Marx, Veblen and Contemporary Institutional Political Economy: Principles and Unstable Dynamics of Capitalism

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Editorial Reviews

O'Hara (economics, Curtin U. of Technology, Australia) uses an institutional-evolutionary approach to analyze economic problems associated with developments in capitalism during the second half of the 20th century. Arguing that economics should center on institutions as the durable fabric of the economy over time, he traces the lineages of institutional themes and considers feminist, post-Keynesian, holistic-economic, and Schumpeterian perspectives. He then explores the nature of institutions in the growth and instability of capitalism with reference to social structures of accumulation. He concludes that the evolution of modern capitalism is likely to remain unstable. Annotation c. Book News, Inc., Portland, OR (
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Product Details

Table of Contents

List of figures
List of tables
Acknowledgments to associations and publishers
1 Introduction: the political economy of the structure and evolution of institutions 1
Pt. A The Foundations: Marx and Veblen
2 Marx's Capital and the institutional reproduction of capitalism 19
3 Veblen's 'critique' of Marx's philosophical preconceptions of political economy 45
4 Veblen's analysis of social wealth, industry-business, and crises of capitalism 67
Pt. B Contemporary Institutional-Evolutionary Political Economy
5 Neo-Marxian and neoinstitutional political economy: holism, evolution, and contradiction 101
6 Capital, the wealth of nations, and inequality in the contemporary world 139
7 A new measure of macroeconomic performance and institutional change 156
Pt. C Social Structures of Accumulation and Socioeconomic Crises of Modern Capitalism: 1940s-2000s
8 Long waves of economic growth and development, and the metamorphosis of institutions 183
9 Fordism, accumulation, and institutional contradictions 193
10 The world economy and US hegemony 209
11 Household labor, the family, and macroeconomic instability in the United States 219
12 The Keynesian welfare state: emergence, contradictions, and evolution 241
13 Financial instability, uncertainty, and endogenous credit in the United States 253
14 A new social structure of accumulation or the emerging global crises of capitalism? 266
15 Conclusion 293
Bibliography 303
Name index 343
Subject index 347
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