The Gradual Encroachment of Ideas: Lessons from the paradigm shift to embedded liberalism

Laurie Laybourn-Langton ()
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Laurie Laybourn-Langton: Institute for Public Policy Research (IPPR), University College London (UCL)

No 3, Working Papers from Forum New Economy

Abstract: Elements of the shift to embedded liberalism are of interest for those seeking to understand how political-economic paradigms shift or to precipitate such a shift today. Two policy programmes were particularly important: structural reform of the global financial system, manifest in the creation of the Bretton Woods system; and a shift in the balance of ownership across the economy, in favour of the public sector. As in other periods, those prosecuting the shift employed a wide-ranging ‘theory of change’ that included a diversity of groups, was ultimately successful upon the election of signal governments, and which benefited from the centralised power of the post-war state and the desire of electors for change. These favourable conditions stand in direct contrast to the outlook facing current change efforts.

Keywords: political-economic paradigm; post-war consensus; embedded liberalism (search for similar items in EconPapers)
JEL-codes: B20 E65 N12 N14 N92 N94 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2020-02, Revised 2020-05
New Economics Papers: this item is included in nep-his and nep-mac
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