Post-Keynesian Financialised Growth Models as an Alternative to Varieties of Capitalism(In)stability, Institutions and Taxonomic Method

  1. Juan Barredo-Zuriarrain 1
  2. Jon Las Heras Cuenca 1
  3. Carlos Rodriguez González 1
  1. 1 Universidad del País Vasco/Euskal Herriko Unibertsitatea
    info

    Universidad del País Vasco/Euskal Herriko Unibertsitatea

    Lejona, España

    ROR https://ror.org/000xsnr85

Revista:
Revista de economía mundial

ISSN: 1576-0162

Año de publicación: 2023

Número: 65

Páginas: 71-92

Tipo: Artículo

DOI: 10.33776/REM.VI65.7722 DIALNET GOOGLE SCHOLAR lock_openArias Montano editor

Otras publicaciones en: Revista de economía mundial

Resumen

Este artículo evalúa el potencial de la literatura poskeynesiana sobre modelos de crecimiento para ganar influencia sobre el enfoque de las Variedades del Capitalismo dentro de la Economía Política Comparada. Muestra que la fortaleza analítica futura de este último enfoque depende, principalmente, de la capacidad de consolidar principios macroeconómicos consistentes con una realidad dinámica. Por otro lado, los fundamentos macroeconómicos poskeynesianos permiten que los modelos de crecimiento financiarizados capturen la importancia de las luchas de poder en el crecimiento a largo plazo, así como integren las crisis como fenómenos recurrentes e inherentes a las economías capitalistas. Dicho esto, el desafío poskeynesiano para convertirse en un faro dentro de la EPC radica en ir más allá de los análisis basados en los países hacia la construcción de una asociación sistemática entre, por un lado, los aspectos institucionales compartidos entre los países y, por el otro, su clasificación sobre modelos de crecimiento.

Referencias bibliográficas

  • Baccaro, L., & Pontusson, J. (2016). Rethinking Comparative Political Economy: The Growth Model Perspective. Politics and Society, 44, 175-207.
  • Baccaro, L., & Pontusson, J. (2018). Comparative Political Economy and Varieties of Macroeconomics. MPIfG Discussion Paper 18/10
  • Baccaro, L., & Pontusson, J. (2022). The Politics of Growth Models. Review of Keynesian Economics, 10, 204-221.
  • Barredo-Zuriarrain, J. (2019). The Nature of Capitalist Money and The Financial Links Between Debt-Led and Export-Led Growth Regimes. New Political Economy, 24, 565-586.
  • Behringer, J. & van Treeck, T. (2019). Income Distribution and Growth Models: A Sectoral Balances Approach. Politics and Society 47, 303-332.
  • Bhaduri, A., & Marglin, S. (1990). Unemployment and The Real Wage: The Economic Basis for Contesting Political Ideologies. Cambridge Journal of Economics, 14, 375-393.
  • Bibow, J. (2013). The Euroland Crisis and Germany’s Euro Trilemma. International Review of Applied Economics, 27, 360-385.
  • Blecker, R.A. (1989). International Competition, Income Distribution and Economic Growth. Cambridge Journal of Economics, 13, 395-412.
  • Blecker, R.A. (2016). Wage-Led versus Profit-Led Demand Regimes: The Long and the Short of it. Review of Keynesian Economics, 4, 373-390.
  • Bruff, I. (2011). What About The Elephant in The Room? Varieties of Capitalism, Varieties in Capitalism. New Political Economy, 16, 481-500.
  • Cárdenas, L., Herrero, D., & Rial, A. (2021). Fundamentos institucionales del crecimiento dirigido por la demanda: una nueva agenda de investigación. Revista de economía mundial, (58)
  • Carlin, W., & Soskice, D. (2005). Macroeconomics: Imperfections, Institutions, and Policies. Oxford University Press.
  • Carlin, W. & Soskice, D. (2009). German Economic Performance: Disentangling the Role of Supply-Side Reforms, Macroeconomic Policy and Coordinated Economy Institutions. Socio-Economic Review, 7, 67-99.
  • Carlin, W. & Soskice, D. (2015). Macroeconomics: Institutions, Instability, and the Financial System. Oxford University Press.
  • Detzer, D., & Hein, E. (2014). Financialisation and the Financial and Economic Crises: The Case of Germany (No. 44/2014). Working Paper.
  • Dutt, A.K. (2011). Institutional Change and Economic Development: Concepts, Theory and Political Economy. Journal of Institutional Economics,7, 529- 534.
  • Eichner, A. S. (1985). Toward a New Economics: Essays in Post-Keynesian and Institutionalist Theory. ME Sharpe.
  • Flassbeck, H. & Lapavitsas, K. (2013). The Systemic Crisis of the Euro-True Causes and Effective Therapies. Rosa-Luxemburg-Stiftung.
  • Fligstein, N. & Zhang, J. (2011). A New Agenda for Research on the Trajectory of Chinese Capitalism. Management and Organization Review, 7, 39-62.
  • Giavazzi, F. & McMahon, M. (2008). Policy Uncertainty and Precautionary Savings (No. w13911). National Bureau of Economic Research
  • Gräbner, C., Heimberger, P., Kapeller, J. & Schütz, B. (2020). Is the Eurozone Disintegrating? Macroeconomic Divergence, Structural Polarisation, Trade and Fragility. Cambridge Journal of Economics, 44, 647-669.
  • Hall, P.A. (2014). Varieties of Capitalism and the Euro Crisis, West European Politics, 37, 1223-1243
  • Hall, P.A., & Soskice, D. (Eds.). (2001). Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford University Press.
  • Hancké, B. (2013) The Missing Link: Labour Unions, Central Banks and Monetary Integration in Europe. Transfer: European Review of Labour and Research, 19, 89–101.
  • Hay, C., & Wincott, D. (2012). The Political Economy of European Welfare Capitalism. Macmillan International Higher Education.
  • Hein, E. (2012). The Macroeconomics of Finance-Dominated Capitalism and its Crisis. Edward Elgar Publishing.
  • Hein, E. & Mundt, M. (2012). Financialisation and the Requirements and Potentials for Wage-Led Recovery – a Review Focussing on the G20. Conditions of Work and Employment Series (No. 37). International Labour Organisation
  • Hein, E., & Martschin, J. (2020). The Eurozone in Crisis—A Kaleckian Macroeconomic Regime and Policy Perspective. Review of Political Economy, 32, 563-588.
  • Hein, E., Meloni, W. P., & Tridico, P. (2020). Welfare Models and DemandLed Growth Regimes Before and After The Financial and Economic Crisis. Review of International Political Economy, 1-36.
  • Hope, D., & Soskice, D. (2016). Growth Models, Varieties of Capitalism, and Macroeconomics. Politics and Society, 44(2), 209-226.
  • Höpner, M. & Lutter, M. (2014) One Currency and Many Modes of Wage Formation: Why the Eurozone Is Too Heterogeneous for the Euro. MPIfG Discussion Paper 14/14
  • Iversen, T., Pontusson, J. & Soskice, D. (eds.) (2000) Unions, Employers and Central Banks: Macroeconomic Coordination and Institutional Change in Social Market Economies, Cambridge University Press, pp. 7–8.
  • Iversen, T., & Soskice, D. (2012). Modern Capitalism and The Advanced Nation State: Understanding the Causes of the Crisis. In Coping with Crisis: Government Reactions to the Great Recession, 35-64.
  • Iversen, T. Soskice, D. & Hope, A. (2016) The Eurozone and Political Economic Institutions. Annual Review of Political Science, 19, 163–85.
  • Jayadev, A. (2007). Capital Account Openness and The Labour Share of Income. Cambridge Journal of Economics, 31(3), 423-43.
  • Jäger, J., & Springler, E. (Eds.). (2015). Asymmetric Crisis in Europe and Possible Futures: Critical Political Economy and Post-Keynesian Perspectives. Routledge.
  • Jessop, B. (2011), Rethinking The Diversity of Capitalism: Varieties of Capitalism, Variegated Capitalism, and The World Market. In Capitalist Diversity and Diversity within Capitalism, edited by Geoffrey Wood and Christel Lane, 209-237. London: Routledge
  • Johnston, A., Hancké, B., & Pant, S. (2014). Comparative Institutional Advantage in the European Sovereign Debt Crisis. Comparative Political Studies, 47, 1771-1800.
  • Kalecki, M. (1943). Political Aspects of Full Employment. Political Quarterly, 14, 322-331.
  • Kaufman, B.E. (2012). Wage Theory, New Deal Labour Policy, and The Great Depression: Were Government and Unions to Blame? ILR Review, 65, 501- 532.
  • Kapeller, J., & Schütz, B. (2015). Conspicuous Consumption, Inequality and Debt: The Nature of Consumption-Driven Profit-Led Regimes. Metroeconomica, 66, 51-70.
  • Kohler, K., Guschanski, A., & Stockhammer, E. (2019). The Impact of Financialisation on The Wage Share: A Theoretical Clarification and Empirical Test. Cambridge Journal of Economics, 43, 937-974.
  • Kohler, K., & Stockhammer, E. (2021). Growing Differently? Financial Cycles, Austerity, and Competitiveness in Growth Mdels Since the Global Financial Crisis. Review of International Political Economy.
  • Kumhof, M., C. Lebarz, R. Ranciere, A. Richter, and N. Throckmorton. (2012). Income Inequality and Current Account Imbalances. IMF Working Papers 12/08, International Monetary Fund.
  • Lavoie, M. (2004). L’économie postkeynésienne. La Découverte.
  • Lavoie, M. (2015). Book review: Carlin, Wendy and David Soskice: Macroeconomics: Institutions, Instability, and the Financial System, Oxford, UK. European Journal of Economics and Economic Policies: Intervention, 12, 135-142.
  • Lavoie, M., & Stockhammer, E. (2013). Wage-Led Growth: Concept, Theories and Policies. In Wage-Led Growth (pp. 13-39). Palgrave Macmillan.
  • Lavoie, M. (2022). Post-Keynesian Economics: New Foundations. Edward Elgar Publishing.
  • Nölke, A., & Vliegenthart, A. (2009). Enlarging the Varieties of Capitalism: The Emergence of Dependent Market Economies in East Central Europe. World politics, 61(4), 670-702.
  • Onaran, Ö. (2009b), “Wage Share, Globalisation, and Crisis: The Case of Manufacturing Industry in Korea, Mexico, and Turkey”, International Review of Applied Economics, 23 (2), 113-134
  • Oyvat, C., Öztunalı, O., & Elgin, C. (2020). Wage-Led versus Profit-Led Demand: a Comprehensive Empirical Analysis. Metroeconomica, 71, 458-486
  • Palley, T.I. (2017). Wage-vs. Profit-Led Growth: The Role of the Distribution of Wages in Determining Regime Character. Cambridge Journal of Economics, 41, 49-61.
  • Piore, M.J. (2016). Varieties of Capitalism Theory: Its Considerable Limits. Politics and Society, 44, 237-241.
  • Prasch, R. E. (2005). The Social Cost of Labor. Journal of Economic Issues, 39(2), 439-445.
  • Rowthorn, R. (1981). Demand, Real Wages and Economic Growth. Thames Papers in Political Economy, Autumn: 1-39
  • Schwartz, H.M., & Tranøy, B.S. (2019). Thinking About Comparative Political Economy: From Macro to Micro and Back. Politics and Society, 47, 23-54.
  • Seccareccia, M. (1991). An Alternative to Labour-Market Orthodoxy: The P^ost-Keynesian/Institutionalist Policy View. Review of Political Economy, 3(1), 43-61.
  • Setterfield, M., & Kim, Y.K. (2016). Debt Servicing, Aggregate Consumption, and Growth, Structural Change and Economic Dynamics, 36, 22-33
  • Simonazzi, A., Ginzburg, A., & Nocella, G. (2013). Economic Relations Between Germany and Southern Europe. Cambridge Journal of Economics, 37, 653- 675.
  • Sinn, H.W. (2012). The European Balance of Payments Crisis: An Introduction. In CESifo Forum (Vol. 13, No. Special Issue, pp. 3-10). München
  • Soskice, D. (2007). Macroeconomics and Varieties of Capitalism in. Beyond Varieties of Capitalism: Conflict, Contradictions, and Complementarities in the European Economy, 89-121.
  • Soskice, D. (2009) Varieties of Capitalism, Varieties of Reform. In A. Hemerijck, B. Knapen and E. van Doorne (eds.). Aftershocks: Economic Crisis and Institutional Choice (University of Amsterdam Press), 133–41.
  • Stiglitz, J.E. (2007). Global Imbalances, Power Shifts and the Future of Multilateralism. In: Paper presented at the CEPR Events, April, Washington.
  • Stockhammer, E. (2009). The Finance-Dominated Accumulation Regime, Income Distribution and The Present Crisis. Papeles De Europa, 19, 58-81.
  • Stockhammer, E. (2017). Wage-Led versus Profit-Led Demand: What have we Learned? A Kaleckian–Minskyan view. Review of Keynesian Economics, 5, 25-42.
  • Stockhammer, E. (2018), Demand Regimes, Financialisation and Hysteresis: New Keynesian and Post-Keynesian Macroeconomic Underpinnings of the Varieties of Capitalism (No. PKWP1809).
  • Stockhammer, E. (2021). Post-Keynesian Macroeconomic Foundations for Comparative Political Economy. Politics and Society
  • Stockhammer, E., & Ali, S.M. (2018). Varieties of Capitalism and Post-Keynesian Economics on Euro Crisis. Wirtschaft und Gesellschaft, 44, 349-370.
  • Stockhammer, E., Onaran, Ö., & Ederer, S. (2009). Functional Income Distribution and Aggregate Demand in the Euro Area. Cambridge Journal of Economics, 33,139-159.
  • Stockhammer, E., & Wildauer, R. (2016). Debt-Driven Growth? Wealth, Distribution and Demand in OECD Countries. Cambridge Journal of Economics, 40, 1609-1634.
  • Stockhammer, E., & Kohler, K. (2022). Learning From Distant Cousins? PostKeynesian Economics, Comparative Political Economy, and The Growth Models Approach. Review of Keynesian Economics, 10(2), 184-203.
  • Streeck, W. (2009). Re-Forming Capitalism: Institutional Change in The German Political Economy. Oxford University Press.
  • Van Treeck, T., & Sturn, S. (2012). Income Inequality as a Cause of The Great Recession?: A Survey of Current Debates. Geneva: ILO.
  • .Carvalho, L. & Rezai, A. (2016). Personal Income Inequality and Aggregate Demand. Cambridge Journal of Economics, 40, 491-505.
Fuente de los datos: Dialnet