Description
Book SynopsisAfter more than four decades of real income stagnation, ever-increasing inequality and household financial distress, this book explores how the very fabric of our society is under threat. It argues that although capitalism is imperfect, it can be improved, and harnessing its forces of production to more suitable social relations of production is key to that improvement.
Highlighting the concept of ‘social capitalism’ and ensuring that it is consistent with our underlying theoretical vision of how capitalism works, chapters address the need for an alternative theory of economic policy-making by combining elements of Marx, Keynes, and Schumpeter (MKS). Applying their emphasis on distributive conflicts, effective demand, and innovation, the MKS system provides an in-depth description of capitalist dynamics and how they reflect observed capitalist history. Based on this approach, Capitalism, Inclusive Growth, and Social Protection suggests that an unregulated capitalistic system is inherently unstable, generates social inequality and is ultimately unviable.
This comprehensive book is an excellent resource for scholars concerned with alternatives to prevailing economics who wish to examine more intensively the current problems of capitalism. The analysis will also be of great value to policy makers and representatives of civil society.
Trade Review‘When this book gets published we celebrate the tricentenary of the birth of Adam Smith, who in The Wealth of Nations
famously wrote: “what improves the circumstances of the greater part [of society] can never be regarded as an inconvenience to the whole. No society can‘This book is a persuasive case for social capitalism as the only path to a sustainable future of liberal democracies. Fair labor markets, shared prosperity, and balanced power between social classes are key features of the solution that Krämer, Proaño, and Setterfield propose to correct the damage done by neoliberal capitalism.’ -- Codrina Rada, University of Utah, US
‘Our world is buffeted by economic, financial and political shocks. In this important book, Krämer, Proaño and Setterfield ambitiously hazard an answer. The authors draw on classic works by Marx, Keynes and Schumpeter to help us understand the interaction of structural change and macroeconomic dynamics in the 21st century. -- From the foreword by Barry Eichengreen, University of California, Berkeley, US
Table of ContentsContents: Foreword Preface and Acknowledgements General Introduction Part I The Point of Departure: The Marx-Keynes-Schumpeter (MKS) System 2 The MKS System, Part II Part II Unveiling the Fault Lines in Modern Capitalism: Systemic Crises in the Making 3 Inequality in the Distribution of Income and Wealth: Trends, Drivers and Impacts 4 Financialization 5 External Macroeconomic Imbalances: Causes and Consequences 6 Increasing Inequality, Financialization and Macroeconomic Instability: A Three Act Tragedy Part III Inclusive Growth and Social Protection: Towards Social Capitalism 8 Achieving Sustainable and Inclusive Growth 9 Conclusions and Outlook References Index
