This is a well-structured book on a complex question that has been
relevant for centuries leading up to the actual crisis in the EU
and the international financial markets. The book offers a rich
picture of empirics, and discusses, explains and criticizes a
number of classical theories in the field (Marx, Schumpeter,
Polanyi), as well as modern theories (Greif, North et al.,
Acemoglu, Perez and others). The familiar topics of property
rights, technological development and long waves are presented in
an illuminating way, whereas a number of new topics including open
and limited access societies, hyper globalization, and the European
Union are viewed in a broad perspective of 'political economy' and
'institutional economics'. The limitations of neoclassical
economics are well presented as are the benefits (and costs) of
political economy.' - John Groenewegen, Delft University of
Technology, the Netherlands'This book is a very coherent and
up-to-date work. It presents a clear and sophisticated view on the
role of economic institutions and aspects of political economy in
the process of modern economic growth. The author demonstrates
significant originality in combining insights from different
sub-fields to successfully understand economic growth and the
distribution of income in the economy. It will be a rich source of
ideas for anyone interested in how the modern world, and various
countries and regions in particular, attained high levels of
economic welfare.' - Sjak Smulders, Tilburg University, the
Netherlands Capitalism is driven by technological revolutions,
leading to alternating periods of regulation and deregulation in
leading economies. Technologically backward countries face a
different situation as they have to catch up with the leaders.
Against this backdrop, Theo van de Klundert examines the
relationship between capitalism and democracy, combining economic
theory and historical description to analyse long-run economic
development. Emphasis is placed on the interrelation between
economic and political power, and a robust state-of-the-art
overview of today's political economy is presented. The author
addresses two fundamental questions raised in the analysis of the
relationship between capitalism and democracy. Firstly, he explores
why capitalism in leading economies is characterized by alternating
periods of regulation and deregulation, and secondly, whether
developing countries can opt for different types of capitalism once
the potential for catching up with developed countries has expired.
The consequences of a shift in the balance of power in the global
economy are also considered in detail. Broad in scope and employing
various methodological approaches, this book will prove a
fascinating read for academics, students and researchers in the
fields of economics and heterodox economics. Contents: Preface
Introduction Part I: Economic Theory in a Historical Perspective 1.
Emerging Markets 2. Political Economy Revisited 3. Engines of
Growth 4. Follow the Leader Part II: Historical Developments in a
Theoretical Perspective 5. The Long Wave 6. A Tale of Two
Continents 7. The World Economy at Large 8. Democracy at Bay
References Index
General
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