Capitalism and Democracy: A Fragile Alliance

Description

Capitalism is driven by technological revolutions, leading to alternating periods of regulation and deregulation in leading economies. Technological backward countries face a different situation as they have to catch up with the leaders. Against this backdrop, Theo van de Klundert examines the relationship between capitalism and democracy, combining economic theory and historical description to analyse long-run economic development. Emphasis is placed on the interrelation between economic and political power, and a robust state-of-the-art overview of today's political economy is presented. The author addresses two fundamental questions raised in the analysis of the relationship between capitalism and democracy. Firstly, he explores why capitalism in leading economies is characterized by alternating periods of regulation and deregulation, and secondly, whether developing countries can opt for different types of capitalism once the potential for catching up with developed countries has expired. The consequences of a shift in the balance of power in the global economy are also considered in detail. Broad in scope and employing various methodological approaches, this book will prove a fascinating read for academics, students and researchers in the fields of economics and heterodox economics. Cover Copyright Contents Map and figures Tables Preface Introduction PART I Economic theory in a historical perspective 1. Emerging markets 2. Political economy revisited 3. Engines of growth 4. Follow the leader PART II Historical developments in a theoretical perspective 5. The long wave 6. A tale of two continents 7. The world economy at large 8. Democracy at bay Conclusions References Index