Understanding how political economies change

Peter A. Hall

Chapter 6 in Handbook of Comparative Political Economy, 2025, pp 119-135 from Edward Elgar Publishing

Abstract: This chapter reviews classic and contemporary theories about how political economies change over time, focusing on the developed political economies in the postwar period. It examines the transition from an era of modernization marked by Keynesian policies, through an era of liberalization dominated by reforms that made markets more competitive, to a knowledge economy based on digital technologies. It considers alternative approaches to the process of change and the relationship between capitalism and democracy, as well as the roles played in this process by class relations, producer groups, economic ideas, and electoral politics. The chapter concludes with a summary of the author's approach to such issues, which emphasizes the interplay between growth regimes constituted by firm strategies and congruent government policies and representation regimes operating through the arenas of electoral politics and producer group politics. It closes by considering issues pertinent to how political economies change that deserve further investigation.

Keywords: Capitalism; Democracy; Growth regimes; Representation regimes; Liberalization; Knowledge economy (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035327775
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