Hardback
Capitalism, Inclusive Growth, and Social Protection
Inherent Contradiction or Achievable Vision?
9781786433060 Edward Elgar Publishing
After more than four decades of real income stagnation, ever-increasing inequality and household financial distress, this book explores how the very fabric of our society is under threat. It argues that although capitalism is imperfect, it can be improved, and harnessing its forces of production to more suitable social relations of production is key to that improvement.
More Information
Critical Acclaim
Contents
More Information
After more than four decades of real income stagnation, ever-increasing inequality and household financial distress, this book explores how the very fabric of our society is under threat. It argues that although capitalism is imperfect, it can be improved, and harnessing its forces of production to more suitable social relations of production is key to that improvement.
Highlighting the concept of ‘social capitalism’ and ensuring that it is consistent with our underlying theoretical vision of how capitalism works, chapters address the need for an alternative theory of economic policy-making by combining elements of Marx, Keynes, and Schumpeter (MKS). Applying their emphasis on distributive conflicts, effective demand, and innovation, the MKS system provides an in-depth description of capitalist dynamics and how they reflect observed capitalist history. Based on this approach, Capitalism, Inclusive Growth, and Social Protection suggests that an unregulated capitalistic system is inherently unstable, generates social inequality and is ultimately unviable.
This comprehensive book is an excellent resource for scholars concerned with alternatives to prevailing economics who wish to examine more intensively the current problems of capitalism. The analysis will also be of great value to policy makers and representatives of civil society.
Highlighting the concept of ‘social capitalism’ and ensuring that it is consistent with our underlying theoretical vision of how capitalism works, chapters address the need for an alternative theory of economic policy-making by combining elements of Marx, Keynes, and Schumpeter (MKS). Applying their emphasis on distributive conflicts, effective demand, and innovation, the MKS system provides an in-depth description of capitalist dynamics and how they reflect observed capitalist history. Based on this approach, Capitalism, Inclusive Growth, and Social Protection suggests that an unregulated capitalistic system is inherently unstable, generates social inequality and is ultimately unviable.
This comprehensive book is an excellent resource for scholars concerned with alternatives to prevailing economics who wish to examine more intensively the current problems of capitalism. The analysis will also be of great value to policy makers and representatives of civil society.
Critical Acclaim
‘When this book gets published we celebrate the tricentenary of the birth of Adam Smith, who in The Wealth of Nations famously wrote: “what improves the circumstances of the greater part [of society] can never be regarded as an inconvenience to the whole. No society can
surely be flourishing and happy of which the far greater part of the members are poor and miserable. It is but equity, besides, that they who feed, clothe and lodge the whole body of the people, should have such a share of the produce of their own labour as to be themselves tolerably well fed, clothed and lodged” (WN I.viii.36). The book by Krämer, Proaño and Setterfield demonstrates vividly the continuing and at present again swiftly rising need for inclusive economic development and social protection. It is a must for all those concerned with a good society, which today has become a concern with the survival of humankind.’
– Heinz D. Kurz, University of Graz, Austria
‘This book is a persuasive case for social capitalism as the only path to a sustainable future of liberal democracies. Fair labor markets, shared prosperity, and balanced power between social classes are key features of the solution that Krämer, Proaño, and Setterfield propose to correct the damage done by neoliberal capitalism.’
– Codrina Rada, University of Utah, US
‘Our world is buffeted by economic, financial and political shocks. In this important book, Krämer, Proaño and Setterfield ambitiously hazard an answer. The authors draw on classic works by Marx, Keynes and Schumpeter to help us understand the interaction of structural change and macroeconomic dynamics in the 21st century.
– From the foreword by Barry Eichengreen, University of California, Berkeley, US
surely be flourishing and happy of which the far greater part of the members are poor and miserable. It is but equity, besides, that they who feed, clothe and lodge the whole body of the people, should have such a share of the produce of their own labour as to be themselves tolerably well fed, clothed and lodged” (WN I.viii.36). The book by Krämer, Proaño and Setterfield demonstrates vividly the continuing and at present again swiftly rising need for inclusive economic development and social protection. It is a must for all those concerned with a good society, which today has become a concern with the survival of humankind.’
– Heinz D. Kurz, University of Graz, Austria
‘This book is a persuasive case for social capitalism as the only path to a sustainable future of liberal democracies. Fair labor markets, shared prosperity, and balanced power between social classes are key features of the solution that Krämer, Proaño, and Setterfield propose to correct the damage done by neoliberal capitalism.’
– Codrina Rada, University of Utah, US
‘Our world is buffeted by economic, financial and political shocks. In this important book, Krämer, Proaño and Setterfield ambitiously hazard an answer. The authors draw on classic works by Marx, Keynes and Schumpeter to help us understand the interaction of structural change and macroeconomic dynamics in the 21st century.
– From the foreword by Barry Eichengreen, University of California, Berkeley, US
Contents
Contents:
Foreword
Preface and Acknowledgements
General Introduction
Part I The Point of Departure: The Marx-Keynes-Schumpeter (MKS) System
2 The MKS System, Part II
Part II Unveiling the Fault Lines in Modern Capitalism: Systemic Crises in the Making
3 Inequality in the Distribution of Income and Wealth: Trends, Drivers and Impacts
4 Financialization
5 External Macroeconomic Imbalances: Causes and Consequences
6 Increasing Inequality, Financialization and Macroeconomic Instability: A Three Act Tragedy
Part III Inclusive Growth and Social Protection: Towards Social Capitalism
8 Achieving Sustainable and Inclusive Growth
9 Conclusions and Outlook
References
Index
Foreword
Preface and Acknowledgements
General Introduction
Part I The Point of Departure: The Marx-Keynes-Schumpeter (MKS) System
2 The MKS System, Part II
Part II Unveiling the Fault Lines in Modern Capitalism: Systemic Crises in the Making
3 Inequality in the Distribution of Income and Wealth: Trends, Drivers and Impacts
4 Financialization
5 External Macroeconomic Imbalances: Causes and Consequences
6 Increasing Inequality, Financialization and Macroeconomic Instability: A Three Act Tragedy
Part III Inclusive Growth and Social Protection: Towards Social Capitalism
8 Achieving Sustainable and Inclusive Growth
9 Conclusions and Outlook
References
Index
