Overview

Over the past twenty years there has emerged a compelling new discourse on varieties of capitalism. That discourse has an appealing common sense which challenges the view there is no alternative to free market capitalism. The initial view had a microeconomic focus that made firms the fulcrum of analysis. It distinguished between liberal market and coordinated market economies. Subsequently, there has emerged a second-generation literature which adopts a macroeconomic perspective that emphasizes differences in drivers of growth. This book provides a collection of essays that engage those second-generation concerns and questions. The new view emphasizes income distribution, which leads to a focus on institutional structures that are shaped by policy and power. A related feature is an emphasis on politics, which is the process by which policies are made. Furthermore, it asks whether economies should be understood as the product of national choices versus global capitalist system forces. That connects with the long-standing center-periphery distinction in development economics. Economists, researchers, and students will find this volume an enlightening look at an important subject.

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9781035312740

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Edited by Thomas Palley, Founding Editor of the Review of Keynesian Economics and Principal at the Economics for Democratic and Open Societies, US, Esteban Pérez Caldentey, Editor of the Review of Keynesian Economics and Chief of the Financing for Development Unit at the Economic Commission for Latin America and the Caribbean (CEPAL), Chile and Matías Vernengo, Founding Editor of the Review of Keynesian Economics and Professor, Bucknell University, US

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