held at University Paris Diderot (Paris, France) from 10 to 12 June 2015. As we write, the organizing committee has received over 200 proposals from around the world. Many of the new recruits to the Revue’s Advisory Board will also be present. Fascinating discussions are in store.

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« Editorial »Revue de la régulation [En ligne], 16 | 2e semestre / Autumn 2014, mis en ligne le 19 décembre 2014, consulté le 23 avril 2024. URL : ; DOI :

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