Table of Contents
1 Cover
5 Figures, Tables and Boxes Figures Tables Boxes
8 1 Rising Inequality in Advanced Capitalism Measures of economic inequality Personal income distribution Functional income distribution Distribution of wealth Neoclassical interpretations of rising inequality in advanced capitalism Towards a political economy perspective on rising inequality Power and institutions as determinants of inequality Rising inequality as a structural cause of the global financial crisis Notes
9 2 The Rise and Fall of Egalitarian Capitalism The rise of the Keynesian welfare state The Great Depression: from laissez-faire to state intervention Embedded liberalism: the Keynesian welfare state after World War II Fordist wage-led growth: interests, ideas and institutions The fall of egalitarian capitalism Economic globalization Varieties of capitalism: towards neoliberal convergence? Neoliberalism and varieties of growth models Notes
10 3 Macroeconomic Policy: From ‘Full Employment’ to ‘Sound Money’ Macroeconomic policy during the Keynesian era Neoliberal macroeconomic policy: towards ‘sound money’ From the stagflation crisis of the 1970s to the fiscal crisis of the welfare state Depoliticization of macroeconomic policy Financial globalization and ‘market discipline’ Low inflation and distributive conflict Unsound macroeconomics of sound money Rising unemployment and the weakening of labour power Anti-inflation and rentier interests Macroeconomic policy and growth models Notes
11 4 Social Policy: Globalization, Deindustrialization and Liberalization Industrial relations and social policy during the Keynesian era Neoliberalism, labour markets and social policy Deindustrialization, social policy and varieties of capitalism Social policy and sectoral conflict Deindustrialization, liberalization and social investment Globalization, social policy and power resources Social policy and class conflict Globalization, social policy and the weakening of labour power Social policy and growth models Notes
12 5 Corporate Governance: The Rise of Shareholder Capitalism Corporate business strategies during the Keynesian era The rise of the shareholder model in the US economy From retain-and-reinvest to downsize-and-distribute Agency theory: neoliberalism and corporate governance Rent-seeking and managerial power Shareholder vs stakeholder models in varieties of capitalism Market-based vs bank-based corporate finance Corporate governance and institutional complementarities Varieties of innovation and business strategies Financialization of non-financial corporations Corporate governance and growth models Notes
13 6 Financial Policy: Market-Based Banking and the Global Financial Crisis Banks and financial intermediation during the Keynesian era A primer on banks, financial intermediation and bailouts Banking regulation and ‘3-6-3 banking’ during the Keynesian era