Shrinking capitalism: components of a new political economy paradigm

Environmental Preferences and Technological Choices: Is Market Competition Clean or Dirty?

Samuel Bowles and Wendy Carlin

Oxford Review of Economic Policy, 2021, vol. 37, issue 4, 794-810

Abstract: The climate emergency, rising inequality, and pandemic diffusion have raised the question: for what purpose is capitalism fit? Implementing new policies and institutions to meet these challenges will require a realignment of political forces on a scale similar to that achieved by neoliberal policies and ideas over the past four decades. We suggest that a successful new paradigm must provide the basis of a dynamic and sustainable economy and be constituted by a synergistic set of ethical commitments, economic models, emblematic policies, and a new vernacular economics by which people understand and seek to improve their livelihoods and futures. We illustrate these four components by reference to the classical liberal, Keynesian-social democratic, and neoliberal paradigms. Using an expanded space for policies and institutions that integrates markets, states, and civil society, we propose elements of a new paradigm, including diminished space for capitalism and greater equality not only of economic endowments but also of dignity and voice.

Keywords: inequality; power; paradigm; principal; agent model; classical liberalism; Keynesian social democracy; neoliberalism; ethics; civil society (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (4)

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