Demand and growth regimes revisited: Toward an integrated fourlevel research programme

This paper reviews and systematizes the expanding literature on demand and growth regimes (DGRs) or growth models (GMs) in post-Keynesian economics (PKE), comparative (CPE) and international political economy (IPE) by organizing it across four analytically distinct but interconnected levels. The first level employs a national income and financial accounting (NIFA) approach, providing information on the sources and financing of demand and growth. The second level uses the Sraffian supermultiplier (SSM) as an example of theory-based growth de-composition to identify autonomous and induced components of long-run demand-led growth. The third level analyses growth drivers, including distributional dynamics, financial and commodity cycles, fiscal and monetary governance, and macroeconomic policy regimes. The fourth level addresses the political economy of DGRs and GMs by linking dominant social blocs (DSBs), growth coalitions and developmental alliances to the formulation of growth strategies. The paper argues that these four levels of analysis form a coherent framework: NIFA and SSM approaches provide the macroeconomic foundations of DGRs or GMs; growth drivers explain their dynamics; and political economy analysis specifies how they are politically stabilized, contested and transformed. International embeddedness cuts across all four levels through monetary and financial hierarchies, countries' positions in the global division of labour, global value chains, trade structures and hence external constraints.