The Political Economy Reader : Contending Perspectives and Contemporary Debates

The Political Economy Reader advocates a particular approach to the study of political economy – the'market-institutional'perspective – which emphasizes the ways in which markets are embedded in political and social institutions. This perspective offers a compelling alternative to the market-liberal view, which advocates freer markets and less government intervention in the economy, as if states and markets were naturally at odds with each other. The reader embraces a truly interdisciplinary approach to the study of political economy, with extensive coverage from sociology, economics, history and political science. It includes some of the most important classical and contemporary theoretical perspectives on political economy. And it engages some of the most topical debates in political economy today, such as climate change, the global financial crisis, inequality, the digital platform economy, and the COVID-19 pandemic. For political economy courses at a variety of levels and from a range of disciplines, the reader is also of interest to scholars and citizens wanting perspective on the intersection of economics, politics, and society. New to the Second Edition • More than 20 new readings included by such notables as Elinor Ostrom, E. J. Hobsbawm, Dani Rodrik, Amartya Sen, Thomas Piketty, and Mariana Mazzucato among many others. • Fully updated introductions to the book and each thematic chapter of readings. • Coverage of key emerging debates including climate change, the financial crisis, inequality, the digital platform economy, and COVID-19 Contents Preface Introduction • Steven K. Vogel Part I: Contending Perspectives 1 The Classics Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations (1776) Karl Marx and Friedrich Engels, “The Communist Manifesto” (1848) Friedrich List, The National System of Political Economy (1841) 2 The Liberal Paradigm Friedrich A. Hayek, The Road to Serfdom (1944) Milton Friedman, Capitalism and Freedom (1962) 3 Economic Sociology Karl Polanyi, The Great Transformation (1944) Neil Fligstein, The Architecture of Markets (2001) 4 The New Institutional Economics Douglass C. North, Structure and Change in Economic History (1981 Elinor Ostrom, Governing the Commons (1990) 5 Historical Perspectives E.J. Hobsbawm, Industry and Empire (1968) Alexander Gerschenkron, “Economic Backwardness in Historical Perspective” (1951) 6 Political Science and Political Economy Charles E. Lindblom, Politics and Markets (1977) Peter A. Hall and David Soskice, Varieties of Capitalism (2001) Part II: Contemporary Debates 1 Market Reform Deepak Lal, Reviving the Invisible Hand (2006) Steven K. Vogel, Marketcraft (2018) 2 Market Transition Anders Åslund, How Capitalism Was Built (2013) Yuen Yuen Ang, How China Escaped the Poverty Trap (2016) 3 Market Development Arvind Panagariya, Free Trade & Prosperity (2019) Dani Rodrik, One Economics, Many Recipes (2007) Naazneen H. Barma, “Economic Development: From Orthodoxy toHeterodoxy” (2021) Amartya Sen, Development as Freedom (1999) 4 Climate Change John Asafu-Adjaye et al., “An Ecomodernist Manifesto” (2015) Jeremy Caradonna et al., “A Call to Look Past An Ecomodernist Manifesto: A Degrowth Critique” (2015) 5 The Global Financial Crisis Peter Wallison, “The True Story of the Financial Crisis” (2011) Joseph E. Stiglitz, Freefall: America, Free Markets, and The Sinking of The World Economy (2010) 6 Inequality N. Gregory Mankiw, “Defending the One Percent” (2013) Thomas Piketty, Capital in the Twenty-First Century (2014) 7 The Digital Platform Economy Tyler Cowen, Big Business: A Love Letter to an American Anti-Hero (2019) Mariana Mazzucato, The Entrepreneurial State (2013) Lina M. Khan, “Sources of Tech Platform Power” (2018) 8 The COVID-19 Pandemic Brink Lindsey, “What the Pandemic Revealed” (2020) Carolina Alves and Ingrid Harvold Kvangraven, “Changing the Narrative: Economics After COVID-19” (2020) Index "The Political Economy Reader advocates a particular approach to the study of political economy - the "market-institutional" perspective - which emphasizes the ways in which markets are embedded in political and social institutions. This perspective offers a compelling alternative to the market-liberal view, which advocates freer markets and less government intervention in the economy, as if states and markets were naturally at odds with each other. The reader embraces a truly interdisciplinary approach to the study of political economy, with extensive coverage from sociology, economics, history and political science. It includes some of the most important classical and contemporary theoretical perspectives on political economy. And it engages some of the most topical debates in political economy today, such as climate change, the global financial crisis, inequality, the digital platform economy, and the COVID-19 pandemic. For political economy courses at a variety of levels and from a range of disciplines, the reader is also of interest to scholars and citizens wanting perspective on the intersection of economics, politics, and society"-- Provided by publisher This reader combines in a single volume the key writings of classical and contemporary thinkers on political economy, providing both a theoretical approach to understanding capitalism and a survey of the varieties of capitalism around the world today