Оглавление
Mattias Vermeiren. Crisis and Inequality
Table of Contents
List of Tables
List of Illustrations
Guide
Pages
Dedication
Crisis and Inequality. The Political Economy of Advanced Capitalism
Copyright Page
Figures, Tables and Boxes
Figures
Tables
Boxes
Abbreviations
Introduction
Notes
1Rising Inequality in Advanced Capitalism
Measures of economic inequality. Personal income distribution
Box 1.1Stocks and bonds
Functional income distribution
Distribution of wealth
Neoclassical interpretations of rising inequality in advanced capitalism
Box 1.2The market price mechanism
Towards a political economy perspective on rising inequality. Power and institutions as determinants of inequality
Rising inequality as a structural cause of the global financial crisis
Box 1.3Supply-side versus demand-side macroeconomics
Notes
2The Rise and Fall of Egalitarian Capitalism
The rise of the Keynesian welfare state. The Great Depression: from laissez-faire to state intervention
Embedded liberalism: the Keynesian welfare state after World War II
Fordist wage-led growth: interests, ideas and institutions
Box 2.1The Keynesian revolution in macroeconomics
The fall of egalitarian capitalism. Economic globalization
Box 2.2The demise of the Bretton Woods system
Varieties of capitalism: towards neoliberal convergence?
Neoliberalism and varieties of growth models
Notes
3Macroeconomic Policy: From ‘Full Employment’ to ‘Sound Money’
Macroeconomic policy during the Keynesian era
Box 3.1The fiscal multiplier
Box 3.2Instruments of the central bank
Neoliberal macroeconomic policy: towards ‘sound money’ From the stagflation crisis of the 1970s to the fiscal crisis of the welfare state
Depoliticization of macroeconomic policy
Box 3.3The ‘policy ineffectiveness’ thesis: from monetarism to New Keynesianism
Financial globalization and ‘market discipline’
Box 3.4Negative demand shock in sovereign bond markets
Low inflation and distributive conflict. Unsound macroeconomics of sound money
Rising unemployment and the weakening of labour power
Anti-inflation and rentier interests
Macroeconomic policy and growth models
Notes
4Social Policy: Globalization, Deindustrialization and Liberalization
Industrial relations and social policy during the Keynesian era
Box 4.1Centralized wage-setting: principles
Neoliberalism, labour markets and social policy
Deindustrialization, social policy and varieties of capitalism. Social policy and sectoral conflict
Deindustrialization, liberalization and social investment
Box 4.2Hartz reforms and labour market dualization in Germany
Globalization, social policy and power resources. Social policy and class conflict
Globalization, social policy and the weakening of labour power
Social policy and growth models
Notes
5Corporate Governance: The Rise of Shareholder Capitalism
Corporate business strategies during the Keynesian era
The rise of the shareholder model in the US economy. From retain-and-reinvest to downsize-and-distribute
Box 5.1Apple’s business strategy
Agency theory: neoliberalism and corporate governance
Box 5.2Capital markets
Rent-seeking and managerial power
Shareholder vs stakeholder models in varieties of capitalism. Market-based vs bank-based corporate finance
Corporate governance and institutional complementarities
Varieties of innovation and business strategies
Financialization of non-financial corporations
Corporate governance and growth models
Notes
6Financial Policy: Market-Based Banking and the Global Financial Crisis
Banks and financial intermediation during the Keynesian era. A primer on banks, financial intermediation and bailouts
Banking regulation and ‘3-6-3 banking’ during the Keynesian era
Financial liberalization and the rise of market-based banking
Market-based banking and transatlantic financial instability. Securitization, the democratization of credit and the US subprime crisis
Box 6.1CDO, SIV and ABCP
Box 6.2Mortgage equity withdrawal: an illustration
From the subprime crisis to the Eurozone crisis
Market-based banking, regulatory capture and financialization
Financial policy and growth models
Notes
7Macroeconomic Imbalances Before and After the Crisis
Widening macroeconomic imbalances before the crises: empirics
Box 7.1The balance of payments
Macroeconomic imbalances and growth models before the crisis
Growth models and macroeconomic adjustment after the crisis
Macroeconomic adjustment in finance-led LMEs
Macroeconomic adjustment in the Eurozone: export-led CMEs vs debt-led MMEs
Macroeconomic imbalances and secular stagnation
Notes
8The Future of Egalitarian Capitalism. Rising inequality, growth models and crisis
Secular stagnation and macroeconomic policy reform
The rise of populism and the decline of social democracy
Climate change and the decarbonization of the economy
The coronavirus crisis and the future of egalitarian capitalism
Notes
References
Index
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