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Growth models, varieties of capitalism and macroeconomics

Hope, David and Soskice, David (2016) Growth models, varieties of capitalism and macroeconomics. Politics and Society, 44 (2). pp. 209-226. ISSN 0032-3292

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Identification Number: 10.1177/0032329216638054

Abstract

Lucio Baccaro and Jonas Pontusson make a significant contribution to comparative political economy with their approach to analyzing growth in advanced economies, which focuses on the demand side of the economy and distributive conflict. In contrast to Baccaro and Pontusson, however, we view their approach as reinforcing recent developments in varieties of capitalism rather than undermining them. We also believe that the type of modern macroeconomics used by (for instance) Carlin and Soskice is better placed than their post-Keynesian framework to analyze growth models, and that their approach is not inconsistent with it. Modern macroeconomic models incorporate, as they do not, a role for the state—including monetary and fiscal policy—and provide a coherent framework within which to analyze both the supply and demand sides of the economy; they also enable us to understand the interactions between economies and hence the role of growth models in global imbalances.

Item Type: Article
Official URL: http://pas.sagepub.com/content/44/2/209.abstract
Additional Information: © 2016 SAGE Publications
Divisions: Government
Subjects: H Social Sciences > HC Economic History and Conditions
Sets: Departments > Government
Date Deposited: 17 May 2016 10:02
Last Modified: 20 May 2019 02:06
URI: http://eprints.lse.ac.uk/id/eprint/66531

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