The accumulation-metabolism nexus: internationalization, labour-capital relations, and material flows of French capitalism since the post-war era

We investigate the links between accumulation and socio-metabolic regimes by studying French capitalism from socio-economic and material perspectives since 1948. We characterize its social metabolism both in domestic and footprint approaches. The periodization of accumulation regimes in terms of Fordism and finance-led capitalism translates into material terms. The offshore materiality of finance-led capitalism partly substitutes for and partly complements the more domestic materiality inherited from Fordism. The transition phase between the two socio-metabolic regimes clearly corresponds to the emergence of the offshoring-financialization nexus of French capitalism, indicating the shift from Fordism to finance-led capitalism. We highlight strong inter-linkages between accumulation and material dynamics and discuss how materials may be instrumental in shaping accumulation regimes. We therefore introduce the concept of accumulation-metabolism nexus. This work illustrates the relevance of combining institutionalist macroeconomics with material flow analysis.