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Profit-Led Growth, Social Democracy, and the Left: An Accumulation of Discontent

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  • William McColloch

Abstract

The present paper seeks to locate the Bhaduri–Marglin (B-M) model as an historical outcome of the Left’s internal disputes over the prospects for social democracy. In better contextualizing the B-M model as a historical response to the perceived political economic failings of the social compromises upon which the growth of postwar advanced capitalist economies had rested, both the model’s popularity and its potential limitations can more easily be understood.

Suggested Citation

  • William McColloch, 2017. "Profit-Led Growth, Social Democracy, and the Left: An Accumulation of Discontent," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(4), pages 559-566, December.
    • Handle: RePEc:sae:reorpe:v:49:y:2017:i:4:p:559-566
    DOI: 10.1177/0486613417703745
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    References listed on IDEAS

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    1. Samuel Bowles and Robert Boyer., 1988. "Labor Discipline and Aggregate Demand: A Macroeconomic Model," Economics Working Papers 8875, University of California at Berkeley.
    2. Joan Robinson, 1962. "Essays in the Theory of Economic Growth," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-00626-7, October.
    3. Bhaduri, Amit & Marglin, Stephen, 1990. "Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 14(4), pages 375-393, December.
    4. Bowles, Samuel & Boyer, Robert, 1988. "Labor Discipline and Aggregate Demand: A Macroeconomic Model," Department of Economics, Working Paper Series qt8sb2623g, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    5. Przeworski, Adam & Wallerstein, Michael, 1982. "The Structure of Class Conflict in Democratic Capitalist Societies," American Political Science Review, Cambridge University Press, vol. 76(2), pages 215-238, June.
    6. Steindl, Josef, 1979. "Stagnation Theory and Stagnation Policy," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 3(1), pages 1-14, March.
    7. Bowles, Samuel & Boyer, Robert, 1988. "Labor Discipline and Aggregate Demand: A Macroeconomic Model," American Economic Review, American Economic Association, vol. 78(2), pages 395-400, May.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    wage-led growth; social structures of accumulation (SSA) theory; political economy; history of economic thought; capital accumulation;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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