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Economic Crises and Policy Regimes

The Dynamics of Policy Innovation and Paradigmatic Change Edited by Hideko Magara, Waseda University, Japan
In this innovative book, Hideko Magara brings together an expert team to explore both the possibilities and difficulties of transitioning from a neoliberal policy regime to an alternative regime through drastic policy innovations. The editors argue that, for more than two decades, citizens in developed countries have witnessed massive job losses, lowered wages, slow economic growth and widening inequality under a neoliberal policy regime that has placed heavy constraints on policy choices.
Extent: 448 pp
Hardback Price: $161.00 Web: $144.90
Publication Date: 2014
ISBN: 978 1 78254 991 8
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  • Economics and Finance
  • Political Economy
  • Welfare Economics
  • Politics and Public Policy
  • Political Economy
  • Public Policy
  • Social Policy and Sociology
  • Economics of Social Policy
In this innovative book, Hideko Magara brings together an expert team to explore both the possibilities and difficulties of transitioning from a neoliberal policy regime to an alternative regime through drastic policy innovations. The editors argue that, for more than two decades, citizens in developed countries have witnessed massive job losses, lowered wages, slow economic growth and widening inequality under a neoliberal policy regime that has placed heavy constraints on policy choices.

The book explores, both theoretically and empirically, the possibility of transition to a new political economic paradigm by seeking feasible answers to questions such as: why has such a regime persisted for a long period of time despite its poor policy performance?; is it possible for democracy to overcome economic crisis through its electoral mechanisms?; and, under what conditions can each government convert crisis of its economy into growth? The book concludes that under different policy regimes, whether Keynesian or neoliberal, there are a variety of growth regimes, and economic performances will consequently vary considerably. The authors ultimately argue that policy innovations need not only political leadership but also the very creation of a new economic theory in order to break a critical juncture of economic stalemates.

Economic Crises and Policy Regimes will appeal to policy makers and practitioners internationally and is an important resource for political scientists, economists and sociologists. Advanced students of comparative politics, comparative political economy and institutional economics will also find much to benefit them in this book.
Contributors: B. Amable, R. Boyer, L.C. Bresser-Pereira, N. Fujita, K. Fukuda, M. Ido, H.B. Im, H. Magara, A. Martinelli, H. Nishi, S. Palombarini, A. Przeworski, S. Sacchi, H. Shiratori, T. Yamada, Y. Yanai
Contents:

1. Introduction: Growth, Crisis, and Regime Change
Hideko Magara

PART I: THEORETICAL EXPLORATIONS
2. Choices and Echoes: Stability and Change of Policy Regimes
Adam Przeworski

3. The Hegemony Constraints in the Neoliberal Years of Capitalism
Luiz Carlos Bresser-Pereira

4. Economic Crises and Growth Regimes
Toshio Yamada

5. Varieties of Economic Growth Regimes, Types of Macroeconomic Policies and Policy Regimes: A Post-Keynesian Analysis
Hiroshi Nishi

6. How do Polity and Economy Interact Within Régulation Theory? Consequences for Policy Regimes and Reform Strategies
Robert Boyer

PART II: SOCIAL COALITIONS AND ELECTIONS
7. The Bloc Bourgeois in France and Italy
Bruno Amable and Stefano Palombarini

8. Political Response to Economic Crisis in 1997 and 2008 South Korea
Hyug Baeg Im

9. In Search of a New Policy Regime: The Record of Democratic Party of Japan-led Governments
Masanobu Ido

10. How do Economic Crises Affect Electoral Choices? Analyzing Voting Behavior in the British General Election of 2010
Yuki Yanai

PART III: GLOBAL GOVERNANCE AND POLICY AREAS
11. A Political Analysis of the Global Financial Crisis: Implications for Crisis Governance
Alberto Martinelli

12. The Global Economic Crisis and the Future of Labor Market Policy Regimes: Implications for Economic Governance in the European Union and Japan
Koji Fukuda

13. Historical Evolution of Welfare Policy Ideas: The Scandinavian Perspective
Nanako Fujita

14. Policy Choices and Socioeconomic Divides: Long-term Changes in Italy’s Democratic Quality
Stefano Sacchi

15. Multilevel Policy Regimes, Political Cleavages and Party Systems: Horizontal and Vertical Transfer of Policies and its Effects
Hiroshi Shiratori