Economic Crises and Policy Regimes: The Dynamics of Policy Innovation and Paradigmatic Change

In this innovative book, Hideko Magara brings together an expert team to explore both the possibilities and difficulties of transitioning from a neoliberal policy regime to an alternative regime through drastic policy innovations. The authors argue that, for more than two decades, citizens in developed countries have witnessed massive job losses, lowered wages, slow economic growth and widening inequality under a neoliberal policy regime that has placed heavy constraints on policy choices.The book explores, both theoretically and empirically, the possibility of transition to a new political economic paradigm by seeking feasible answers to questions such as: why has such a regime persisted for a long period of time despite its poor policy performance?; is it possible for democracy to overcome economic crisis through its electoral mechanisms?; and, under what conditions can each government convert crisis of its economy into growth? The book concludes that under different policy regimes, whether Keynesian or neoliberal, there are a variety of growth regimes, and economic performances will consequently vary considerably. The authors ultimately argue that policy innovations need not only political leadership but also the very creation of a new economic theory in order to break a critical juncture of economic stalemates. Economic Crises and Policy Regimes will appeal to policy makers and practitioners internationally and is an important resource for political scientists, economists and sociologists. Advanced students of comparative politics, comparative political economy and institutional economics will also find much to benefit them in this book. Contributors include: B. Amable, R. Boyer, L.C. Bresser-Pereira, N. Fujita, K. Fukuda, M. Ido, H.B. Im, H. Magara, A. Martinelli, H. Nishi, S. Palombarini, A. Przeworski, S. Sacchi, H. Shiratori, T. Yamada, Y. Yanai

Table of Contents:
Contents: 1. Introduction: Growth, Crisis, and Regime Change Hideko Magara PART I: THEORETICAL EXPLORATIONS 2. Choices and Echoes: Stability and Change of Policy Regimes Adam Przeworski 3. The Hegemony Constraints in the Neoliberal Years of Capitalism Luiz Carlos Bresser-Pereira 4. Economic Crises and Growth Regimes Toshio Yamada 5. Varieties of Economic Growth Regimes, Types of Macroeconomic Policies and Policy Regimes: A Post-Keynesian Analysis Hiroshi Nishi 6. How do Polity and Economy Interact Within Régulation Theory? Consequences for Policy Regimes and Reform Strategies Robert Boyer PART II: SOCIAL COALITIONS AND ELECTIONS 7. The Bloc Bourgeois in France and Italy Bruno Amable and Stefano Palombarini 8. Political Response to Economic Crisis in 1997 and 2008 South Korea Hyug Baeg Im 9. In Search of a New Policy Regime: The Record of Democratic Party of Japan-led Governments Masanobu Ido 10. How do Economic Crises Affect Electoral Choices? Analyzing Voting Behavior in the British General Election of 2010 Yuki Yanai PART III: GLOBAL GOVERNANCE AND POLICY AREAS 11. A Political Analysis of the Global Financial Crisis: Implications for Crisis Governance Alberto Martinelli 12. The Global Economic Crisis and the Future of Labor Market Policy Regimes: Implications for Economic Governance in the European Union and Japan Koji Fukuda 13. Historical Evolution of Welfare Policy Ideas: The Scandinavian Perspective Nanako Fujita 14. Policy Choices and Socioeconomic Divides: Long-term Changes in Italy’s Democratic Quality Stefano Sacchi 15. Multilevel Policy Regimes, Political Cleavages and Party Systems: Horizontal and Vertical Transfer of Policies and its Effects Hiroshi Shiratori

About the Author :
Edited by Hideko Magara, Waseda University, Japan