Abstract: Based on the Social Structure of Accumulation (SSA) theory, this paper analyzes the two major manifestations of US neoliberalism (liberalization and financialization) from the perspective of domestic SSA. Liberalization is manifested in the relaxation of the control on capitalists and the weakening of the influence of trade unions, while financialization is reflected as the economic “departure from the real to the virtual” and the continuous financial deepening, which not only bring profit growth to capitalism, but also greatly exacerbate economic risks and social polarization between the rich and the poor. From the perspective of international SSA, the US is facing problems such as the weakening of dollar hegemony, the shrinking of military hegemony, and the challenges of emerging and developing countries such as China. Given the US has limited ability to respond to these challenges after the outbreak of COVID19, the current inflation in the US is likely to further evolve into an economic “stagflation”. The risk of “stagflation” currently facing the US economy is an outcome of the longterm accumulative contradictions of the neoliberal SSA under the impact of the epidemic, and also of the irreconcilable inherent contradictions of the capitalist mode of production. With the increase in the possibility that the risk of “stagflation” in the US will turn into a crisis, the neoliberal SSA dominated by the US is likely to come to an end and a new SSA will gradually be established.

Key words: US economy, economic “stagflation”, neoliberalism, Social Structure of Accumulation Theory 

摘要： 根据积累的社会结构（SSA）相关理论，从国内SSA视角看，美国新自由主义主要表现为自由化和金融化，自由化表现在放松对资本家的管制，弱化工会的影响，金融化则表现为经济的“脱实向虚”和不断的金融深化，这在为资本主义带来利润增长的同时也极大加剧了经济的风险和社会的贫富分化；从国际SSA视角看，美国则面临着美元霸权衰弱、军事霸权收缩，以及中国等新兴发展中国家的挑战等问题，因而美国在疫情爆发之后应对能力有限，这使得美国目前的通货膨胀很有可能进一步演变为经济“滞胀”。美国经济当前面临的“滞胀”风险是在疫情冲击下新自由主义SSA长期累积矛盾的一次集中性爆发，是资本主义生产方式固有矛盾不可调和的产物。随着美国“滞胀”风险向危机转化的可能性不断上升，美国所主导的新自由主义SSA很可能就此终结，一个新的SSA将会逐渐建立。

关键词: 美国经济, 经济“滞胀”, 新自由主义, 积累的社会结构理论