Description
Book SynopsisThis book uses an institutional-evolutionary approach to analyse economic problems associated with developments in capitalism during the second half of the twentieth century. It argues that economics should centre on institutions - the durable fabric of the economy over time.
Drawing on the foundations of Marxist and institutional political economy, the book traces the lineages of institutional themes, as well as considering feminist, post-Keynesian, holistic economics and Schumpeterian perspectives. The nature of institutions in the growth and instability of capitalism is then explored with reference to social structures of accumulation. Particular reference is given to the world economy, the family, the Keynesian welfare state and neo-liberalism, Fordism, the flexible mode of accumulation, and financial regulation and deregulation. The author concludes, using institutional-evolutionary themes of political economy, that the evolution of modern capitalism is likely to be unstable as we move into the next century.
Trade Review'Phillip O'Hara's intention in this well-written and referenced book is to provide a new synthesis between neo-institutionalist followers of Veblen and adherents of the neo-Marxist approach to political economy . . . Beyond those interested in its primary objective, this book is also likely to find a readership among people who wish to get a solid introduction to economics beyond the literature and questions that are of current interest to the mainstream of the profession . . . This book is a clear and accessible survey of a remarkable range of literatures . . . the book represents a useful survey of several important non-mainstream approaches to political economy.'Table of ContentsContents: Foreword: William M. Dugger and James Ronald Stanfield 1. Introduction Part A: The Foundations: Marx and Veblen 2. Marx’s Capital and the Institutional Reproduction of Capitalism 3. Veblen’s ‘Critique’ of Marx’s Philosophical Preconceptions of Political Economy 4. Veblen’s Analysis of Social Wealth, Industry–Business, and Crises of Capitalism Part B: Contemporary Institutional–Evolutionary Political Economy 5. Neo-Marxian and Neoinstitutional Political Economy: Holism, Evolution, and Contradiction 6. Capital, the Wealth of Nations, and Inequality in the Contemporary World 7. A New Measure of Macroeconomic Performance and Institutional Change Part C: Social Structures of Accumulation and Socioeconomic Crises of Modern Capitalism: 1940–2000s 8. Long Waves of Economic Growth and Development, and the Metamorphosis of Institutions 9. Fordism, Accumulation, and Institutional Contradictions 10. The World Economy and US Hegemony 11. Household Labor, the Family, and Macroeconomic Instability in the United States 12. The Keynesian Welfare State: Emergence, Contradictions, and Evolution 13. Financial Instability, Uncertainty, and Endogenous Credit in the United States 14. A New Social Structure of Accumulation or the Emerging Global Crises of Capitalism? 15. Conclusion Bibliography Index
