[en] The history of capitalism has seen Two Great Long-Lasting Crises separated by one century and which have been marked by two Great Capitalist Mutations. The first Great Crisis started in the early 1870s and after a series of big upsets suffered by capitalism (stock market crash, two World Wars, revolutions...), a new form of "different" capitalism emerged within its central core in the form of a mutation or hybrid whose reproductive mode had to be permanently propped up by the State through Department III or social services (under the so-called "Keynesian" accumulation-regulation model). The Second Great Long-Lasting Crisis started around 1973 and the attempt made to escape it resulted in a mutation in reverse, marked by the State's permanent attempt at reducing demand, concentrating wealth and partially maintaining consumption through the financialisation of the economy (the combination of credit-growing debt set amidst speculation or the "Keynesian treatment of the price of assets"). The argument that is put forward here is that we are at the sheer limits of the possibilities offered by a neoliberal-financialised (attempt of) growth model that came into being through the second mutation. This situation is reflected by high systemic instability, uncertainty and violent readjustments. This article analyses the many contradictions and challenges that are faced by today's capitalism; it is suggested that in consequence a further Great Mutation may take place based on a still unclear model of accumulation-regulation. However it can also provide evidence for capitalist decline (a long process of decline that commenced with the limits of the model that saved it in the past: Keynesian political economy).

[es] El capitalismo histórico ha padecido dos Grandes Crisis de Larga Duración, que se separan entre sí por un siglo de distancia y que han dado lugar a dos Grandes Mutaciones capitalistas. La primera Gran Crisis comenzó en los años 70 del siglo XIX y tras las mayores convulsiones que hasta entonces había experimentado el capitalismo (crack bursátil, Guerras Mundiales, revoluciones...), finalizó en sus formaciones centrales en un capitalismo "diferente", una mutación o híbrido cuya dinámica de reproducción tuvo que ser asistida permanentemente por el Estado a través del Departamento III o de servicios sociales (asentando el modelo de acumulación-regulación llamado keynesiano"). La Segunda Crisis de Larga Duración comenzó hacia 1973 y del intento de escapar de ella resultó una mutación de sentido contrario, que implicó una permanente asistencia del Estado de cara a deprimir la demanda, concentrar la riqueza social y mantener en parte el consumo a través de la financiarización de la economía (crédito-endeudamiento y especulación o "keynesianismo del precio de activos"). La tesis que se defiende aquí es que estamos en el límite de las posibilidades del (intento de) modelo de crecimiento neoliberal-financiarizado que surgió de ello, e instalados en una fase de alta inestabilidad sistémica, incertidumbre y convulsiones. A partir de esto el artículo analiza las numerosas contradicciones y desafíos a los que se enfrenta hoy el capitalismo, que bien pueden marcar el inicio de otra Gran Mutación del mismo de cara a un ignoto modelo de acumulación-regulación. Sin embargo, también pueden ser evidencia de su declive (un largo declive que inició al agotar las posibilidades del modelo que lo salvó en el pasado: el keynesianismo).