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Shrinking capitalism: components of a new political economy paradigm
[‘Environmental Preferences and Technological Choices: Is Market Competition Clean or Dirty?’]

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  • Samuel Bowles
  • Wendy Carlin

Abstract

The climate emergency, rising inequality, and pandemic diffusion have raised the question: for what purpose is capitalism fit? Implementing new policies and institutions to meet these challenges will require a realignment of political forces on a scale similar to that achieved by neoliberal policies and ideas over the past four decades. We suggest that a successful new paradigm must provide the basis of a dynamic and sustainable economy and be constituted by a synergistic set of ethical commitments, economic models, emblematic policies, and a new vernacular economics by which people understand and seek to improve their livelihoods and futures. We illustrate these four components by reference to the classical liberal, Keynesian-social democratic, and neoliberal paradigms. Using an expanded space for policies and institutions that integrates markets, states, and civil society, we propose elements of a new paradigm, including diminished space for capitalism and greater equality not only of economic endowments but also of dignity and voice.

Suggested Citation

  • Samuel Bowles & Wendy Carlin, 2021. "Shrinking capitalism: components of a new political economy paradigm [‘Environmental Preferences and Technological Choices: Is Market Competition Clean or Dirty?’]," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 37(4), pages 794-810.
  • Handle: RePEc:oup:oxford:v:37:y:2021:i:4:p:794-810.
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    File URL: http://hdl.handle.net/10.1093/oxrep/grab029
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    References listed on IDEAS

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    1. John V. Duca & John Muellbauer & Anthony Murphy, 2021. "What Drives House Price Cycles? International Experience and Policy Issues," Journal of Economic Literature, American Economic Association, vol. 59(3), pages 773-864, September.
    2. Philippe Aghion & Roland Bénabou & Ralf Martin & Alexandra Roulet, 2023. "Environmental Preferences and Technological Choices: Is Market Competition Clean or Dirty?," American Economic Review: Insights, American Economic Association, vol. 5(1), pages 1-20, March.
    3. Katrin Schmelz, 2021. "Enforcement may crowd out voluntary support for COVID-19 policies, especially where trust in government is weak and in a liberal society," Proceedings of the National Academy of Sciences, Proceedings of the National Academy of Sciences, vol. 118(1), pages 2016385118-, January.
    4. Philippe Aghion & Céline Antonin & Bunel Simon, 2021. "The Power of Creative Destruction," Post-Print halshs-03672082, HAL.
    5. Oh, Seung-Yun & Park, Yongjin & Bowles, Samuel, 2012. "Veblen effects, political representation, and the reduction in working time over the 20th century," Journal of Economic Behavior & Organization, Elsevier, vol. 83(2), pages 218-242.
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    Cited by:

    1. Vincent Canwat, 2023. "Political economy of COVID-19: windows of opportunities and contestations in East Africa," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-16, December.
    2. Rebecca M Henderson, 2021. "Changing the purpose of the corporation to rebalance capitalism [‘Towards Collaborative Community’]," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 37(4), pages 838-850.
    3. Dirk Schoenmaker & Hans Stegeman, 2023. "Can the Market Economy Deal with Sustainability?," De Economist, Springer, vol. 171(1), pages 25-49, March.
    4. Kawamata, Takahiro, 2023. "Techno-nationalism/-globalism/-socialism over information and communication technology (ICT): The International Political Economy of U.S.-China Technological Hegemony and EU's Social Shaping," 32nd European Regional ITS Conference, Madrid 2023: Realising the digital decade in the European Union – Easier said than done? 277985, International Telecommunications Society (ITS).

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