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Handbook of Alternative Theories of Political Economy
This Handbook provides a comprehensive overview of established and cutting-edge contributions to political economic thought. Featuring chapters by both leading and emerging scholars, the book showcases the rich array of theoretical approaches to the study of political economy, and the vibrant and productive debates amongst modern researchers within the field.
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Critical Acclaim
Contributors
Contents
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This Handbook provides an overview of established and cutting-edge contributions to political economic thought. Chapters by leading and emerging scholars showcase the diverse approaches and productive debates among researchers.
Separate sections of the book deal with political economy as an area of knowledge, its principal theoretical traditions, the dynamics and socio-ecological foundations of economic systems, and political economy’s interdisciplinary connections. Thirty-two chapters cover the full spectrum of contemporary political economy, including classical, Marxist, post-Keynesian, institutional, evolutionary, and feminist approaches, recent studies of capital as power, modern money theory, behavioural economics, social structures of accumulation, and race, gender and class. The volume concludes by reflecting on how these theories of political economy can contribute to making a better world.
Pluralist and interdisciplinary in its approach, this Handbook is a key resource for students and teachers of political economy and heterodox economics, as well as for other social scientists wanting to understand political economic processes.
Separate sections of the book deal with political economy as an area of knowledge, its principal theoretical traditions, the dynamics and socio-ecological foundations of economic systems, and political economy’s interdisciplinary connections. Thirty-two chapters cover the full spectrum of contemporary political economy, including classical, Marxist, post-Keynesian, institutional, evolutionary, and feminist approaches, recent studies of capital as power, modern money theory, behavioural economics, social structures of accumulation, and race, gender and class. The volume concludes by reflecting on how these theories of political economy can contribute to making a better world.
Pluralist and interdisciplinary in its approach, this Handbook is a key resource for students and teachers of political economy and heterodox economics, as well as for other social scientists wanting to understand political economic processes.
Critical Acclaim
‘Mainstream economics, relative to heterodoxy and social science generally, is so extreme in methodology, theory and conceptualisations, it has spawned a variegated tsunami of alternative theories. This volume expertly and comprehensively engages this pluralism across schools, approaches and topics offering specialist insights alongside informative expositions – imperative reading for the intellectually open.’
– Ben Fine, School of Oriental and African Studies (SOAS), UK
‘This excellent collection is a must-read book for anyone interested in learning more about political economy. The volume has been effectively organized with an inclusive approach that is not only pluralist but also interdisciplinary. The upshot of which is the facilitation of a broad, yet rigorous, understanding of political economy.’
– Susanne Soederberg, Queen’s University, Canada
‘Narrowly defined mainstream economics has clearly failed—after the Second Great Depression and in the midst of the Pandemic Depression, in addition to obscene and still-growing levels of inequality, the climate crisis, racial capitalism, and much else. This Handbook of Alternative Theories of Political Economy is exactly what is needed to expand the way we think about and do economics.’
– David F. Ruccio, University of Notre Dame, USA
– Ben Fine, School of Oriental and African Studies (SOAS), UK
‘This excellent collection is a must-read book for anyone interested in learning more about political economy. The volume has been effectively organized with an inclusive approach that is not only pluralist but also interdisciplinary. The upshot of which is the facilitation of a broad, yet rigorous, understanding of political economy.’
– Susanne Soederberg, Queen’s University, Canada
‘Narrowly defined mainstream economics has clearly failed—after the Second Great Depression and in the midst of the Pandemic Depression, in addition to obscene and still-growing levels of inequality, the climate crisis, racial capitalism, and much else. This Handbook of Alternative Theories of Political Economy is exactly what is needed to expand the way we think about and do economics.’
– David F. Ruccio, University of Notre Dame, USA
Contributors
Contributors: Andreas Bieler, Peter J. Boettke, Gavan Butler, Jenny Cameron, Rosolino Candela, Mario Cedrini, Robin Chang, Brett Christophers, Jennifer Cohen, Joselle Dagnes, John B. Davis, Tim Di Muzio, Matt Dow, Bill Dunn, Rinaldo Evangelista, Katherine Gibson, Penny Griffin, Heidi Hartmann, Brett Heino, Arturo Hermann, Bob Jessop, Tae-Hee Jo, Pratistha Joshi Rajkarnikar, John E. King, David M. Kotz, Karras J. Lambert, Nuno Ornelas Martins, Terrence McDonough, Jamie Morgan, Adam David Morton, Franklin Obeng-Odoom, Joy Paton, Neil Perry, Elke Pirgmaier, David Primrose, Jim Stanford, Frank Stilwell, Ngai-Ling Sum, Dillon Tauzin, Tim B. Thornton, Philip Toner, L. Randall Wray
Contents
Contents:
PART I POLITICAL ECONOMY AS AN AREA OF KNOWLEDGE
1 Introduction to the Handbook of Alternative Theories of Political Economy 2
Frank Stilwell, David Primrose and Tim B. Thornton
2 Capitalism, climate change and freedom 16
Elke Pirgmaier
PART II IDENTIFYING FOUNDATIONAL APPROACHES TO
POLITICAL ECONOMY
3 Classical political economy and its ongoing relevance 33
Jamie Morgan
4 The Marxist tradition in political economy 51
Bill Dunn
5 Institutional political economy 66
Arturo Hermann
6 Post Keynesian economics 83
John E. King
7 Feminist political economy 96
Jennifer Cohen and Heidi Hartmann
8 Sraffian political economy 110
Nuno Ornelas Martins
PART III ANALYSING THE DYNAMICS OF ECONOMIC SYSTEMS
9 Circular and cumulative causation 126
Phillip Toner and Gavan Butler
10 Evolutionary political economy 140
Tae-Hee Jo
11 Neo-Schumpeterian economics 156
Rinaldo Evangelista
12 The regulation approach 173
Brett Heino
13 Social structures of accumulation 188
Terrence McDonough and David M. Kotz
14 Capital as power 201
Tim Di Muzio and Matt Dow
15 Foundations of modern money theory 216
L. Randall Wray
16 The Austrian school of economics 231
Peter J. Boettke, Rosolino Candela, Karras J. Lambert and Dillon Tauzin
PART IV EXPLORING THE SOCIO-ECOLOGICAL FOUNDATIONS
OF ECONOMIC SYSTEMS
17 Polanyian political economy 246
Joy Paton
18 Georgist political economy 260
Franklin Obeng-Odoom
19 Ecological economics 271
Neil Perry
20 Social economics 286
John B. Davis
21 A social property relations approach to class, gender, race 301
Andreas Bieler and Adam David Morton
22 The Systems of Provision approach 313
Robin Chang
23 The diverse economies approach 329
Jenny Cameron and J.K. Gibson-Graham
PART V EXTENDING POLITICAL ECONOMY THROUGH
INTERDISCIPLINARITY
24 Spatial political economy 344
Brett Christophers
25 Cultural political economy 355
Bob Jessop and Ngai-Ling Sum
26 Postcolonial and poststructural political economy 371
Penny Griffin
27 Behavioural economics and neuroeconomics 390
David Primrose
PART VI MAKING A DIFFERENCE
28 Pluralism in political economy 412
Tim B. Thornton
29 Economics imperialism and a transdisciplinary perspective 428
Mario Cedrini and Joselle Dagnes
30 Approaches to, and measures of, progress 443
Pratistha Joshi Rajkarnikar
31 Advancing education in political economy 458
Frank Stilwell and Tim B. Thornton
32 Progressive economics and social change movements 476
Jim Stanford
Index
PART I POLITICAL ECONOMY AS AN AREA OF KNOWLEDGE
1 Introduction to the Handbook of Alternative Theories of Political Economy 2
Frank Stilwell, David Primrose and Tim B. Thornton
2 Capitalism, climate change and freedom 16
Elke Pirgmaier
PART II IDENTIFYING FOUNDATIONAL APPROACHES TO
POLITICAL ECONOMY
3 Classical political economy and its ongoing relevance 33
Jamie Morgan
4 The Marxist tradition in political economy 51
Bill Dunn
5 Institutional political economy 66
Arturo Hermann
6 Post Keynesian economics 83
John E. King
7 Feminist political economy 96
Jennifer Cohen and Heidi Hartmann
8 Sraffian political economy 110
Nuno Ornelas Martins
PART III ANALYSING THE DYNAMICS OF ECONOMIC SYSTEMS
9 Circular and cumulative causation 126
Phillip Toner and Gavan Butler
10 Evolutionary political economy 140
Tae-Hee Jo
11 Neo-Schumpeterian economics 156
Rinaldo Evangelista
12 The regulation approach 173
Brett Heino
13 Social structures of accumulation 188
Terrence McDonough and David M. Kotz
14 Capital as power 201
Tim Di Muzio and Matt Dow
15 Foundations of modern money theory 216
L. Randall Wray
16 The Austrian school of economics 231
Peter J. Boettke, Rosolino Candela, Karras J. Lambert and Dillon Tauzin
PART IV EXPLORING THE SOCIO-ECOLOGICAL FOUNDATIONS
OF ECONOMIC SYSTEMS
17 Polanyian political economy 246
Joy Paton
18 Georgist political economy 260
Franklin Obeng-Odoom
19 Ecological economics 271
Neil Perry
20 Social economics 286
John B. Davis
21 A social property relations approach to class, gender, race 301
Andreas Bieler and Adam David Morton
22 The Systems of Provision approach 313
Robin Chang
23 The diverse economies approach 329
Jenny Cameron and J.K. Gibson-Graham
PART V EXTENDING POLITICAL ECONOMY THROUGH
INTERDISCIPLINARITY
24 Spatial political economy 344
Brett Christophers
25 Cultural political economy 355
Bob Jessop and Ngai-Ling Sum
26 Postcolonial and poststructural political economy 371
Penny Griffin
27 Behavioural economics and neuroeconomics 390
David Primrose
PART VI MAKING A DIFFERENCE
28 Pluralism in political economy 412
Tim B. Thornton
29 Economics imperialism and a transdisciplinary perspective 428
Mario Cedrini and Joselle Dagnes
30 Approaches to, and measures of, progress 443
Pratistha Joshi Rajkarnikar
31 Advancing education in political economy 458
Frank Stilwell and Tim B. Thornton
32 Progressive economics and social change movements 476
Jim Stanford
Index
