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.

This book has both empirical and theoretical goals. The primary empirical goal is to examine the evolution of industrial relations in Western Europe from the end of the 1970s up to the present. Its purpose is to evaluate the extent to which liberalization has taken hold of European industrial relations and institutions through five detailed, chapter-length studies, each focusing on a different country and including quantitative analysis. The book offers a comprehensive description and analysis of what has happened to the institutions that regulate the labor market, as well as the relations between employers, unions, and states in Western Europe since the collapse of the long postwar boom. The primary theoretical goal of this book is to provide a critical examination of some of the central claims of comparative political economy, particularly those involving the role and resilience of national institutions in regulating and managing capitalist political economies.