Diminishing Returns - The New Politics of Growth and Stagnation

In Diminishing Returns, Lucio Baccaro, Mark Blyth, and Jonas Pontusson bring together a list of top contributors in the field to examine capitalist economies in times where economic growth has slowed down considerably. As economic growth is a powerful social stabilizer and contributes to make the characteristic features of capitalism, the key question motivating the volume is: What happens when growth-the main mechanism of capitalist legitimation-is harder to come by and less broadly shared? The volume analyzes the politics of growth and stagnation at the country, regional, and global level through a new theoretical framework: the Growth Model Perspective.

List of contents

• List of Contributors


• Introduction: Rethinking Comparative Capitalism


• Lucio Baccaro, Mark Blyth and Jonas Pontusson


• Part 1: Theoretical Perspectives


• Chapter 1: Growth Models and Post Keynesian Macroeconomics


• Engelbert Stockhammer and Özlem Onaran


• Chapter 2: From Fordism to Franchise: Intellectual property and growth models in the Knowledge Economy


• Herman Mark Schwartz


• Chapter 3: Four Galtons and a Minsky: Growth Models from an IPE Perspective


• Herman Mark Schwartz and Mark Blyth


• Part 2: Growth Models at Scale


• Chapter 4: The Political Economy of the Eurozone's Post-Crisis Growth Model


• Alison Johnston and Matthias Matthijs


• Chapter 5: China's Growth Models in Comparative and International Perspective


• Yeling Tan and James Conran


• Chapter 6: The Politics of Growth Model Switching: Why Latin America Tries, and Fails, to Abandon Commodity-Driven Growth


• Jazmin Sierra


• Chapter 7: The FDI-led Growth Models of the East-Central and South-Eastern European Periphery


• Cornel Ban and Dragos Adascalitei


• Part 3: Country Case Studies


• Chapter 8: Credit and Consumption-Led Growth Models in the United States and United Kingdom


• Alexander Reisenbichler and Andreas Wiedemann


• Chapter 9: The Political-Economic Foundations of Export-led Growth: An Analysis of the German Case


• Lucio Baccaro and Martin Höpner


• Chapter 10: Rebalancing Balanced Growth: The Evolution of the Swedish Growth Model since the mid- 1990s


• Lennart Erixon and Jonas Pontusson


• Chapter 11: Growth and Stagnation in Southern Europe: The Italian and Spanish Growth Models Compared


• Lucio Baccaro and Fabio Bulfone


• Chapter 12: Global Capital and National Growth Models: The Cases of Ireland and Latvia


• Dorothee Bohle and Aidan Regan


• Part 4: Policies and Politics


• Chapter 13: Financialization and Growth Regimes


• Cornel Ban and Oddny Helgadóttir


• Chapter 14: Political Parties and Growth Models


• Jonathan Hopkin and Dustin Voss


• Chapter 15: Growth Models Under Austerity


• Evelyne Hübscher and Thomas Sattler


• Chapter 16: Welfare States and Growth Models: Accumulation and Legitimation


• Julia Lynch and Sara Watson


• Chapter 17: Green Growth Models


• Jonas Nahm




• Index

About the author

Lucio Baccaro is Director at the Max Planck Institute for the Study of Societies in Cologne.

Mark Blyth is the William R. Rhodes '57 Professor of International Economics and Director of the Rhodes Center for International Economics and Finance at Brown University.

Jonas Pontusson is Professor of Comparative Politics at the University of Geneva.

Summary

A set of state of the art empirical analyses at the country, regional, and global level that work from a new theoretical framework that analyzes the politics of growth and stagnation.

As highlighted by the recent debate on 'secular stagnation,' economic growth has slowed down considerably, and this has given rise to a host of new problems, from financial instability to the collapse of mainstream parties. What happens when growth—the main mechanism of capitalist legitimation—is harder to come by and less broadly shared? And how should we think about capitalist diversity in the context of global stagnation?

In Diminishing Returns, Lucio Baccaro, Mark Blyth, and Jonas Pontusson address these questions by bringing together a number of comparative and international political economists with expertise across many different countries and regions. Going beyond the methodological nationalism common in most comparative research, each author departs from a common theoretical framework, the Growth Model Perspective, and contributes to develop it further. The outcome is a new theoretical framework to help social scientists, policymakers, and opinion makers, understand the politics of growth and stagnation, which offers state of the art empirical analyses at the country, regional, and global level.

Additional text

Every once in a while, a book comes along that genuinely takes the scholarly and analytical debates in a field forwards. This impressively substantial tome is just such a volume, enriching comparative capitalisms analysis in bringing together an array of the world's leading political economists to explore growth models and capitalist restructuring in many parts of the globe. This will become a landmark volume that students and scholars of the political economy interested in the politics of capitalist growth in all parts of the globe will need to read.

Product details

• Publisher: Oxford University Press
• Languages: English
• Product format: Hardback
• Released: 31.07.2022
• EAN: 9780197607855
• ISBN: 978-0-19-760785-5
• No. of pages: 448
• Subjects: Social sciences, law, business > Political science > Political science and political education; POLITICAL SCIENCE / Comparative Politics, POLITICAL SCIENCE / Public Policy / Economic Policy, Political Economy, Comparative Politics, Development Economics, Development economics and emerging economies