It is a widespread view that democracy and the advanced nation-state are in crisis, weakened by globalization and undermined by global capitalism, in turn explaining rising inequality and mounting populism. This book, written by two of the world's leading political economists, argues this view is wrong: advanced democracies are resilient, and their enduring historical relationship with capitalism has been mutually beneficial. For all the chaos and upheaval over the past century--major wars, economic crises, massive social change, and technological revolutions--Torben Iversen and David Soskice show how democratic states continuously reinvent their economies through massive public investment in research and education, by imposing competitive product markets and cooperation in the workplace, and by securing macroeconomic discipline as the preconditions for innovation and the promotion of the advanced sectors of the economy. Critically, this investment has generated vast numbers of well-paying jobs for the middle classes and their children, focusing the aims of aspirational families, and in turn providing electoral support for parties. Gains at the top have also been shared with the middle (though not the bottom) through a large welfare state. Contrary to the prevailing wisdom on globalization, advanced capitalism is neither footloose nor unconstrained: it thrives under democracy precisely because it cannot subvert it. Populism, inequality, and poverty are indeed great scourges of our time, but these are failures of democracy and must be solved by democracy.
Carlin and Soskice integrate the financial system with a model of the macro-economy. In doing this, they take account of the gaps in the mainstream model exposed by the financial crisis and the Eurozone crisis. This equips the reader with a realistic modelling framework to analyse the economy both in crisis times and in periods of stability.
This intermediate level textbook concentrates on macroeconomic analysis and is one of the first to focus on imperfectly competitive labour and product markets. The authors present a `new Keynesian' treatment of macroeconomics. Its key characteristic is the use of wage bargaining and price-setting under imperfect competition, making product and labour market assumptions closer to the real world. These features are fully integrated in both closed and open economy analysis. The book provides access both to the important applied work on unemployment, inflation, and external balances, and to the journal literature on major questions of economic policy and performance, especially in Western Europe, available to undergraduates and non-specialists for the first time.
Capitalism in its modern form has become universal and has a presence in practically every country in the world, including those which once called themselves Communist. This book studies its effects on different labor markets, from those linked to highly tertiary economies (EU-27, USA and Japan, to the most productive economies, such as China, and on to economic models that are in full transition from secondary to tertiary economies, as is the case in several Latin American countries.
The global economy is dominated by a powerful set of established and emerging capitalisms, from the long-standing capitalist economies of the West to the rising economies of the BRIC (Brazil, Russia, India and China) countries. An understanding of capitalism is therefore fundamental to understanding the modern world. Capitalism: The Basics is an accessible introduction to a variety of capitalisms and explores key topics such as: the history of major capitalist economies; the central role played by both states and markets in the global economy; the impact of capitalism on wages, workers and welfare; approaches to the analysis of capitalism, and choices for capitalism’s future. Examining capitalism from both above and below, featuring a range of case studies from around the globe, and including a comprehensive glossary, this book is the ideal introduction for students studying capitalism.
The old certainties and structures of employment relations no longer exist. Compared with the 'golden age' of labour in the mid-twentieth century, work and employment are more precarious, employers are increasingly hostile to trade union negotiations, and the share of wages in national income is falling. Large-scale employers, in turn, are using sophisticated people-management techniques to motivate workers with person-centred, performance-driven and reward-based processes. Drawing on a range of international data, this comparative text demonstrates that whilst employment relations phenomena are nationally embedded, international market forces are compelling employers to compete in product markets by reducing labour costs, terms and conditions of employment, and job security for their workforces. In an age of transnational globalisation and free-market national economic policies, this textbook provides penetrating cross-national, cross-disciplinary and theoretical analyses of the changing structures of employment relations around the world. Key benefits: - Provides critical analyses of changing patterns of employment relations in the early twenty-first century, drawing upon global, comparative and theoretical perspectives. - Examines the changing faces of the subject in terms of academic disciplines, methodological underpinnings, and institutional, cultural and historic settings. - Integrates industrial relations literature with recent studies of the HRM paradigm.
This study of vocational education in advanced industrial countries contributes to two different areas of debate. The first is the study of the diversity of institutional forms taken by modern capitalism. The second theme is that of vocational education and training in its own right.
Why do some people support redistributive policies such as a generous welfare state, social policy or protections for the poor, and others do not? The (often implicit) model behind much of comparative politics and political economy starts with redistribution preferences. These affect how individuals behave politically and their behavior in turn affects the strategies of political parties and the policies of governments. This book challenges some influential interpretations of the political consequences of inequality. Rueda and Stegmueller provide a novel explanation of how the demand for redistribution is the result of expected future income, the negative externalities of inequality, and the relationship between altruism and population heterogeneity. This innovative and timely volume will be of great interest to readers interested in the political causes and consequences of inequality.
The political and symbolic centrality of capital cities has been challenged by increasing economic globalization. This is especially true of secondary capital cities; capital cities which, while being the seat of national political power, are not the primary economic city of their nation state. David Kaufmann examines the unique challenges that these cities face entering globalised, inter-urban competition while not possessing a competitive political economy.
Contemporary culture is rediscovering the importance of beauty for both social transformation and personal happiness. Theologians have sought, in their varied ways, to demonstrate how God's beauty is associated with notions of truth and goodness. This book breaks new ground by suggesting that liturgy is the means par excellence by which an experience of beauty is communicated. Drawing from both secular and religious understandings, in particular the mystical and apophatic tradition, the book demonstrates how liturgy has the potential to achieve the one ultimately reliable form of beauty because its embodied components are able to reflect the disturbing beauty of the One to whom worship is always offered. Such components rely on understanding the aesthetic dynamics upon which liturgy relies. This book draws from a broad range of disciplines concerned with understanding beauty and self-transformation and concludes that while secular utopian forms have much to contribute to ethical transformation, they ultimately fail since they lack the Christological and eschatological framework needed, which liturgy alone provides.
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