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The Gradual Encroachment of Ideas: Lessons from the paradigm shift to embedded liberalism

Author

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  • Laurie Laybourn-Langton

    () (Institute for Public Policy Research (IPPR), University College London (UCL))

Abstract

Elements of the shift to embedded liberalism are of interest for those seeking to understand how political-economic paradigms shift or to precipitate such a shift today. Two policy programmes were particularly important: structural reform of the global financial system, manifest in the creation of the Bretton Woods system; and a shift in the balance of ownership across the economy, in favour of the public sector. As in other periods, those prosecuting the shift employed a wide-ranging ‘theory of change’ that included a diversity of groups, was ultimately successful upon the election of signal governments, and which benefited from the centralised power of the post-war state and the desire of electors for change. These favourable conditions stand in direct contrast to the outlook facing current change efforts.

Suggested Citation

  • Laurie Laybourn-Langton, 2020. "The Gradual Encroachment of Ideas: Lessons from the paradigm shift to embedded liberalism," Working Papers 3, Forum New Economy, revised May 2020.
  • Handle: RePEc:agz:wpaper:2003
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    More about this item

    Keywords

    political-economic paradigm; post-war consensus; embedded liberalism;
    All these keywords.

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • N92 - Economic History - - Regional and Urban History - - - U.S.; Canada: 1913-
    • N94 - Economic History - - Regional and Urban History - - - Europe: 1913-

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