Abstract 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.