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Full Description
The two dominant conceptions of political economy are based on either reducing political decisions to rational-choice reasoning or, conversely, reducing economic structures and phenomena to the realm of politics. In this book, Adrian Pabst and Roberto Scazzieri contend that neither conception is convincing and argue for a fundamental rethinking of political economy. Developing a new approach at the interface of economic theory and political thought, the book shows that political economy covers a plurality of dimensions, which reflect internal hierarchies and multiple relationships within the economic and political sphere. The Constitution of Political Economy presents a new, richer conception of political economy that draws on a range of thinkers from the history of political economy, recognising the complex embedding of the economy and the polity in society. Effective policy-making has to reflect this embedding and rests on the interdependence between local, national, and international actors to address multiple systemic crises.
Contents
Introduction: rethinking political economy; Part I. Interdependence and the Economic Constitution: 1. Political economy in question; 2. Sociability and interdependence; 3. Association and the division of labour; 4. The constitution of the economy; Part II. Political Spaces and Policy Actions; 5. A political economy of the body politic; 6. Constellations of interests and institutional architecture; 7. Policy actions in an embedded polity; 8. Conclusion: the constitution of political economy; References; Index.
