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Pasinetti’s Structural Dynamics and Institutional Analysis: The End of the Golden Age and the Rise of Neoliberalism

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  • Davide Gualerzi

Abstract

The aim of the paper is to show what institutional analysis might look like in the context of Pasinetti's structural dynamics. It elaborates on the question of the second stage of investigation, which Pasinetti consistently indicates to be an essential part of structural dynamics. The purpose is to ensure the continuing vitality of a highly original lifelong project.The paper briefly examines first the natural system and the remarks on institutions one finds in Pasinetti and the recent literature. It then analyses along admittedly general lines the so—called Golden Age and Neoliberalism, contrasting the institutional framework and the underlying patterns of structural change. What emerges is a conflictive relationship between the 'reformist control' over the natural system and the reality of the forces and agency that drove the transition to Neoliberalism.The last section proposes an interpretation of the two—stage approach based on Pasinetti's ethical views that define the ultimate purpose of economic theorising. This perspective is arguably reflecting a political culture that has disappeared with the rise of Neoliberalism.

Suggested Citation

  • Davide Gualerzi, 2026. "Pasinetti’s Structural Dynamics and Institutional Analysis: The End of the Golden Age and the Rise of Neoliberalism," Review of Political Economy, Taylor & Francis Journals, vol. 38(2), pages 403-420, March.
    • Handle: RePEc:taf:revpoe:v:38:y:2026:i:2:p:403-420
    DOI: 10.1080/09538259.2025.2494041
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