In this article, it is argued that the Great Recession is none other than the collapse of the finance-led accumulation regime which is the core of the existing development model. Next, a new progressive development model is specified. Finally, an agenda for a new progressive development model is discussed. The core of a new progressive development model might be the knowledge-led accumulation regime (KLAR). The nature and macroeconomic circuit of the KLAR is specified. It is argued that if the KLAR is to be an economic base of the progressive development model in the 21st century, it should be embedded in the coordinated market economy and the green economy. As a major agenda of a new progressive development model, an economic safety net, social safety net, bottom-up economics, and flexicurity of labor market are proposed
