Governance of the American Economy (Structural Analysis in the Social Sciences, Series Number 5)

In this tightly edited volume, a single theoretical framework is developed to explain institutional transformation in the governance of the U.S. economy in the twentieth century, and this framework is applied to case studies of eight American industries in various sectors: telecommunications, nuclear energy, railroads, steel automobiles, dairies, meatpacking, and hospitals. By "governance" the contributors refer to the systems of rules, procedures and norms that define ownership and control the means of production, govern transactions and determine the efficiency with which resources and information are allocated. An important new evolutionary model of the governance transformation process emerges, and a new perspective on the role of the state is developed, which argues that the volume addresses questions about the governance of capitalist economies in general. In this book, nine scholars representing various perspectives examine institutions that govern economic activity in the United States and the dramatic changes they have undergone since the late nineteenth century. They investigate how and why these changes occurred and continue to occur as markets become more volatile, technology changes and international competition becomes more intense. They also address general questions about the governance of capitalist economies by considering several governance mechanisms such as markets, bureaucratic hierarchies, associations and informal networks and by exploring how such mechanisms emerge to coordinate economic activity and affect economic performance. The first part of the book describes the important characteristics of these organisational forms and provides an overview of institutional development in the US economy. The second part includes case studies of the institutional development of eight economic sectors. Finally, based on data from these case studies, the third part of the book tests competing theories of institutional change in capitalism, develops a new evolutionary model of the change process, and offers an original analysis of how the state influences this process Nine scholars, representing various perspectives, examine institutions that govern economic activity in the United States and the dramatic changes they have undergone since the late 19th century. They investigate how and why these changes occurred and continue to occur Edited By John L. Campbell, J. Rogers Hollingsworth, Leon N. Lindberg. Includes Bibliographical References (p. 396-441) And Index.