This new and comprehensive volume invites the reader on a tour of the exciting subfield of comparative political economy. The book provides an in-depth account of the theoretical debates surrounding different models of capitalism. Tracing the origins of the field back to Adam Smith and the French Physiocrats, the development of the study of models of political-economic governance is laid out and reviewed. Comparative Political Economy (CPE) sets itself apart from International Political Economy (IPE), focusing on domestic economic and political institutions that compose in combination diverse models of political economy. Drawing on evidence from the US, the UK, France, Germany, Sweden, and Japan, the volume affords detailed coverage of the systems of industrial relations, finance, welfare states, and the economic role of the state. There is also a chapter that charts the politics of public and private debt. Much of the focus in CPE has rested on ideas, interests, and institutions, but the subfield ought to take the role of culture more seriously. This book offers suggestions for doing so. It is intended as an introduction to the field for postgraduate students, yet it also offers new insights and fresh inspiration for established scholars. The Varieties of Capitalism approach seems to have reached an impasse, but it could be rejuvenated by exploring the composite elements of different models and what makes them hang together. Rapidly changing technological parameters, new and more recent environmental challenges, demographic change, and immigration will all affect the governance of the various political economy models throughout the OECD. The final section of the book analyses how these impending challenges will reconfigure and threaten to destabilize established national systems of capitalism.
From Comparative Public Policy to Political Economy
