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Post-Keynesian macroeconomic foundations for Comparative Political Economy

Author

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  • Engelbert Stockhammer

    (None)

Abstract

Since the global financial crisis and the ensuing weak growth interest in macroeconomic issues has grown within Comparative Political Economy (CPE). The dominant Varieties of Capitalism approach focuses on how different institutional arrangements contribute to competitiveness and thus has a strong supply-side focus, which is complementary with modern mainstream economics. Baccaro and Pontusson (2016) have suggested basing CPE on post-Keynesian theory of distribution and growth. This paper generalises their point and makes a systematic case for post-Keynesian (PK) foundations for CPE. It highlights the PK theory of money and finance and that PKE analyses inequality as well as financial relations as based on class and power relations. The paper identifies the analysis of financialisation, financial cycles, the understanding of neoliberal growth models and the political economy of central banks as areas where PKE can provide specific insights for CPE.

Suggested Citation

  • Engelbert Stockhammer, 2020. "Post-Keynesian macroeconomic foundations for Comparative Political Economy," Working Papers PKWP2022, Post Keynesian Economics Society (PKES).
    • Handle: RePEc:pke:wpaper:pkwp2022
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    File URL: https://www.postkeynesian.net/downloads/working-papers/PKWP2022.pdf
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    Citations

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    Cited by:

    1. Mark Setterfield & YK Kim, 2022. "How Financially Fragile can Households Become? Household Borrowing, the Welfare State, and Macroeconomic Resilienc," Working Papers 2022-02, University of Massachusetts Boston, Economics Department.
    2. Schedelik, Michael & Nölke, Andreas & May, Christian & Gomes, Alexandre, 2022. "Dependency revisited: Commodities, commodity-related capital flows and growth models in emerging economies," IPE Working Papers 201/2022, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    3. Akcay, Ümit & Hein, Eckhard & Jungmann, Benjamin, 2021. "Financialisation and macroeconomic regimes in emerging capitalist economies before and after the Great Recession," IPE Working Papers 158/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    4. Engelbert Stockhammer & Karsten Kohler, 2023. "Learning from distant cousins? Post-Keynesian Economics, Comparative Political Economy, and the Growth Models approach," Chapters, in: Thomas Palley & Esteban Pérez Caldentey & Matías Vernengo (ed.), Varieties of Capitalism, chapter 3, pages 56-75, Edward Elgar Publishing.
    5. Klassen, Theodore J., 2023. "From export boom to private debt bubble: A macroeconomic policy regime assessment of Canada's shifting growth regime in the neoliberal era," IPE Working Papers 203/2023, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    6. Yuki Tada, 2023. "The paradox of debt and Minsky cycle: Nonlinear effects of debt and capital, and variety of capitalism," Working Papers 2304, New School for Social Research, Department of Economics.
    7. Walter Paternesi Meloni & Antonella Stirati, 2021. "What has driven the delinking of wages from productivity? A political economy-based investigation for high-income economies," Working Papers PKWP2104, Post Keynesian Economics Society (PKES).
    8. Yannis Dafermos & Daniela Gabor & Jo Michell, 2023. "Institutional supercycles: an evolutionary macro-finance approach," New Political Economy, Taylor & Francis Journals, vol. 28(5), pages 693-712, September.

    More about this item

    Keywords

    post-Keynesian economics; comparative political economy; growth models; financial instability;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • P50 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - General

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