This paper offers a critique and reinterpretation of the social structure of accumulation (SSA) approach to long waves in economic growth. The SSA approach is contrasted to earlier theories of long run macro-instability. Strengths and weaknesses of this approach are analyzed. A focus on class conflict and competition among capitals is proposed to clarify the relation between institutions and accumulation. Conceptual and historical problems in the SSA approach are considered, and a modified version of the approach is put forward to resolve the problems.
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